[Federal Register Volume 67, Number 111 (Monday, June 10, 2002)]
[Notices]
[Page 39790]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-14505]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG-209826-96]


Proposed Collection; Comment Request for Regulation Project

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

-----------------------------------------------------------------------

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 notice of proposed rulemaking, REG-209826-96, Application of 
the Grantor Trust Rules to Nonexempt Employees' Trusts (Sec. 1.671-
1(h)(3)(iii)).

DATES: Written comments should be received on or before August 9, 2002 
to be assured of consideration.

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

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of regulations should be directed to Carol Savage, (202) 622-
3945, or through the internet ([email protected].), Internal 
Revenue Service, room 6407, 1111 Constitution Avenue NW., Washington, 
DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Application of the Grantor Trust Rules to Nonexempt 
Employees' Trusts.
    OMB Number: 1545-1498.
    Regulation Project Number: REG-209826-96.
    Abstract: This regulation provides rules for the application of the 
grantor trust rules to certain nonexempt employees' trusts. Under 
Section 1.671-1(h)(3)(iii) of the regulation, the overfunded amount for 
certain foreign employees' trusts will be reduced to the extent the 
taxpayer demonstrates to the Commissioner, and indicates on a statement 
attached to a timely filed Form 5471, that the overfunded amount is 
attributable to a reasonable funding exception. The IRS needs this 
information to determine accurately the portion of the trust that is 
properly treated as owned by the employer.
    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.
    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.

Reqeust 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: June 3, 2002.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. 02-14505 Filed 6-7-02; 8:45 am]
BILLING CODE 4830-01-P