[Federal Register Volume 65, Number 32 (Wednesday, February 16, 2000)]
[Notices]
[Pages 7916-7917]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-3566]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[INTL-15-91]


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,

[[Page 7917]]

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, INTL-15-91, Taxation of Gain or Loss from Certain 
Nonfunctional Currency Transactions (Section 988 Transactions) 
(Sec. 1.988-5).

DATES: Written comments should be received on or before April 17, 2000, 
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: Taxation of Gain or Loss from Certain Nonfunctional Currency 
Transactions (Section 988 Transactions).
    OMB Number: 1545-1312.
    Regulation Project Number: INTL-15-91.
    Abstract: This regulation provides that if a taxpayer identifies a 
hedge and a dividend, rent, or royalty payment as a hedged qualified 
payment, then the taxpayer may integrate such transactions. The 
regulation also allows taxpayers to elect a mark to market method of 
accounting for foreign currency gains and losses.
    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: 1,500.
    Estimated Time Per Respondent: 40 minutes.
    Estimated Total Annual Burden Hours: 1,000.
    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: February 8, 2000.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 00-3566 Filed 2-15-00; 8:45 am]
BILLING CODE 4830-01-U