[Federal Register Volume 71, Number 51 (Thursday, March 16, 2006)]
[Notices]
[Pages 13675-13676]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-3769]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[INTL-485-89]


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, INTL-485-89 (TD 8400), Taxation of Gain or 
Loss from Certain Nonfunctional Currency Transactions (Section 988 
Transactions) (Sections 1.988-0 through 1.988-5).

DATES: Written comments should be received on or before May 15, 2006 to 
be assured of consideration.

ADDRESSES: Direct all written comments to Glenn 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 regulation should be directed to Allan Hopkins, (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: Taxation of Gain or Loss from Certain Nonfunctional Currency 
Transactions (Section 988 Transactions).
    OMB Number: 1545-1131.
    Regulation Project Number: INTL-485-89.
    Abstract: Internal Revenue Code sections 988(c)(1)(D) and (E) allow 
taxpayers to make elections concerning the taxation of exchange gain or 
loss on certain foreign currency denominated transactions. In addition, 
Code sections 988(a)(1)(B) and 988(d) require taxpayers to identify 
transactions which generate capital gain or loss or which are hedges of 
other transactions. This regulation provides guidance on making the 
elections and complying with the identification rules.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households and business or other 
for-profit organizations.
    Estimated Number of Respondents: 5,000
    Estimated Time Per Respondent: 40 minutes
    Estimated Total Annual Burden Hours: 3,333.
    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

[[Page 13676]]

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: March 8, 2006.
Glenn Kirkland,
IRS Reports Clearance Officer.
 [FR Doc. E6-3769 Filed 3-15-06; 8:45 am]
BILLING CODE 4830-01-P