[Federal Register Volume 70, Number 141 (Monday, July 25, 2005)]
[Notices]
[Pages 42620-42621]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-3934]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[CO-45-91]


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, CO-45-91 (TD 8529), Limitations on Corporate 
Net Operating Loss Carryforwards. (Sec.  1.382-9).

DATES: Written comments should be received on or before September 23, 
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 regulation 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: Limitations on Corporate Net Operating Loss Carryforwards.
    OMB Number: 1545-1275.
    Regulation Project Number: CO-45-91.
    Abstract: Sections 1.382-9(d)(2)(iii) and (d)(4)(iv) of the 
regulation allow a loss corporation to rely on a statement by 
beneficial owners of indebtedness in determining whether the loss 
corporation qualifies for the benefits of Internal Revenue Code section 
382(1)(5). Regulation section 1.382-9(d)(6)(ii) requires a loss 
corporation to file an election if it wants to apply the regulation 
retroactively, or revoke a prior Code section 382(1)(6) election.
    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: 650.
    Estimated Time per Respondent: The estimated annual time per 
respondent with respect to the Sec. Sec.  1.382-9(d)(2)(iii) and 
(d)(4)(iv) statements is 15 minutes. The estimated annual time per 
respondent with respect to the Sec.  1.382-9(d)(6)(ii) election is 1 
hour.
    Estimated Total Annual Burden Hours: 200 hours.
    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 42621]]

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.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E5-3934 Filed 7-22-05; 8:45 am]
BILLING CODE 4830-01-P