[Federal Register Volume 70, Number 245 (Thursday, December 22, 2005)]
[Notices]
[Page 76110]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-7659]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG-124069-02, REG-118966-97]


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-124069-02, Section 6038--Returns 
Required with Respect to Controlled Foreign Partnerships; and existing 
final regulation, REG-118966-97, Information reporting with Respect to 
Certain Foreign Partnerships and Certain Foreign Corporations.

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 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: Section 6038--Returns Required with Respect to Controlled 
Foreign Partnerships, and Information reporting with Respect to Certain 
Foreign Partnerships and Certain Foreign Corporations.
    OMB Number: 1545-1617.
    Regulation Project Number: REG-124069-02, REG-118966-97.
    Abstract: REG-124069-02: Treasury Regulation Sec.  1.6038-3 
requires certain United States persons who own interests in controlled 
foreign partnerships to annually report information to the IRS on Form 
8865. This regulation amends the reporting rules under Treasury 
Regulation section Sec.  1.6038-e to provide that a U.S. person must 
follow the filing requirements that are specified in the instructions 
for Form 8865 when the U.S. person must file Form 8865 and the foreign 
partnership completes and files Form 1065 or Form 1065-B. REG-118966-
97: Section 6038 requires certain U.S. persons who own interest in 
controlled foreign partnerships or certain foreign corporations to 
annually report information to the IRS. This regulation provides 
reporting rules to identify foreign partnerships and foreign 
corporations which are controlled by U.S. persons.
    Current Actions: There are no changes to these existing 
regulations.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Businesses or other for-profit institutions and 
individuals or households.
    Estimated Number of Respondents: 500.
    Estimated Total Burden Hours: 250.
    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 15, 2005.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
 [FR Doc. E5-7659 Filed 12-21-05; 8:45 am]
BILLING CODE 4830-01-P