[Federal Register Volume 63, Number 31 (Tuesday, February 17, 1998)]
[Notices]
[Pages 7851-7852]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-3779]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Revenue Procedure 98-20

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

[[Page 7852]]

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 Revenue Procedure 98-20, Certification for No 
Information Reporting on the Sale of a Principal Residence.

DATES: Written comments should be received on or before April 20, 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 revenue procedure should be directed to Carol Savage, 
(202) 622-3945, Internal Revenue Service, room 5569, 1111 Constitution 
Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Certification for No Information Reporting on the Sale of a 
Principal Residence.
    OMB Number: 1545-1592.
    Revenue Procedure Number: Revenue Procedure 98-20.
    Abstract: This revenue procedure sets forth the acceptable form of 
the written assurances (certification) that a real estate reporting 
person must obtain from the seller of a principal residence to except 
such sale or exchange from the information reporting requirements for 
real estate transactions under section 6045(e)(5) of the Internal 
Revenue Code.
    Current Actions: There are no changes being made to the revenue 
procedure at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households, and business or other 
for-profit organizations.
    Estimated Number of Respondents: 2,300,000.
    Estimated Time Per Respondent: 10 minutes.
    Estimated Total Annual Burden Hours for Respondents: 383,000.
    Estimated Number of Recordkeepers: 90,000.
    Estimated Time Per Recordkeeeper: 25 minutes.
    Estimated Total Annual Burden Hours for Recordkeepers: 37,500.
    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: February 9, 1998.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 98-3779 Filed 2-13-98; 8:45 am]
BILLING CODE 4830-01-U