[Federal Register Volume 65, Number 35 (Tuesday, February 22, 2000)]
[Notices]
[Page 8762]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-4032]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[FI-46-93]


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, FI-46-93 (TD 8555), Hedging Transactions 
(Sec. 1.1221-2).

DATES: Written comments should be received on or before April 24, 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: Hedging Transactions.
    OMB Number: 1545-1403.
    Regulation Project Number: FI-46-93.
    Abstract: This regulation clarifies the character of gain or loss 
from the sale or exchange of property that is part of a business hedge. 
A taxpayer must identify the hedging transaction on its books and 
records before the close of the day on which the taxpayer enters into 
it and must also identify the item, items, or aggregate risk being 
hedged. The information will be used to verify that a taxpayer is 
properly reporting its business hedging transactions.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of OMB approval.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 110,000.
    Estimated Time Per Respondent: 52 minutes.
    Estimated Total Annual Burden Hours: 95,000.
    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 10, 2000.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 00-4032 Filed 2-18-00; 8:45 am]
BILLING CODE 4830-01-U