[Federal Register Volume 70, Number 200 (Tuesday, October 18, 2005)]
[Notices]
[Page 60601]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-20761]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

October 12, 2005.
    The Department of the Treasury has submitted the following public 
information collection requirement(s) to OMB for review and clearance 
under the Paperwork Reduction Act of 1995, Public Law 104-13. Copies of 
the submission(s) may be obtained by calling the Treasury Bureau 
Clearance Officer listed. Comments regarding this information 
collection should be addressed to the OMB reviewer listed and to the 
Treasury Department Clearance Officer, Department of the Treasury, Room 
11000, 1750 Pennsylvania Avenue, NW., Washington, DC 20220.
    Dates: Written comments should be received on or before November 
17, 2005 to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-1943.
    Type of Review: Extension.
    Title: NOT-123059-05, Section 965-Limitations on Dividends Received 
Deduction and Other Guidance.
    Description: This document provides guidance under new section 965, 
which was enacted by the American Jobs Creation Act of 2004 (P.L. 108-
357). In general, and subject to limitations and conditions, section 
965(a) provides that a corporation that is a U.S. shareholder of a 
controlled foreign corporation (CFFC) may elect, for one taxable year, 
an 85 percent dividends received deduction (DRD) with respect to 
certain cash dividends it receives from its CFCs. This document 
addresses limitations imposed on the maximum amount of section 965(a) 
DRD under section 965(b)(1) under which the maximum amount to an 
eligible dividend is the greatest of $500 million or earnings 
permanently reinvested outside the United States, section 965(b)(2) 
regarding certain base-period repatriations, section 965(b)(3) 
regarding certain increases in related party indebtedness and certain 
miscellaneous limitations related to the foreign tax credit.
    Respondents: Business or other for-profit.
    Estimated Total Burden Hours: 1,250,000 hours.
    Clearance Officer: Glenn P. Kirkland, (202) 622-3428, Internal 
Revenue Service, Room 6516, 1111 Constitution Avenue, NW., Washington, 
DC 20224.
    OMB Reviewer: Alexander T. Hunt, (202) 395-7316, Office of 
Management and Budget, Room 10235, New Executive Office Building, 
Washington, DC 20503.

Michael A. Robinson,
Treasury PRA Clearance Officer.
[FR Doc. 05-20761 Filed 10-17-05; 8:45 am]
BILLING CODE 4830-01-P