[Federal Register Volume 67, Number 48 (Tuesday, March 12, 2002)]
[Notices]
[Pages 11165-11166]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-5842]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

March 4, 2002.
    The Department of the 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 April 11, 2002 
to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-1672.
    Regulation Project Numbers: REG-142299-01 and REG-209135-88 NPRM 
and Temporary.
    Type of Review: Extension.
    Title: Certain Transfers of Property to Regulated Investment 
Companies (RICs) and Real Estate Investment Trusts (REITs).
    Description: The regulation applies with respect to the net built-
in gain of C corporation property that becomes property of a Regulated 
Investment Company (RIC) or Real Estate Investment Trust (REIT) by the 
qualification of a C corporation as a RIC or REIT or by the transfer of 
property of a C corporation to a RIC or REIT in certain tax-free 
transactions. Depending

[[Page 11166]]

on the date of the transfer of property or qualification as a RIC or 
REIT, the regulation provides that either (1) the C corporation will 
recognize gain as if it had sold the property at fair market value, 
unless the RIC or REIT elects section 1374 treatment or (2) the RIC or 
REIT will be subject to section 1374 treatment with respect to the net 
recognized built-in gain, unless the C corporation elects deemed sale 
treatment. The regulation provides that a section 1374 election is made 
by filing a statement, signed by an official authorized to sign the 
income tax return of the RIC or REIT and attached to the RIC's or 
REIT's Federal income tax return for the taxable year in which the 
property of the C corporation becomes the property of the RIC or REIT. 
The regulation provides that a deemed sale election is made by filing a 
statement, signed by an official authorized to sign the income tax 
return of the C corporation and attached to the C corporation's Federal 
income tax return for the taxable year in which the deemed sale occurs.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 140.
    Estimated Burden Hours Per Respondent: 30 minutes.
    Frequency of Response: Other (once).
    Estimated Total Reporting Burden: 70 hours.
    Clearance Officer: George Freeland, Internal Revenue Service, Room 
5577, 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.

Mary A. Able,
Departmental Reports, Management Officer.
[FR Doc. 02-5842 Filed 3-11-02; 8:45 am]
BILLING CODE 4830-01-P