[Federal Register Volume 66, Number 152 (Tuesday, August 7, 2001)]
[Notices]
[Pages 41310-41311]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-19791]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG-209545-92]


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 notice of proposed rulemaking REG-209545-92, Earnings and 
Profits of Foreign Corporations (Sec. 1.964-1(c)(1)(v)).

DATES: Written comments should be received on or before October 9, 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 Larnice Mack, (202) 622-
3179, Internal Revenue Service, room 5244, 1111 Constitution Avenue 
NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Earnings and Profits of Foreign Corporations.
    OMB Number: 1545-1318.
    Regulation Project Number: REG-209545-92 (formerly INTL-18-92).
    Abstract: This regulation modifies the computation of earnings and 
profits of foreign corporations by allowing them to account for 
inventory costs using capitalization methods used for financial 
accounting purposes rather than the uniform capitalization rules 
required by Internal Revenue Code section 263A. The regulation also 
permits reliance on financial accounting conventions in computing 
depreciation for foreign corporations deriving less than 20 percent of 
gross income from U.S. sources and maintaining assets with financial 
book bases not materially different from tax bases. Use of simplified 
rules may result in an accounting method change which would ordinarily 
require the filing of Form 3115, Application for Change in Accounting 
Method. However, the regulation waives any Form 3115 filing 
requirements if certain conditions are met.
    Current Actions: There are no changes to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    The burden for the collection of information is reflected in the 
burden for Form 3115, Application for Change in Accounting Method.
    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.


[[Page 41311]]


    Approved: July 31, 2001.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 01-19791 Filed 8-6-01; 8:45 am]
BILLING CODE 4830-01-P