[Federal Register Volume 70, Number 175 (Monday, September 12, 2005)]
[Notices]
[Pages 53832-53833]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-4952]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Notice 99-43

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 
Notice 99-43, Nonrecognition Exchanges under Section 897.

DATES: Written comments should be received on or before November 14, 
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 this 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: Nonrecognition Exchanges under Section 897.
    OMB Number: 1545-1660.
    Notice Number: Notice 99-43.
    Abstract: Notice 99-43 announces modification of the current rules 
under Temporary Regulation section 1.897-6T(a)(1) regarding transfers, 
exchanges and other dispositions of U.S. real property interests in 
nonrecognition transactions occurring after June 18, 1980. The notice 
provides that, contrary to section 1.897-6T(a)(1), a foreign taxpayer 
will not recognize a gain under Code 897(e) for an exchange described 
in Code section 368(a)(1)(E) or (F), provided the taxpayer receives 
substantially identical shares of the same domestic corporation with 
the same divided rights, voting power, liquidation preferences, and 
convertability as the shares exchanged without any additional rights or 
features.
    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 organizations, and 
individuals or households.
    Estimated Number of Respondents: 100.
    Estimated Time Per Respondent: 2 hours.
    Estimated Total Annual Burden Hours: 200.
    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.

[[Page 53833]]

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: September 6, 2005.
Glenn Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E5-4952 Filed 9-9-05; 8:45 am]
BILLING CODE 4830-01-P