[Federal Register Volume 68, Number 40 (Friday, February 28, 2003)]
[Notices]
[Page 9740]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-4807]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[INTL-372-88; INTL-401-88]


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 
existing final regulations, INTL-372-88, (TD 8632), Section 482 Cost 
Sharing Regulations (Sec.  1.482-7); INTL-401-88 (TD 8552), 
Intercompany Transfer Pricing Regulations Under Section 482 (Sec. Sec.  
1.482-1, 1.482-4).

DATES: Written comments should be received on or before April 29, 2003 
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 regulation 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: (INTL-372-88) Section 482 Cost Sharing Regulations; (INTL-
401-88) Intercompany Transfer Pricing Regulations Under Section 482.
    OMB Number: 1545-1364.
    Regulation Project Number: INTL-372-88; INTL-401-88.
    Abstract: The information collections in INTL-372-88 are necessary 
to determine whether an entity is an eligible participant of a 
qualified cost sharing arrangement and whether each eligible 
participant is sharing the costs and benefits of intangible development 
on an arm's length basis. INTL-401-88 relates to the pricing of 
transfers of tangible property, intangible property, or services 
between related parties to ensure that taxpayers clearly reflect income 
and to prevent the avoidance of taxes with respect to such 
transactions.
    Current Actions: There is no change to these existing regulations.
    Type of Review: Extension of OMB approval.
    Affected Public: Businesses or other for-profit organizations.
    Estimated Number of Respondents: 1,000.
    Estimated Time Per Respondent: 7 hrs., 51 minutes.
    Estimated Total Annual Burden Hours: 7,850 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: February 20, 2003.
Glenn Kirkland,
IRS Reports Clearance Officer.
[FR Doc. 03-4807 Filed 2-27-03; 8:45 am]
BILLING CODE 4830-01-P