[Federal Register Volume 67, Number 33 (Tuesday, February 19, 2002)]
[Notices]
[Page 7454]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-3972]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[LR-218-78]


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, Pub. L. 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning an 
existing final regulation, LR-218-78 (TD 8096), Product Liability 
Losses and Accumulations for Product Liability Losses (Section 1.172-
13).

DATES: Written comments should be received on or before April 22, 2002, 
to be assured of consideration.

ADDRESSES: Direct all written comments to George Freeland, Internal 
Revenue Service, room 5575, 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, or through the Internet ([email protected]), Internal Revenue 
Service, room 5244, 1111 Constitution Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Product Liability Losses and Accumulations for Product 
Liability Losses.
    OMB Number: 1545-0863.
    Regulation Project Number: LR-218-78.
    Abstract: Generally, a taxpayer who sustains a product liability 
loss must carry the loss back 10 years. However, a taxpayer may elect 
to have such loss treated as a regular net operating loss under section 
172. The election is made by attaching a statement to the tax return. 
This statement will enable the IRS to monitor compliance with the 
statutory requirements.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of currently approved collection.
    Affected Public: Businesses or other for-profit organizations.
    Estimated Number of Respondents: 5,000
    Estimated Time Per Respondent: 30 minutes.
    Estimated Total Annual Burden Hours: 2,500.
    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: February 11, 2002.
George Freeland,
IRS Reports Clearance Officer.
[FR Doc. 02-3972 Filed 2-15-02; 8:45 am]
BILLING CODE 4830-01-P