[Federal Register Volume 67, Number 52 (Monday, March 18, 2002)]
[Notices]
[Pages 12085-12086]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-6478]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[PS-4-96]


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 soliciting comments concerning an 
existing final regulation, PS-4-96 (TD 8743), Sale of Residence From 
Qualified Personal Residence Trust (Sec. 25.2702-5).

DATES: Written comments should be received on or before May 17, 2002 to 
be assured of consideration.

ADDRESSES: Direct all written comments to Glenn Kirkland, Internal 
Revenue Service, room 6411, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of this regulation should be directed to Allan Hopkins, (202) 
622-6665, or through the internet ([email protected]) Internal 
Revenue Service, room 6407, 1111 Constitution Avenue NW., Washington, 
DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Sale of Residence From Qualified Personal Residence Trust.
    OMB Number: 1545-1485.
    Regulation Project Number: PS-4-96.
    Abstract: Internal Revenue Code section 2702(a)(3) provides special 
favorable valuation rules for valuing the gift of a personal residence 
trust. Regulation section 25.2702-5(a)(2) provides that if the trust 
fails to comply with the requirements contained in the regulations, the 
trust will be treated as complying if a statement is attached to the 
gift tax return reporting the gift stating that a proceeding has been 
commenced to reform the instrument to comply with the requirements of 
the regulations.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households.
    Estimated Number of Respondents: 200.
    Estimated Time Per Respondent: 3 hours, 6 min.
    Estimated Total Annual Burden Hours: 625 hours.
    The following paragraph applies to all of the collections of 
information covered by this notice.

[[Page 12086]]

    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: March 13, 2002.
Glenn Kirkland,
IRS Reports Clearance Officer.
[FR Doc. 02-6478 Filed 3-15-02; 8:45 am]
BILLING CODE 4830-01-P