[Federal Register Volume 64, Number 165 (Thursday, August 26, 1999)]
[Notices]
[Pages 46747-46748]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-22247]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Notice 99-43

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 
Notice 99-43, Nonrecognition Exchanges under Section 897.

DATES: Written comments should be received on or before October 25, 
1999 to be assured of consideration.

ADDRESSES: Direct all written comments to Garrick R. Shear, Internal 
Revenue Service, room 5244, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the notice should be directed to Carol Savage, (202) 622-
3945, Internal Revenue Service, room 5242, 1111 Constitution Avenue 
NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Nonrecognition Exchanges under Section 897.
    OMB Number: 1545-1660.
    Notice Number: Notice 99-43.
    Abstract: Notice 99-43 announces a modification of the current 
rules under Temporary Regulation section 1.897-6T(a)(1) regarding 
transfers, exchanges, and other dispositions of U.S. real property 
interests in nonrecognition transactions occurring after June 18, 1980. 
The notice provides that, contrary to section 1.897-6T(a)(1), a foreign 
taxpayer will not recognize gain under Code section 897(e) for an 
exchange described in Code section 368(a)(1)(E) or (F), provided the 
taxpayer receives substantially identical shares of the same domestic 
corporation with the same dividend rights, voting power, liquidation 
preferences, and convertibility as the shares exchanged without any 
additional rights or features.
    Current Actions: There are no changes being made to the notice at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, and 
individuals or households.
    Estimated Number of Respondents: 100.
    Estimated Time Per Respondent: 2 hours.
    Estimated Total Annual Burden Hours: 200.
    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.


[[Page 46748]]


    Approved: August 20, 1999.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 99-22247 Filed 8-25-99; 8:45 am]
BILLING CODE 4830-01-P