[Federal Register Volume 66, Number 196 (Wednesday, October 10, 2001)]
[Notices]
[Pages 51721-51722]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-25435]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG-106177-98]


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

[[Page 51722]]

soliciting comments concerning an existing final regulation, REG-
106177-98(TD 8845), Adequate Disclosure of Gifts (Sec. 301.6501(c)-1).

DATES: Written comments should be received on or before December 10, 
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: Adequate Disclosure of Gifts.
    OMB Number: 1545-1637.
    Regulation Project Number: REG-106177-98.
    Abstract: Section 301.6501(c)-1(f) requires that, in order to 
commence the running of the gift tax statute of limitations, the donor 
must file a Form 709 and submit sufficient information about the 
transaction that will give the Service a complete and accurate 
description of the transfer. Such information includes a description of 
the transferred property, the identity and relationship of the parties 
to the transfer and any entities involved, a description of the methods 
used to value the transferred property, a description of any 
restrictions on the transferred property, and a statement of any 
potential controversy or legal issue involved.
    Current Actions: There is no change to this existing regulation.
    Type of review: Extension of OMB approval.
    Affected Public: Individuals or households.
    The reporting burden contained in Sec. 301.6501(c)-1(f) is 
reflected in the burden for Form 709, U.S. Gift (and Generation-
Skipping Transfer) Tax Return.
    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: October 3, 2001.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 01-25435 Filed 10-9-01; 8:45 am]
BILLING CODE 4830-01-P