[Federal Register Volume 69, Number 118 (Monday, June 21, 2004)]
[Notices]
[Pages 34419-34420]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-13955]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG-118926-97]


Proposed Collection; Comment Request for Regulation Project

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

-----------------------------------------------------------------------

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 an 
existing final regulation, REG-118926-97 (TD 8817), Notice of Certain 
Transfers to Foreign Partnerships and Foreign Corporations (Sec.  
1.6038B-1, 1.6038B-2).

DATES: Written comments should be received on or before August 20, 
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 regulations 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: Notice of Certain Transfers to Foreign Partnerships and 
Foreign Corporations.
    OMB Number: 1545-1615.
    Regulation Project Number: REG-118926-97.
    Abstract: Section 6038B requires U.S. persons to provide certain 
information when they transfer property to a foreign partnership or 
foreign corporation. This regulation provides reporting rules to 
identify United States persons who contribute property to foreign

[[Page 34420]]

partnerships and to ensure the correct reporting of items with respect 
to those partnerships.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Businesses or other for-profit organizations, and 
individuals or households.
    The collections of information contained in these final regulations 
are in Sec.  1.6038B-1(b) and 1.6038B-2. The burden of complying with 
the collection of information required to be reported on Form 8865 is 
reflected in the burden for Form 8865. The burden of complying with the 
collection of information required to be reported on Form 926 is 
reflected in the burden for Form 926.
    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: June 14, 2004.
Glenn Kirkland,
IRS Reports Clearance Officer.
[FR Doc. 04-13955 Filed 6-18-04; 8:45 am]
BILLING CODE 4830-01-P