[Federal Register Volume 64, Number 201 (Tuesday, October 19, 1999)]
[Notices]
[Pages 56388-56389]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-27153]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service
[FI-165-84]


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, FI-165-84, Below-Market Loans 
(Secs. 1.7872-11(g)(1) and 1.7872-11(g)(3)).

DATES: Written comments should be received on or before December 20, 
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 this regulation should be directed to Faye Bruce, (202) 622-
6665, Internal Revenue Service, room 5244, 1111 Constitution Avenue 
NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Below-Market Loans.
    OMB Number: 1545-0913.
    Regulation Project Number: FI-165-84 (Notice of proposed 
rulemaking).
    Abstract: Internal Revenue Code section 7872 recharacterizes a 
below-market loan as a market rate loan and an additional transfer by 
the lender to the borrower equal to the amount of imputed interest. The 
regulation requires both the lender and the borrower to attach a 
statement to their respective income tax returns for years in which 
they have imputed income or claim imputed deductions under Code section 
7872.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households, and business or other 
for-profit organizations.
    Estimated Number of Respondents: 1,631,202.
    Estimated Time Per Respondent: 18 min.
    Estimated Total Annual Burden Hours: 481,722.
    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

[[Page 56389]]

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: October 12, 1999.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 99-27153 Filed 10-18-99; 8:45 am]
BILLING CODE 4830-01-U