[Federal Register Volume 66, Number 116 (Friday, June 15, 2001)]
[Notices]
[Page 32663]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-15175]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG-118926-97]


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, REG-118926-97 (TD 8817), Notice of Certain 
Transfers to Foreign Partnerships and Foreign Corporations 
(Secs. 1.6038B-1, 1.6038B-2).

DATES: Written comments should be received on or before August 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 Allan Hopkins, (202) 
622-6665, Internal Revenue Service, room 5244, 1111 Constitution Avenue 
NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Notice of Certain Transfers to Foreign Partnerships and 
Foreign Corporations.
    OMB Number: 1545-1615.
    Regulation Project Number: REG-118926-97.
    Abstract: Section 6038B requires U.S. persons to provide certain 
information when they transfer property to a foreign partnership or 
foreign corporation. This regulation provides reporting rules to 
identify United States persons who contribute property to foreign 
partnerships and to ensure the correct reporting of items with respect 
to those partnerships.
    Current Actions: There is no change to this existing regulation.
    Type of review: Extension of OMB approval.
    Affected Public: Businesses or other for-profit organizations, and 
individuals or households.
    The collections of information contained in these final regulations 
are in Secs. 1.6038B-1(b) and 1.6038B-2. The burden of complying with 
the collection of information required to be reported on Form 8865 is 
reflected in the burden for Form 8865. The burden of complying with the 
collection of information required to be reported on Form 926 is 
reflected in the burden for Form 926.
    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: June 8, 2001.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 01-15175 Filed 6-14-01; 8:45 am]
BILLING CODE 4830-01-P