[Federal Register Volume 69, Number 118 (Monday, June 21, 2004)]
[Notices]
[Page 34421]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-13957]



[[Page 34421]]

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

DEPARTMENT OF THE TREASURY

Internal Revenue Service

[INTL-45-86]


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, INTL-45-86 (TD 8125), Foreign Management and 
Foreign Economic Processes Requirements of a Foreign Sales Corporation 
(Sec.  1.924).

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: Foreign Management and Foreign Economic Processes 
Requirements of a Foreign Sales Corporation.
    OMB Number: 1545-0904.
    Regulation Project Number: INTL-45-86.
    Abstract: This regulation provides rules for complying with foreign 
management and foreign economic process requirements to enable foreign 
sales corporations to produce foreign trading gross receipts and 
qualify for reduced tax rates. Section 1.924(d)-1(b)(2) of the 
regulation requires that records must be kept to verify that the 
necessary activities were performed outside the United States.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 11,001.
    Estimated Time Per Respondent: 2 hours.
    Estimated Total Annual Burden Hours: 22,001.
    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. 04-13957 Filed 6-18-04; 8:45 am]
BILLING CODE 4830-01-P