[Federal Register Volume 63, Number 119 (Monday, June 22, 1998)]
[Notices]
[Page 33985]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-16440]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 926

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

-----------------------------------------------------------------------

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 926, Return by a U.S. Transferor of Property to a Foreign 
Corporation, Foreign Estate or Trust, or Foreign Partnership.

DATES: Written comments should be received on or before August 21, 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: Return by a U.S. Transferor of Property to a Foreign 
Corporation, Foreign Estate or Trust, or Foreign Partnership.
    OMB Number: 1545-0026.
    Form Number: 926.
    Abstract: Form 926 is filed by any U.S. person who transfers 
property to a foreign corporation, foreign estate or trust, or foreign 
partnership.
    Current Actions: Form 926 is being revised to reflect the repeal of 
Internal Revenue Code sections 1491 through 1494 and changes to Code 
sections 367 and 6038B. However, the actual changes to the form have 
not been decided upon at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other-for-profit organizations and 
individuals.
    Estimated Number of Respondents: 1,000.
    Estimated Time Per Respondents: 22 hr., 45 min.
    Estimated Total Annual Burden Hours: 22,750.
    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 require 
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 
the capital or start-up costs and costs of operation, maintenance, and 
purchase of services to provide information.

    Approved: June 12, 1998.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 98-16440 Filed 6-19-98; 8:45 am]
BILLING CODE 4830-01-M