[Federal Register Volume 63, Number 97 (Wednesday, May 20, 1998)]
[Notices]
[Pages 27790-27791]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-13460]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 8288-B

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 
Form 8288-B, Application for Withholding Certificate for Dispositions 
by Foreign Persons of U.S. Real Property Interests.

DATES: Written comments should be received on or before July 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 form and instructions should be directed to Martha R. 
Brinson, (202) 622-3869, Internal Revenue Service, room 5571, 1111 
Constitution Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Application for Withholding Certificate for Dispositions by 
Foreign Persons of U.S. Real Property Interests.
    OMB Number: 1545-1060.
    Form Number: 8288-B.
    Abstract: Section 1445 of the Internal Revenue Code requires 
transferees to withhold tax on the amount realized from sales or other 
dispositions by foreign persons of U.S. real property interests. Code 
sections 1445(b) and (c) allow the withholding to be reduced or 
eliminated under certain circumstances. Form 8288-B is used to apply 
for a withholding certificate from IRS to reduce or eliminate the 
withholding required by Code section 1445.
    Current Actions:
    Lines 1 through 3 of Form 8288-B have been revised. Line 1 was 
unclear in its usage and often resulted in duplication of information 
on lines 2 or 3. In most cases, the filer of the certificate is 
actually the transferee's or transferor's agent on behalf of the 
applicant. For this reason, line 1 has been changed to line 4, the 
header changed to read ``Name of withholding agent,'' and the address 
block revised so that the requester can inform the IRS where to send 
the certificate. Also, a separate space on line 4 now requests the name 
of the estate, trust, or other entity, identification number and phone 
number. Lines 2 and 3 on the current version are now lines 1 and 2. A 
box on line 1 of the current version requesting that the applicant 
identify whether it is the transferee or transferor is now line 3.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations and 
individuals or households.
    Estimated Number of Respondents: 5,079.
    Estimated Time Per Respondent: 5 hr., 5 min.
    Estimated Total Annual Burden Hours: 25,801.
    The following paragraph applies to all of the collections of 
information covered by this notice:

[[Page 27791]]

    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: May 5, 1998.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 98-13460 Filed 5-19-98; 8:45 am]
BILLING CODE 4830-01-U