[Federal Register Volume 69, Number 77 (Wednesday, April 21, 2004)]
[Notices]
[Pages 21599-21600]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-9064]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 1099-S

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 1099-S, Proceeds From Real Estate Transactions.

DATES: Written comments should be received on or before June 21, 2004, 
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 Internal Revenue Service, room 6407, 1111 Constitution Avenue, NW., 
Washington, DC 20224, or at (202) 622-3179, or through the Internet at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Proceeds From Estate Transactions.
    OMB Number: 1545-0997.
    Form Number: Form 1099-S.
    Abstract: Internal Revenue Code section 6045(e) and the regulations 
thereunder require persons treated as real estate brokers to submit an 
information return to the IRS to report the gross proceeds from real 
estate transactions. Form 1099-S is used for this purpose. The IRS uses 
the information on the form to verify compliance with the reporting 
rules regarding real estate transactions.
    Current Actions: There are no changes being made to the form at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations and 
individuals or households.
    Estimated Number of Responses: 3,646,110.
    Estimated Time Per Response: 8 minutes.
    Estimated Total Annual Burden Hours: 510,456.
    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

[[Page 21600]]

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: April 7, 2004.
Glenn Kirkland,
IRS Reports Clearance Officer.
[FR Doc. 04-9064 Filed 4-20-04; 8:45 am]
BILLING CODE 4830-01-P