[Federal Register Volume 67, Number 83 (Tuesday, April 30, 2002)]
[Notices]
[Page 21324]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-10616]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[PS-264-82]


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 
final regulation, PS-264-82 (TD 8508), Adjustments to Basis of Stock 
and Indebtedness to Shareholders of S Corporations and Treatment of 
Distributions by S Corporations to Shareholders. (Regulation 
Secs. 1.1367-1(f), 1.1368-1(f), 1.1368-1(g)).

DATES: Written comments should be received on or before July 1, 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: Adjustments to Basis of Stock and 
Indebtedness to Shareholders of S Corporations and Treatment of 
Distributions by S Corporations to Shareholders.
    OMB Number: 1545-1139.
    Regulation Project Number: PS-264-82.
    Abstract: The regulation provides the procedures and the statements 
to be filed by S corporations for making the election provided under 
Internal Revenue Code section 1368, and by shareholders who choose to 
reorder items that decrease their basis. Statements required to be 
filed will be used to verify that taxpayers are complying with the 
requirements imposed by Congress.
    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: 2,000.
    Estimated Time Per Respondent: 6 min.
    Estimated Total Annual Burden Hours: 200 hours.
    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: April 24, 2002.
Carol Savage,
Program Analyst.
[FR Doc. 02-10616 Filed 4-29-02; 8:45 am]
BILLING CODE 4830-01-P