[Federal Register Volume 63, Number 88 (Thursday, May 7, 1998)]
[Notices]
[Pages 25269-25270]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-12190]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service
[INTL-45-86]


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, INTL-45-86 (TD 8125), Foreign Management and 
Foreign Economic Processes Requirements of a Foreign Sales Corporation 
(Sec. 1.924).

DATES: Written comments should be received on or before July 6, 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 regulation should be directed to Carol Savage, (202) 622-
3945, Internal Revenue Service, room 5569, 1111 Constitution Avenue 
NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Foreign Management and Foreign Economic Processes 
Requirements of Foreign Sales Corporation.
    OMB Number: 1545-0904.
    Regulation Project Number: INTL-45-86.
    Abstract: This regulation provides rules for complying with foreign 
management and foreign economic process requirements to enable foreign 
sales corporations to produce foreign trading gross receipts and 
qualify for reduced tax rates. Section 1.924(d)-1(b)(2) of the 
regulation requires that records must be kept to verify that the 
necessary activities were actually performed outside the United States.
    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.
    Estimated Number of Recordkeepers: 11,001.
    Estimated Time Per Recordkeeper: 2 hours.
    Estimated Total Recordkeeping: 22,001.
    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

[[Page 25270]]

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: May 1, 1998.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 98-12190 Filed 5-6-98; 8:45 am]
BILLING CODE 4830-01-U