[Federal Register Volume 65, Number 84 (Monday, May 1, 2000)]
[Notices]
[Pages 25428-25429]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-10826]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 982

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 
Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness 
(and Section 1082 Basis Adjustment).

DATES: Written comments should be received on or before June 30, 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 the form and instructions should be directed to Martha R. 
Brinson, (202) 622-3869, Internal Revenue Service, room 5244, 1111 
Constitution Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Reduction of Tax Attributes Due to Discharge of Indebtedness 
(and Section 1082 Basis Adjustment).
    OMB Number: 1545-0046.
    Form Number: Form 982.
    Abstract: Internal Revenue Code section 108 allows taxpayers to 
exclude from gross income amounts attributable to discharge of 
indebtedness in title 11 cases, insolvency, or a qualified farm 
indebtedness. Code section 1081(b) allows corporations to exclude from 
gross income amounts attributable to certain transfers of property. The 
data is used to verify adjustments to basis of property and reduction 
of tax attributes.
    Current Actions: There are no changes being made to the form at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, and 
individuals.
    Estimated Number of Respondents: 1,000.
    Estimated Time Per Respondent: 9 hrs., 13 min.
    Estimated Total Annual Burden Hours: 9,610.
    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

[[Page 25429]]

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: April 12, 2000.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 00-10826 Filed 4-28-00; 8:45 am]
BILLING CODE 4830-01-P