[Federal Register Volume 70, Number 115 (Thursday, June 16, 2005)]
[Notices]
[Pages 35158-35159]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-3084]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG-122450-98, REG-100276-97]


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-122450-98, REG-100276-97, and REG-
122450-98 (NPRM) Sections 1.860E-1(c)(4)-(10).

DATES: Written comments should be received on or before August 15, 2005 
to be assured of consideration.

ADDRESSES: Direct all written comments to Glenn Kirkland, Internal 
Revenue Service, room 6510, 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: Financial Asset Securitization Investment Trusts; Real 
Estate Mortgage Investment Conduits.
    OMB Number: 1545-1675.
    Regulation Project Number: REG-122450-98, REG-100276-97, REG-
122450-98.
    Abstract: REG-122450-98 Sections 1.860E-1(c)(4)-(10) of the 
Treasury Regulations provide circumstances under which a transferor of 
a noneconomic residual interest in a Real Estate Mortgage Investment 
Conduit (REMIC) meeting the investigation, and two representation 
requirements may avail itself of the safe harbor by satisfying either 
the formula test or asset test. REG-100276-97; REG-122450-98. This 
regulation provides start-up and transitional rules applicable to 
financial asset securitization investment trust.
    Current Actions: There are no changes being made to this existing 
regulation.
    Type of Review: Extension of currently approved collection.
    Affected Public: Business or other for-profit.
    Estimated Total Annual Reporting and/or Record Keeping Burden: 750.
    Estimated Average Annual Burden Hours per Respondent and/or Record-
keeping: 5 hours.
    Estimated Number of Respondents and/or Record-Keeping: 150.
    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

[[Page 35159]]

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: June 9, 2005.
Allan Hopkins,
IRS Reports Clearance Officer.
[FR Doc. E5-3084 Filed 6-15-05; 8:45 am]
BILLING CODE 4830-01-P