[Federal Register Volume 64, Number 70 (Tuesday, April 13, 1999)]
[Notices]
[Page 18073]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-9082]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service
[PS-264-82]


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, PS-264-82 (TD 8508), Adjustments to Basis of 
Stock and Indebtedness to Shareholders of S Corporations and Treatment 
of Distributions by S Corporations to Shareholders. (Regulation 
Secs. 1.1367-1(f), 1.1368-1(f), 1.1368-1(g)).

DATES: Written comments should be received on or before June 14, 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 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: Adjustments to Basis of Stock and Indebtedness to 
Shareholders of S Corporations and Treatment of Distributions by S 
Corporations to Shareholders.
    OMB Number: 1545-1139.
    Regulation Project Number: PS-264-82.
    Abstract: The regulation provides the procedures and the statements 
to be filed by S corporations for making the election provided under 
Internal Revenue Code section 1368, and by shareholders who choose to 
reorder items that decrease their basis. Statements required to be 
filed will be used to verify that taxpayers are complying with the 
requirements imposed by Congress.
    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: 2,000.
    Estimated Time Per Respondent: 6 min.
    Estimated Total Annual Burden Hours: 200 hours.
    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. 99-9082 Filed 4-12-99; 8:45 am]
BILLING CODE 4830-01-U