[Federal Register Volume 70, Number 92 (Friday, May 13, 2005)]
[Notices]
[Pages 25650-25651]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-2398]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Notice 2005-32

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

-----------------------------------------------------------------------

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 2005-32, Notification requirement for transfer of partnership 
interest in Electing Investment Partnership (EIP).

DATES: Written comments should be received on or before July 12, 2005, 
to be assured of consideration.

ADDRESSES: Direct all written comments to Glenn P. 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 form and instructions should be directed to R. Joseph 
Durbala, (202) 622-3634, Internal Revenue Service, room 6516, 1111 
Constitution Avenue, NW., Washington, DC 20224, or through the Internet 
at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: Notification requirement for transfer of partnership 
interest in Electing Investment Partnership (EIP).
    OMB Number: 1545-1939.
    Notice Number: Notice 2005-32.
    Abstract: The American Jobs Creation Act of 2004 amended Sec. Sec.  
734, 743, and 6031 of the Internal Revenue Code. The amendment 
necessitated the creation of new reporting requirements and procedures 
for the mandatory basis adjustment provisions of Sec. Sec.  734 and 
743, the procedures for making an electing investment partnership 
election under Sec.  743(e), and the reporting requirements for 
electing investment partnerships and their partners. This notice 
provides interim procedures for partnerships and partners to comply 
with the mandatory basis adjustment provisions of sections 734 and 743. 
This notice also provides interim procedures for electing investment 
partnerships and their partners to comply with sections 743(e) and 
6031(f).
    Current Actions: There are no changes being made to the notice at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organization, 
individuals, or households.
    Estimated Number of Respondents: 266,400.
    Estimated Time Per Respondent: 2 Hours, 4 minutes.
    Estimated Total Annual Burden Hours: 522,100.
    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

[[Page 25651]]

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: May 5, 2005.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E5-2398 Filed 5-12-05; 8:45 am]
BILLING CODE 4830-01-P