[Federal Register Volume 64, Number 101 (Wednesday, May 26, 1999)]
[Notices]
[Page 28560]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-13252]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Revenue Procedure 99-27

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 
Revenue Procedure 99-27, Uniform Closing Agreement--Modified Endowment 
Contracts.

DATES: Written comments should be received on or before July 26, 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 revenue procedure should be directed to Carol Savage, 
(202) 622-3945, Internal Revenue Service, room 5569, 1111 Constitution 
Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Uniform Closing Agreement--Modified Endowment Contracts.
    OMB Number: 1545-1652.
    Revenue Procedure Number: Revenue Procedure 99-27.
    Abstract: This revenue procedure provides the procedures under 
which insurance companies may cure inadvertent nonegregious overfunding 
errors that cause life insurance contracts to become modified endowment 
contracts under Internal Revenue Code section 7702A. To obtain relief, 
a life insurance company must file a ruling request, together with an 
executed closing agreement that is substantially the same as the model 
agreement provided in the revenue procedure. The revenue procedure is 
effective as of May 18, 1999, but is limited to relief requests 
received on or before May 31, 2001.
    Current Actions: There are no changes being made to the revenue 
procedure at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 200.
    Estimated Time per Respondent: 100 hours.
    Estimated Total Annual Burden Hours: 20,000 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: May 19, 1999.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 99-13252 Filed 5-25-99; 8:45 am]
BILLING CODE 4830-01-U