[Federal Register Volume 63, Number 31 (Tuesday, February 17, 1998)]
[Notices]
[Pages 7854-7855]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-3894]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Art Advisory Panel of the Commissioner of Internal Revenue

AGENCY: Internal Revenue Service, Treasury.

ACTION: Notice of determination of necessity for renewal of the Art 
Advisory Panel.

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SUMMARY: It is in the public interest to continue the existence of the 
Art Advisory Panel.

FOR FURTHER INFORMATION CONTACT: Karen E. Carolan, C:AP:AS, 901 D 
Street, SW, Room 224, Box 68 Washington, DC 20024, Telephone No. (202) 
401-4128, (not a toll free number)
    Pursuant to the Federal Advisory Committee Act, 5 U.S.C. App. 
(1982), the Commissioner of Internal Revenue announces the renewal of 
the following advisory committee:
    Title. The Art Advisory Panel of the Commissioner of Internal 
Revenue.
    Purpose. The Panel assists the Internal Revenue Service by 
reviewing and evaluating the acceptability of property appraisals 
submitted by taxpayers in support of the fair market value claimed on 
works of art involved in Federal Income, Estate or Gift taxes in 
accordance with sections 170, 2031, and 2512 of the Internal Revenue 
Code of 1986.

[[Page 7855]]

    In order for the Panel to perform this function, Panel records and 
discussions must include tax return information. Therefore, the Panel 
meetings will be closed to the public since all portions of the 
meetings will concern matters that are exempted from disclosure under 
the provisions of section 552b(c)(3), (4), (6) and (7) of Title 5 of 
the U.S. Code. This determination, which is in accordance with section 
10(d) of the Federal Advisory Committee Act, is necessary to protect 
the confidentiality of tax returns and return information as required 
by section 6103 of the Internal Revenue code.

Statement of Public Interest

    It is in the public interest to continue the existence of the Art 
Advisory Panel. The Secretary of Treasury, with the concurrence of the 
General Services Administration, has also approved renewal of the 
Panel. The membership of the Panel is balanced between museum directors 
and curators, art dealers and auction representatives to afford 
differing points of view in determining fair market value.
    Authority for this Panel will expire two years from the date the 
Charter is approved by the Assistant Secretary for Management and Chief 
Financial Officer and filed with the appropriate congressional 
committees unless, prior to the expiration of its Charter, the Panel is 
renewed.
    The Commissioner of Internal Revenue has determined that this 
document is not a major rule as defined in Executive Order 12291 and 
that a regulatory impact analysis therefore is not required. Neither 
does this document constitute a rule subject to the Regulatory 
Flexibility Act (5 U.S.C. Chapter 6).
Michael P. Dolan,
Deputy Commissioner of Internal Revenue.
[FR Doc. 98-3894 Filed 2-13-98; 8:45 am]
BILLING CODE 4830-01-U