[Federal Register Volume 70, Number 245 (Thursday, December 22, 2005)]
[Notices]
[Page 76108]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-7655]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for REG-106486-98 (Final)

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 
REG-106486-98 (Final), Guidance Regarding the Treatment of Certain 
Contingent Payment Debt Instructions with one or more Payments that are 
Denominated in, or Determined by Reference to, a Nonfunctional 
Currency.

DATES: Written comments should be received on or before February 21, 
2006 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 form and instructions should be directed to R. Joseph 
Durbala, (202) 622-3634, at Internal Revenue Service, room 6516, 1111 
Constitution Avenue NW., Washington, DC 20224, or through the Internet 
at [email protected].

SUPPLEMENTARY INFORMATION: Title: Guidance Regarding the Treatment of 
Certain Contingent Payment Debt Instructions with one or more Payments 
that are Denominated in, or Determined by Reference to, a Nonfunctional 
Currency.
    OMB Number: 1545-1831.
    Form Number: REG-106486-98.
    Abstract: The IRS needs the information from the holder of certain 
debt instruments in order to alert the agency that the computation of 
interest income/expense by the holder and issuer will not be 
consistent. The respondents will be holders of contingent payment debt 
instruments which require payments to be made in or by reference to 
foreign currency. The respondents will probably be investment banks, 
however, may also include others who hold these debt instruments for 
investment.
    Current Actions: There is no change in the paperwork burden 
previously approved by OMB. This form is being submitted for renewal 
purposes only.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Businesses and other for-profit organizations, 
Farms.
    Estimated Number of Respondents: 100.
    Estimated Time Per Respondent: 1 hour.
    Estimated Total Annual Burden Hours: 100.
    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: December 13, 2005.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
 [FR Doc. E5-7655 Filed 12-21-05; 8:45 am]
BILLING CODE 4830-01-P