[Federal Register Volume 61, Number 172 (Wednesday, September 4, 1996)]
[Notices]
[Pages 46680-46681]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-22517]


-----------------------------------------------------------------------


DEPARTMENT OF THE TREASURY

Proposed Collection; Comment Request for Form 8308

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

-----------------------------------------------------------------------

SUMMARY: The Department of the Treasury, as part of its continuing 
effort to reduce paperwork and respondent burden, invites the general 
public and other Federal agencies to take this opportunity to comment 
on proposed and/or continuing information collections, as required by 
the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning 
Form 8308, Report of a Sale or Exchange of Certain Partnership 
Interests.

DATES: Written comments should be received on or before November 4, 
1996 to be assured of consideration.

ADDRESSES: Direct all written comments to Garrick R. Shear, Internal 
Revenue Service, room 5571, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to Martha R. 
Brinson, (202) 622-3869, Internal Revenue Service, room 5571, 1111 
Constitution Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

    Title: Report of a Sale or Exchange of Certain Partnership 
Interests.
    OMB Number: 1545-0941.
    Form Number: Form 8308.
    Abstract: Form 8308 is an information return that gives the IRS the 
names of the parties involved in an exchange of a partnership interest 
under Internal Revenue Code section 751(a). It is also used by the 
partnership as a statement to the transferor and transferee. It alerts 
the transferor that a portion of the gain on the sale of a partnership 
interest may be ordinary income.
    Current Actions: There are no changes being made to this form.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, 
individuals, and farms.
    Estimated Number of Respondents: 200,000.
    Estimated Time Per Respondent: 7 hr., 40 min.
    Estimated Total Annual Burden Hours: 1,534,000.
    The following paragraph applies to all of the collections of 
information covered by this notice:
    An agency may not conduct or sponsor, and a person is not required 
to

[[Page 46681]]

respond to, a collection of information unless the collection of 
information displays a valid OMB control number.
    Books or records relating to a collection of information must be 
retained as long as their contents may become material in the 
administration of any internal revenue law. Generally, tax returns and 
tax return information are confidential, as required by 26 U.S.C. 6103.
    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in the request for OMB approval. All 
comments will become a matter of public record. Comments are invited 
on: (a) Whether the collection of information is necessary for the 
proper performance of the functions of the agency, including whether 
the information shall have practical utility; (b) the accuracy of the 
agency's estimate of the burden of the collection of information; (c) 
ways to enhance the quality, utility, and clarity of the information to 
be collected; (d) ways to minimize the burden of the collection of 
information on respondents, including through the use of automated 
collection techniques or other forms of information technology; and (e) 
estimates of capital or start-up costs and costs of operation, 
maintenance, and purchase of services to provide information.

    Approved: August 28, 1996.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 96-22517 Filed 9-3-96; 8:45 am]
BILLING CODE 4830-01-U