[Federal Register Volume 70, Number 78 (Monday, April 25, 2005)]
[Notices]
[Page 21274]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-1959]



[[Page 21274]]

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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG-209798-95]


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 
existing final regulations, REG-209798-95 (TD 8746), Amortizable Bond 
Premium, (Reg. Sections 1.163-13, 1.171-4, and 1.171-5).

DATES: Written comments should be received on or before June 24, 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: Amortizable Bond Premium.
    OMB Number: 1545-1491.
    Regulation Project Number: REG-209798-95.
    Abstract: This regulation addresses the tax treatment of bond 
premium. The regulation provides that a holder may make an election to 
amortize bond premium by offsetting interest income with bond premium, 
and the holder must attach a statement to their tax return providing 
certain information. The regulation also provides that a taxpayer may 
receive automatic consent to change its method of accounting for 
premium provided the taxpayer attaches a statement to its tax return. 
The information requested is necessary for the IRS to determine whether 
an issuer or a holder has changed its method of accounting for premium.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Businesses or other for-profit organizations and 
individuals.
    Estimated Number of Respondents: 15,000.
    Estimated Time per Respondent: 29 minutes.
    Estimated Total Annual Burden Hours: 7,250.
    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: April 18, 2005.
Glenn Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E5-1959 Filed 4-22-05; 8:45 am]
BILLING CODE 4830-01-P