[Federal Register Volume 67, Number 33 (Tuesday, February 19, 2002)]
[Notices]
[Pages 7454-7455]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-3973]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[PS-39-89]


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 notice of proposed rulemaking, Limitation on Passive Activity 
Losses and Credits--Treatment of Self-Charged Items of Income and 
Expense (Section 1.469-7(f)).

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 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, or through the Internet ([email protected]), Internal Revenue 
Service, room 5244, 1111 Constitution Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Limition on Passive Activity Losses and Credits-Treatment of 
Self-Charged Items of Income and Expense.
    OMB Number: 1545-1244.
    Regulation Project Number: PS-39-89.
    Abstract: Section 1.469-7(f)(1) of this regulation permits entities 
to elect to avoid application of the regulation in the event the 
passthrough entity chooses to not have the income from lending 
transactions with owners of interests in the entity recharacterized as 
passive activity gross income. The IRS will use

[[Page 7455]]

this information to determine whether the entity has made a proper 
timely election and to determine that taxpayers are complying with the 
election in the taxable year of the election and subsequent taxable 
years.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of currently approved collection.
    Affected Public: Individuals and business or other for-profit 
organizations.
    Estimated Number of Respondents: 1,000.
    Estimated Time Per Respondent: 6 minutes.
    Estimated Total Annual Burden Hours: 100.
    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. 02-3973 Filed 2-15-02; 8:45 am]
BILLING CODE 4830-01-P