[Federal Register Volume 63, Number 137 (Friday, July 17, 1998)]
[Notices]
[Pages 38694-38695]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-19033]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service
[INTL-79-91]


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-79-91 (TD 8573), Information Returns 
Required of United States Persons With Respect To Certain Foreign 
Corporations (Secs. 1.6035-1, 1.6038-2 and 1.6046-1).

DATES: Written comments should be received on or before September 15, 
1998 to be assured of consideration.

ADDRESSES: Direct all written comments to Garrick R. Shear, Internal 
Revenue

[[Page 38695]]

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: Information Returns Required of United States Persons With 
Respect To Certain Foreign Corporations.
    OMB Number: 1545-1317.
    Regulation Project Number: INTL-79-91.
    Abstract: This regulation amends the existing regulations under 
sections 6035, 6038, and 6046 of the Internal Revenue Code. The 
regulation amends and liberalizes certain requirements regarding the 
format in which information must be provided for purposes of Form 5471, 
Information Return of U.S. Persons With Respect to Certain Foreign 
Corporations. The regulation provides that financial statement 
information must be expressed in U.S. dollars translated according to 
U.S. generally accepted accounting principles and permits functional 
currency reporting of certain items.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals and business or other for-profit 
organizations.
    The burden for the collection of information is reflected in the 
burden for Form 5471, Information Return of U.S. Persons With Respect 
to Certain Foreign Corporations.
    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: July 10, 1998.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 98-19033 Filed 7-16-98; 8:45 am]
BILLING CODE 4830-01-U