[Federal Register Volume 67, Number 136 (Tuesday, July 16, 2002)]
[Notices]
[Pages 46708-46709]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-17862]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 8810

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 
Form 8810, Corporate Passive Activity Loss and Credit Limitations.

DATES: Written comments should be received on or before September 16, 
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 form and instructions 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: Corporate Passive Activity Loss and Credit Limitations.
    OMB Number: 1545-1091.
    Form Number: 8810.
    Abstract: Under Internal Revenue Code section 469, losses and 
credits from passive activities, to the extent they exceed passive 
income (or, in the case of credits, the tax attributable to net passive 
income), are not allowed. Form 8810 is used by personal service 
corporations and closely held corporations to figure the passive 
activity loss and credits allowed and the amount of loss and credit to 
be reported on their tax return.
    Current Actions: There are no changes being made to Form 8810 at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Responses: 100,000.
    Estimated Time Per Response: 37 hr., 29 min.

[[Page 46709]]

    Estimated Total Annual Burden Hours: 3,749,000.
    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: July 8, 2002.
Glenn Kirkland,
IRS Reports Clearance Officer.
[FR Doc. 02-17862 Filed 7-15-02; 8:45 am]
BILLING CODE 4830-01-P