[Federal Register Volume 64, Number 209 (Friday, October 29, 1999)]
[Notices]
[Pages 58468-58469]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-28278]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service
[PS-102-86]


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-102-86 (TD 8316) Cooperative Housing 
Corporations (Sec. 1.216-1(d)(2)).

DATES: Written comments should be received on or before December 28, 
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 regulation should be directed to Carol Savage, (202) 622-
3945, Internal Revenue Service, room 5242, 1111 Constitution Avenue 
NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Cooperative Housing Corporations.
    OMB Number: 1545-1041.

[[Page 58469]]

    Regulation Project Number: PS-102-86.
    Abstract: Section 1.216-1(d)(2) of this regulation allows 
cooperative housing corporations to make an election whereby the 
amounts of mortgage interest and/or real estate taxes allocated to 
tenant-stockholders of the corporation will be based on a reasonable 
estimate of the actual costs attributable to each tenant-stockholder's 
dwelling unit. In the absence of such a one-time election, such costs 
are allocated proportionally among the tenant-stockholders based on the 
number of shares held in the corporation.
    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: 2,500.
    Estimated Time Per Respondent: 15 minutes.
    Estimated Total Annual Burden Hours: 625.
    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: October 20, 1999.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 99-28278 Filed 10-28-99; 8:45 am]
BILLING CODE 4830-01-P