[Federal Register Volume 71, Number 21 (Wednesday, February 1, 2006)]
[Notices]
[Pages 5416-5417]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-1278]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[FI-7-94; FI-36-92]


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 
existing

[[Page 5417]]

final regulations, FI-7-94 (TD 8718; TD 8538) and FI-36-92 (TD 8476), 
Arbitrage Restrictions on Tax-Exempt Bonds (Sections 1.148-2, 1.148-3, 
1.148-4, 1.148-7, and 1.148-11).

DATES: Written comments should be received on or before April 3, 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 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: Arbitrage Restrictions on Tax-Exempt Bonds.
    OMB Number: 1545-1347.
    Regulation Project Numbers: FI-36-92; FI-7-94.
    Abstract: Section 148 of the Internal Revenue Code requires issuers 
of tax-exempt bonds to rebate certain arbitrage profits earned on 
nonpurpose investments acquired with the bond proceeds. Under FI-36-92, 
issuers are required to file a Form 8038-T and remit the rebate.
    Issuers are also required to keep records of certain interest rate 
hedges so that the hedges are taken into account in determining 
arbitrage profits. Under FI-7-94, the scope of interest rate hedging 
transactions covered by the arbitrage regulations was broadened by 
requiring that hedges entered into prior to the sale date of the bonds 
are covered as well.
    Current Actions: There is no change to these existing regulations.
    Type of Review: Extension of a currently approved collection.
    Affected Public: State, local or tribal governments.
    Estimated Number of Respondents: 3,100.
    Estimated Time per Respondent: 14 hr., 34 min.
    Estimated Total Annual Burden Hours: 42,050.
    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 
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: January 18, 2006.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
 [FR Doc. E6-1278 Filed 1-31-06; 8:45 am]
BILLING CODE 4830-01-P