[Federal Register Volume 70, Number 141 (Monday, July 25, 2005)]
[Notices]
[Page 42620]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-3931]



[[Page 42620]]

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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG-106010-98]


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-106010-98 (TD 8901), Qualified Lessee 
Construction Allowances for Short-Term Leases (Sec.  1.110-1).

DATES: Written comments should be received on or before September 23, 
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 regulations should be directed to Allan Hopkins, at (202) 
622-6665, or at Internal Revenue Service, room 6516, 1111 Constitution 
Avenue, NW., Washington, DC 20224, or through the Internet, at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Qualified Lessee Construction Allowances for Short-Term 
Leases.
    OMB Number: 1545-1661.
    Regulation Project Number: REG-106010-98.
    Abstract: The regulations provide guidance with respect to Sec.  
110, which provides a safe harbor whereby it will be assumed that a 
construction allowance provided by a lessor to a lessee is used to 
construct or improve lessor property when long-term property is 
constructed or improved and used pursuant to a short-term lease. The 
regulations ensure that both the lessee and the lessor consistently 
treat the property subject to construction allowance as nonresidential 
real property owned by the lessor.
    Current Actions: There is no change to these existing regulations.
    Type of review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 10,000.
    Estimated Average Time per Respondent: 1 hour.
    Estimated Total Annual Reporting Burden Hours: 10,000.
    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: July 13, 2005.
Larnice Mack,
IRS Reports Clearance Officer.
[FR Doc. E5-3931 Filed 7-22-05; 8:45 am]
BILLING CODE 4830-01-P