[Federal Register Volume 70, Number 58 (Monday, March 28, 2005)]
[Notices]
[Pages 15678-15679]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-1370]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[CO-49-88]


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, CO-49-88 (TD 8546), Limitations on Corporate 
Net Operating Loss (Sec.  1.382-6).

DATES: Written comments should be received on or before May 27, 2005, 
to be assured of consideration.

ADDRESSES: Direct all written comments to Glenn Kirkland, Internal 
Revenue Service, room 6512, 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: Limitations on Corporate Net Operating Loss.
    OMB Number: 1545-1381.
    Regulation Project Number: CO-49-88.
    Abstract: This regulation provides rules for the allocation of a 
loss corporation's taxable income or net operating loss between the 
periods before and after ownership change under section 382 of the 
Internal Revenue Code, including an election to make the allocation 
based on a closing of the books as of the change date.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 2,000.
    Estimated Time Per Respondent: 0.1 hours.
    Estimated Total Annual Burden Hours: 200.
    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

[[Page 15679]]

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: March 18, 2005.
Glenn Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E5-1370 Filed 3-25-05; 8:45 am]
BILLING CODE 4830-01-P