[Federal Register Volume 68, Number 58 (Wednesday, March 26, 2003)]
[Notices]
[Pages 14747-14748]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-7275]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 8594
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 8594, Asset Acquisition Statement.
DATES: Written comments should be received on or before May 27, 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 form and instructions should be directed to Larnice Mack,
at (202) 622-3179, or [email protected], or Internal Revenue
Service, room 6407, 1111 Constitution Avenue NW., Washington, DC 20224.
SUPPLEMENTARY INFORMATION:
Title: Asset Acquisition Statement.
OMB Number: 1545-1021.
Form Number: 8594.
Abstract: Internal Revenue Code section 1060 requires reporting to
the IRS by the buyer and seller of the total consideration paid for
assets in an applicable asset acquisition. The information required to
be reported includes the amount allocated to goodwill or going concern
value. Form 8594 is used to report this information.
Current Actions: There are no changes being made to Form 8594 at
this time.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations and
individuals.
Estimated Number of Respondents: 20,000.
Estimated Time Per Response: 16 hrs., 28 minutes.
Estimated Total Annual Burden Hours: 329,200.
The following paragraph applies to all of the collections of
information covered by this notice:
[[Page 14748]]
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 6, 2003.
Glenn Kirkland,
IRS Reports Clearance Officer.
[FR Doc. 03-7275 Filed 3-25-03; 8:45 am]
BILLING CODE 4830-01-P