[Federal Register Volume 64, Number 32 (Thursday, February 18, 1999)]
[Notices]
[Pages 8165-8166]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-4010]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service
[PS-39-89]


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, Limitation on Passive Activity 
Losses and Credits--Treatment of Self-Charged Items of Income and 
Expense (Sec. 1.469-7(f)).

DATES: Written comments should be received on or before April 19, 1999 
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: Limitation on Passive Activity Losses and Credits--Treatment 
of Self-Charged Items of Income and Expense.
    OMB Number: 1545-1244.
    Regulation Project Number: PS-39-89.
    Abstract: Section 1.469-7(f)(1) of this regulation permits entities 
to elect to avoid application of the regulation in the event the 
passthrough entity chooses to not have the income from lending 
transactions with owners of interests in the entity recharacterized as 
passive activity gross income. The IRS will use this information to 
determine whether the entity has made a proper timely election and to 
determine that taxpayers are complying with the election in the taxable 
year of the election and subsequent taxable years.
    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.
    Estimated Number of Respondents: 1,000.
    Estimated Time Per Respondent: 6 minutes.
    Estimated Total Annual Burden Hours: 100.
    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.

[[Page 8166]]

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: February 10, 1999.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 99-4010 Filed 2-17-99; 8:45 am]
BILLING CODE 4830-01-U