[Federal Register Volume 63, Number 143 (Monday, July 27, 1998)]
[Notices]
[Pages 40153-40154]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-20026]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service
[REG-209545-92]


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 notice of proposed rulemaking, REG-209545-92, Earnings and 
Profits of Foreign Corporations (Sec. 1.964-1(c)(1)(v)).

DATES: Written comments should be received on or before September 25, 
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

[[Page 40154]]

directed to Carol Savage, (202) 622-3945, Internal Revenue Service, 
room 5569, 1111 Constitution Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Earnings and Profits of Foreign Corporations.
    OMB Number: 1545-1318.
    Regulation Project Number: REG-209545-92 (formerly INTL-18-92).
    Abstract: This regulation modifies the computation of earnings and 
profits of foreign corporations by allowing them to account for 
inventory costs using capitalization methods used for financial 
accounting purposes rather than the uniform capitalization rules 
required by Internal Revenue Code section 263A. The regulation also 
permits reliance on financial accounting conventions in computing 
depreciation for foreign corporations deriving less than 20 percent of 
gross income from U.S. sources and maintaining assets with financial 
book bases not materially different from tax bases. Use of these 
simplified rules may result in an accounting method change which would 
ordinarily require the filing of Form 3115, Application for Change in 
Accounting Method. However, the regulation waives any Form 3115 filing 
requirements if certain conditions are met.
    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.
    The burden for the collection of information is reflected in the 
burden for Form 3115, Application for Change in Accounting Method.
    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 20, 1998.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 98-20026 Filed 7-24-98; 8:45 am]
BILLING CODE 4830-01-P