[Federal Register Volume 70, Number 138 (Wednesday, July 20, 2005)]
[Notices]
[Pages 41816-41817]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-3847]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG-209827-96 and REG-111672-99]


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, REG-209827-96 and REG-111672-99 (TD 8834), 
Treatment of Distributions to Foreign Persons Under Sections 367(e)(1) 
and 367(e)(2) (Sec. Sec.  1.367(e)-1, 1.367(e)-2 and 1.6038B-1).

DATES: Written comments should be received on or before September 19, 
2005, to be assured of consideration.

ADDRESSES: Direct all written comments to Glenn 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 regulation should be directed to Larnice Mack, at (202) 
622-3179, or at Internal Revenue Service, room 6512, 1111 Constitution 
Avenue, NW., Washington, DC 20224, or through the Internet, at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Treatment of Distributions to Foreign Persons Under Sections 
367(e)(1) and 367(e)(2).
    OMB Number: 1545-1487.
    Regulation Project Number: REG-209827-96 and REG-111672-99.
    Abstract: Sections 367(e)(1) and 367(e)(2) provide for gain 
recognition on certain transfers to foreign persons under sections 355 
and 332. Section 6038B(a) requires U.S. persons transferring property 
to foreign persons in exchanges described in sections 332 and 355 to 
furnish information regarding such transfers. This information is used 
by the Internal Revenue Service to verify whether a taxpayer is 
entitled to an exemption from income tax.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 217.
    Estimated Time per Respondent: 11 hours, 23 minutes.
    Estimated Total Annual Burden Hours: 2,471.
    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

[[Page 41817]]

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: July 12, 2005.
Glenn Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E5-3847 Filed 7-19-05; 8:45 am]
BILLING CODE 4830-01-P