[Federal Register Volume 70, Number 64 (Tuesday, April 5, 2005)]
[Notices]
[Page 17284]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-1534]



[[Page 17284]]

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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Notice 102132-05


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 
Notice 102132-05, Domestic Reinvestment Plans and Other Guidance under 
Section 965.

DATES: Written comments should be received on or before June 6, 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: Domestic Reinvestment and Other 
Guidance under Section 965.
    OMB Number: 1545-1926.
    Regulation Project Number: 102132-05.
    Abstract: This document provides guidance under new section 965 
enacted by the American Jobs Creation Act of 2004 (Pub. L. 108-357). In 
general, and subject to limitations and conditions, section 965(a) 
provides that a corporation that is a U.S. shareholder of a controlled 
foreign corporation (CFC) may elect, for one taxable year, an 85 
percent dividends received deduction (DRD) with respect to certain cash 
dividends it receives from its CFCs. Section 965(f) provides that 
taxpayers may elect the application of section 965 for either the 
taxpayer's last taxable year which begins before October 22, 2004, or 
the taxpayer's first taxable year which begins during the one-year 
period beginning on October 22, 2004. In general, a taxpayer elects to 
apply section 965 to a taxable year by filing Form 8895 with its 
timely-filed tax return (including extensions) for such taxable year. 
If however, a taxpayer files its tax return for the taxable year to 
which the taxpayer intends to elect section 965 to apply prior to the 
issuance of Form 8895, the election must be made on a statement that is 
attached to its timely-filed tax return (including extensions) for such 
taxable year. In addition, because the taxpayer must establish to the 
satisfaction of the Commissioner that it has satisfied the conditions 
to take the DRD, the taxpayer is required under this guidance to report 
specified information and provide specified documentation.
    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: 25,000.
    Estimated Time Per Respondent: 150 hours.
    Estimated Total Annual Burden Hours: 3,750,000.
    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: March 29, 2005.
Glenn Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E5-1534 Filed 4-4-05; 8:45 am]
BILLING CODE 4830-01-P