[Federal Register Volume 65, Number 77 (Thursday, April 20, 2000)]
[Notices]
[Pages 21234-21235]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-9871]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

April 10, 2000.
    The Department of Treasury has submitted the following public 
information collection requirement(s) to OMB for review and clearance 
under the Paperwork Reduction Act of 1995, Public Law 104-13. Copies of 
the submission(s) may be obtained by calling the Treasury Bureau 
Clearance Officer listed. Comments regarding this information 
collection should be addressed to the OMB reviewer listed and to the 
Treasury Department Clearance Officer, Department of the Treasury, Room 
2110, 1425 New York Avenue, NW., Washington, DC 20220.

DATES: Written comments should be received on or before May 22, 2000 to 
be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-1672.
    Regulation Project Number: REG-209135-88 NPRM and Temporary.
    Type of Review: Extension.
    Title: Certain Asset Transfers to Regulated Investment Companies 
(RICs) and Real Estate Investment Trusts (REITs).
    Description: The regulation applies with respect to the net built-
in gain of C corporation assets that become assets of a Regulated 
Investment Company (RIC) or Real Estate Investment Trust (REIT) by the 
qualification of a C corporation as a RIC or REIT or by the transfer of 
assets of a C corporation to a RIC or REIT in a carryover basis 
transaction. The regulation generally requires the corporation to 
recognize gain as if it had sold the assets at fair market value and 
immediately liquidated. The regulations permit the transferee RIC or 
REIT to elect, in lieu of liquidation treatment, to be subject to the 
rules of section 1374 of the Internal Revenue Code and the regulations 
thereunder. In order to obtain the benefit of a section 1374 election, 
the taxpayer is required to make a statement indicating that it elects 
to be subject to the rules of section 1374 and the regulations 
thereunder.
    Estimated Number of Respondents: 100.
    Estimated Burden Hours Per Respondent: 30 minutes.
    Frequency of Response: Other (once).
    Estimated Total Reporting Burden: 50 hours.
    Clearance Officer: Garrick Shear, Internal Revenue Service, Room 
5244, 1111 Constitution Avenue, NW, Washington, DC 20224.
    OMB Reviewer: Alexander T. Hunt, (202) 395-7860, Office of 
Management and Budget, Room 10202, New

[[Page 21235]]

Executive Office Building, Washington, DC 20503.

Lois K. Holland,
Departmental Reports Management Officer.
[FR Doc. 00-9871 Filed 4-19-00; 8:45 am]
BILLING CODE 4830-01-P