[Federal Register Volume 62, Number 16 (Friday, January 24, 1997)]
[Notices]
[Page 3736]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-1787]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service
[FI-7-94; FI-36-92]


Proposed Collection; Comment Request for Regulation Project

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 
existing regulations, FI-7-94 notice of proposed rulemaking, temporary 
and final (TD 8538), and FI-36-92 final (TD 8476), Arbitrage 
Restriction on Tax-Exempt Bonds (Secs. 1.148-2, 1.148-3, 1.148-4, 
1.148-4T, 1.148-7, 1.148-11).

DATES: Written comments should be received on or before March 25, 1997 
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 information collection should be directed to Carol 
Savage, (202) 622-3945, Internal Revenue Service, room 5569, 1111 
Constitution Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

    Title: Arbitrage Restrictions on Tax-Exempt Bonds.
    OMB Number: 1545-1347.
    Regulation Project Number: FI-36-92; FI-7-94.
    Abstract: Section 148 of the Internal Revenue Code requires issuers 
of tax-exempt bonds to rebate certain arbitrage profits earned on 
nonpurpose investments acquired with the bond proceeds. Under FI-36-92, 
issuers are required to file a Form 8038-T and remit the rebate. 
Issuers are also required to keep records of certain interest rate 
hedges so that the hedges are taken into account in determining 
arbitrage profits. Under FI-7-94, the scope of interest rate hedging 
transactions covered by the arbitrage regulations was broadened by 
requiring that hedges entered into prior to the sale date of the bonds 
are covered as well.
    Current Actions: There is no change to these existing regulations.
    Type of Review: Extension of OMB approval.
    Affected Public: State, local or tribal governments.
    Estimated Number of Respondents: 3,000.
    Estimated Time Per Respondent: 14 hours.
    Estimated Total Annual Burden Hours: 42,000.
    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 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: January 17, 1997.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 97-1787 Filed 1-23-97; 8:45 am]
BILLING CODE 4830-01-U