[Federal Register Volume 64, Number 65 (Tuesday, April 6, 1999)]
[Notices]
[Pages 16785-16786]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-8348]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service
[REG-209798-95]


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, Pub. L. 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning an 
existing final regulation, REG-209798-95 (TD 8746), Amortizable Bond 
Premium, (Reg. sections 1.163-13, 1.171-4, and 1.171-5).

DATES: Written comments should be received on or before June 7, 1999 to 
be assured of consideration.


[[Page 16786]]


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 this regulation should be directed to Faye Bruce, (202) 622-
6665, Internal Revenue Service, room 5577, 1111 Constitution Avenue 
NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Amortizable Bond Premium.
    OMB Number: 1545-1491.
    Regulation Project Number: REG-209798-95.
    Abstract: This regulation addresses the tax treatment of bond 
premium. The regulation provides that a holder may make an election to 
amortize bond premium by offsetting interest income with bond premium, 
and the holder must attach a statement to their tax return providing 
certain information. The regulation also provides that a taxpayer may 
receive automatic consent to change its method of accounting for 
premium provided the taxpayer attaches a statement to its tax return. 
The information requested is necessary for the IRS to determine whether 
a holder of a bond has elected to amortize bond premium and to 
determine whether an issuer or a holder has changed its method of 
accounting for premium.
    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 and 
individuals.
    Estimated Number of Respondents: 100,000.
    Estimated Time Per Respondent: 30 min.
    Estimated Total Annual Burden Hours: 50,000.
    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. 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: March 25, 1999.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 99-8348 Filed 4-5-99; 8:45 am]
BILLING CODE 4830-01-P