[Federal Register Volume 68, Number 101 (Tuesday, May 27, 2003)]
[Notices]
[Pages 28885-28886]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-13160]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

May 15, 2003.
    The Department of Treasury has submitted the following public 
information collection requirement(s) to OMB for review and clearance 
under the Paperwork Reduction Act of 1995, Public Law 104-13. Copies of 
the submission(s) may be obtained by calling the Treasury Bureau 
Clearance Officer listed. Comments regarding this

[[Page 28886]]

information collection should be addressed to the OMB reviewer listed 
and to the Treasury Department Clearance Officer, Department of the 
Treasury, Room 11000, 1750 Pennsylvania Avenue, NW., Washington, DC 
20220.

DATES: Written comments should be received on or before June 26, 2003 
to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-1828.
    Regulation Project Number: REG-131478-02 NPRM and Temporary.
    Type of Review: Extension.
    Title: Guidance Under Section 1502; Suspension of Losses on Certain 
Stock Disposition.
    Description: The information in Sec.  1.1502-35T(c) is necessary to 
ensure that a consolidated group does not obtain more than one tax 
benefit from both the utilization of a loss from the disposition of 
stock and the utilization of a loss or deduction with respect to 
another asset that reflects the same economic loss; to allow the 
taxpayer to make an election under Sec.  1.1502-35T(c)(5) that would 
benefit the taxpayer; the election in Sec.  1.1502-35T(f) provides 
taxpayers the choice in the case of a worthless subsidiary to utilize a 
worthless stock deduction or absorb the subsidiary's losses; and Sec.  
1.1502-35T(g)(3) applies to ensure that taxpayers do not circumvent the 
loss suspension rule of Sec.  1.1502-35T(c) by deconsolidating a 
subsidiary and then re-importing to the group losses of such 
subsidiary.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 7,475.
    Estimated Burden Hours Per Respondent/Recordkeeper: 2 hours.
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 15,000 hours.
    Clearance Officer: Glenn Kirkland (202) 622-3428, Internal Revenue 
Service, Room 6411-03, 1111 Constitution Avenue, NW., Washington, DC 
20224.
    OMB Reviewer: Joseph F. Lackey, Jr. (202) 395-7316, Office of 
Management and Budget, Room 10235, New Executive Office Building, 
Washington, DC 20503.

Mary A. Able,
Departmental Reports Management Officer.
[FR Doc. 03-13160 Filed 5-23-03; 8:45 am]
BILLING CODE 4830-01-P