[Federal Register Volume 67, Number 52 (Monday, March 18, 2002)]
[Notices]
[Page 12087]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-6481]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[PS-7-89]


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, Public Law 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning an 
existing final regulation, PS-7-89 (TD 8684), Treatment of Gain From 
the Disposition of Interest in Certain Natural Resource Recapture 
Property by S Corporations and Their Shareholders (Sec. 1.1254-4).

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 the information collection should be directed to Larnice 
Mack, (202) 622-3179, or through the Internet, [email protected], 
Internal Revenue Service, room 6407, 1111 Constitution Avenue NW., 
Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Treatment of Gain From the Disposition of Interest in 
Certain Natural Resource Recapture Property by S Corporations and Their 
Shareholders.
    OMB Number: 1545-1493.
    Regulation Project Number: PS-7-89.
    Abstract: This regulation prescribes rules under Code section 1254 
relating to the treatment by S corporations and their shareholders of 
gain from the disposition of natural resource recapture property and 
from the sale or exchange of S corporation stock. Section 1.1254-
4(c)(2) of the regulation provides that gain recognized on the sale or 
exchange of S corporation stock is not treated as ordinary income if 
the shareholder attaches a statement to his or her return containing 
information establishing that the gain is not attributable to section 
1254 costs.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, and 
individuals.
    Estimated Number of Respondents: 1,000.
    Estimated Time Per Respondent: 1 hour.
    Estimated Total Annual Burden Hours: 1,000.
    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: March 11, 2002.
Glenn Kirkland,
IRS Reports Clearance Officer.
[FR Doc. 02-6481 Filed 3-15-02; 8:45 am]
BILLING CODE 4830-01-P