[Federal Register Volume 69, Number 204 (Friday, October 22, 2004)]
[Notices]
[Pages 62120-62121]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-23752]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[PS-54-94]


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

[[Page 62121]]

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, Pub. 
L. 104-13(44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting 
comments concerning an existing final regulation, PS-54-94 (TD 8668), 
Environmental Settlement Funds--Classification (Section 301.7701-4).

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

ADDRESSES: Direct all written comments to Paul Finger, 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: Environmental Settlement Funds--Classification.
    OMB Number: 1545-1465.
    Regulation Project Number: PS-54-94.
    Abstract: This regulation provides guidance to taxpayers on the 
proper classification of trusts formed to collect and disburse amounts 
for environmental remediation of an existing waste site to discharge 
taxpayers' liability or potential liability under applicable 
environmental laws. Section 301.7701-4(e)(3) of the regulation provides 
that the trustee of an environmental remediation trust must furnish to 
each grantor a statement that shows all items of income, deduction, and 
credit of the trust for the taxable year attributable to the portion of 
the trust treated as owned by the grantor. The statement must provide 
the grantor with the information necessary to take the items into 
account in computing the grantor's taxable income.
    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: 500.
    Estimated Time Per Respondent: 4 hours.
    Estimated Total Annual Burden Hours: 2,000.
    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 14, 2004.
Paul Finger,
IRS Reports Clearance Officer.
[FR Doc. 04-23752 Filed 10-21-04; 8:45 am]
BILLING CODE 4830-01-P