[Federal Register Volume 66, Number 143 (Wednesday, July 25, 2001)]
[Notices]
[Pages 38781-38782]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-18420]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[PS-276-76]


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, PS-276-76 (TD 8586), Treatment of Gain From 
Disposition of Certain Natural Resource Recapture Property (Sections 
1.1254-1(c)(3) and 1.1254-5(d)(2)).

DATES: Written comments should be received on or before September 24, 
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 Martha Brinson (202) 
622-3869, Internal Revenue Service, room 5244, 1111 Constitution Avenue 
NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Treatment of Gain From Disposition of Certain Natural 
Resource Recapture Property.
    OMB Number: 1545-1352.
    Regulation Project Number: PS-276-76
    Abstract: This regulation prescribes rules for determining the tax 
treatment of gain from the disposition of natural resource recapture 
property in accordance with Internal Revenue Code section 1254. Gain is 
treated as ordinary income in an amount equal to the intangible 
drilling and development costs and depletion deductions taken with 
respect to the property. The information that taxpayers are required to 
retain will be used by the IRS to determine whether a taxpayer has 
properly characterized gain on the disposition of section 1254 
property.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of OMB approval.
    Affected Public: Individuals and business or other for-profit 
organizations.
    Estimated Number of Respondents: 400.
    Estimated Time Per Respondent: 5 hours.
    Estimated Total Annual Burden Hours: 2,000.
    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

[[Page 38782]]

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: July 17, 2001.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 01-18420 Filed 7-24-01; 8:45 am]
BILLING CODE 4830-01-P