[Federal Register Volume 70, Number 35 (Wednesday, February 23, 2005)]
[Notices]
[Page 8876]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-3460]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Revenue Procedure 2001-
21

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 
Revenue Procedure 2001-21, Debt Roll-Ups.

DATES: Written comments should be received on or before April 25, 2005, 
to be assured of consideration.

ADDRESSES: Direct all written comments to Glenn Kirkland, Internal 
Revenue Service, Room 6516, 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 6512, 1111 Constitution Avenue NW., 
Washington, DC 20224, or at (202)622-3179, or through the Internet at 
([email protected]).

SUPPLEMENTARY INFORMATION:
    Title: Debt Roll-Ups.
    OMB Number: 1545-1647.
    Revenue Procedure Number: Revenue Procedure 2001-21.
    Abstract: Revenue Procedure 2001-21 provides for an election that 
will facilitate the consolidation of two or more outstanding debt 
instruments into a single debt instrument. Under the election, 
taxpayers can treat certain exchanges of debt instruments as 
realization events for federal income tax purposes even though the 
exchanges do not result in significant medications under section 
1.1001-3 of the Income Tax Regulations.
    Current Actions: There is no changes being made to the revenue 
procedure at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 100.
    Estimated Time Per Respondent: 45 minutes.
    Estimated Total Annual Burden Hours: 75.
    The burden for the collection of information is reflected in the 
burden of Form 4868, Application for Automatic Extension of Time to 
File U.S. Individual Tax Return.
    The following paragraph applies to all 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: February 11, 2005.
Glenn Kirkland,
IRS Reports Clearance Officer.
[FR Doc. 05-3460 Filed 2-22-05; 8:45 am]
BILLING CODE 4830-01-P