[Federal Register Volume 66, Number 51 (Thursday, March 15, 2001)]
[Notices]
[Pages 15167-15168]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-6480]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[INTL-955-86]


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, INTL-955-86 (TD 8350), Requirements For 
Investments to Qualify Under Section 936(d)(4) As Investments in 
Qualified Caribbean Basin Countries (Sec. 1.936-10(c)).

DATES: Written comments should be received on or before May 14, 2001 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: Requirements For Investments to Qualify Under Section 
936(d)(4) As Investments in Qualified Caribbean Basin Countries.
    OMB Number: 1545-1138.
    Regulation Project Number: INTL-955-86.
    Abstract: This regulation relates to the requirements that must be 
met for an investment to qualify under Internal Revenue Code section 
936(d)(4) as an investment in qualified Caribbean Basin countries. 
Income that is qualified possession source investment income is 
entitled to a quasi-tax exemption by reason of the U.S. possessions tax 
credit under Code section 936(a) and substantial tax exemptions in 
Puerto Rico. Code section 936(d)(4)(C) places certification 
requirements on the recipient of the investment and the qualified 
financial institution; and recordkeeping requirements on the financial 
institution and the recipient of the investment funds to enable the IRS 
to verify that the investment funds are being used properly and in 
accordance with the Caribbean Basin Economic Recovery Act.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organization.
    Estimated Number of Recordkeepers: 50.

[[Page 15168]]

    Estimated Time Per Recordkeeper: 30 hours.
    Estimated Total Annual Recordkeeping Hours: 1,500.
    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: March 6, 2001.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 01-6480 Filed 3-14-01; 8:45 am]
BILLING CODE 4830-01-P