[Federal Register Volume 62, Number 217 (Monday, November 10, 1997)]
[Notices]
[Pages 60562-60563]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-29640]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service
[REG-209835-86]


Proposed Collection; Comment Request For Regulation Project

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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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 an existing 
final regulation, REG-209835-86 (TD 8708), Computation of Foreign Taxes 
Deemed Paid Under Section 902 Pursuant to a Pooling Mechanism for 
Undistributed Earnings and Foreign Taxes (Sec. 1.902-1).

DATES: Written comments should be received on or before January 9, 1998 
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: Computation of Foreign Taxes Deemed Paid Under Section 902 
Pursuant to a Pooling Mechanism for Undistributed Earnings and Foreign 
Taxes.
    OMB Number: 1545-1458.
    Regulation Project Number: REG-209835-86 (formerly INTL-933-86).
    Abstract: These regulations provide rules for computing foreign 
taxes deemed paid under Internal Revenue Code section 902. The 
regulations affect foreign corporations and their United States 
corporate shareholders that own directly at least 10% of the voting 
stock of the foreign corporation.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.

[[Page 60563]]

    The burden for the collection of information is reflected in the 
burden for Form 1118, Foreign Tax Credit--Corporations.
    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: November 4, 1997.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 97-29640 Filed 11-7-97; 8:45 am]
BILLING CODE 4830-01-U