[Federal Register Volume 66, Number 182 (Wednesday, September 19, 2001)]
[Notices]
[Page 48313]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-23276]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

September 10, 2001.
    The Department of Treasury has submitted the following public 
information collection requirement(s) to OMB for review and clearance 
under the Paperwork Reduction Act of 1995, Public Law 104-13. Copies of 
the submission(s) may be obtained by calling the Treasury Bureau 
Clearance Officer listed. Comments regarding this information 
collection should be addressed to the OMB reviewer listed and to the 
Treasury Department Clearance Officer, Department of the Treasury, Room 
2110, 1425 New York Avenue, NW., Washington, DC 20220.

DATES: Written comments should be received on or before October 19, 
2001 to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-1623.
    Regulation Project Number: REG-246256-96 NPRM and Temporary.
    Type of Review: Extension.
    Title: Excise Taxes on Excess Benefit Transactions.
    Description: The rule affects organizations described in Internal 
Revenue Code sections 501(c)(3) and (4) (applicable tax-exempt 
organizations). The collection of information entails obtaining and 
relying on appropriate comparability data and documenting the basis of 
an organization's determination that compensation is reasonable, or a 
property transfer (or transfer of the right to use property) is at fair 
market value. These actions comprise two of the requirements specified 
in the legislative history for obtaining the rebuttable presumption of 
reasonableness. Once an applicable tax-exempt organization satisfies 
the requirements of the presumption, section 4958 excise taxes can only 
be imposed if the IRS develops sufficient contrary evidence to rebut 
the probative value of the evidence put forth by the parties to the 
transaction.
    Respondents: Not-for-profit institutions.
    Estimated Number of Recordkeepers: 150,427.
    Estimated Burden Hours Per Recordkeeper: 6 hours, 3 minutes.
    Estimated Total Recordkeeping Burden: 910,083 hours.

Clearance Officer: Garrick Shear, Internal Revenue Service, Room 5244, 
1111 Constitution Avenue, NW, Washington, DC 20224.
OMB Reviewer: Alexander T. Hunt, (202) 395-7860, Office of Management 
and Budget, Room 10202, New Executive Office Building, Washington, DC 
20503.

Lois K. Holland,
Departmental Reports Management Officer.
[FR Doc. 01-23276 Filed 9-18-01; 8:45 am]
BILLING CODE 4830-01-P