[Federal Register Volume 69, Number 204 (Friday, October 22, 2004)]
[Notices]
[Page 62119]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-23749]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG-104072-97]


Proposed Collection; Comment Request for Regulation Project

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 an 
existing final regulation, REG-104072-97 (TD 8853), Recharacterizing 
Financing Arrangements Involving Fast-Pay Stock (Sec.  1.7701(l)-3).

DATES: Written comments should be received on or before December 21, 
2004 to be assured of consideration.

ADDRESSES: Direct all written comments to Joe Durbala, Internal Revenue 
Service, room 6516, 1111 Constitution Avenue, NW., Washington, DC 
20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the regulation should be directed to Allan Hopkins, at (202) 
622-6665, or at Internal Revenue Service, room 6516, 1111 Constitution 
Avenue, NW., Washington, DC 20224, or through the Internet, at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Recharacterizing Financing Arrangements Involving Fast-Pay 
Stock.
    OMB Number: 1545-1642.
    Regulation Project Number: REG-104072-97.
    Abstract: Section 1.7701(l)-3 recharacterizes fast-pay 
arrangements. Certain participants in such arrangements must file a 
statement that includes the name of the corporation that issued the 
fast-pay stock, and (to the extent the filing taxpayer knows or has 
reason to know) the terms of the fast-pay stock, the date on which it 
was issued, and the names and taxpayer identification numbers of any 
shareholders of any class of stock that is not traded on an established 
securities market.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of OMB approval.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 50.
    Estimated Time Per Respondent: 1 hour.
    Estimated Total Annual Burden Hours: 50.
    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: October 18, 2004.
Joe Durbala,
IRS Reports Clearance Officer.
[FR Doc. 04-23749 Filed 10-21-04; 8:45 am]
BILLING CODE 4830-01-P