[Federal Register Volume 71, Number 62 (Friday, March 31, 2006)]
[Notices]
[Pages 16417-16418]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-4676]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 982

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 
Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness 
(and Section 1082 Basis Adjustment).

DATES: Written comments should be received on or before May 30, 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 form and instructions 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: Reduction of Tax Attributes Due to Discharge of Indebtedness 
(and Section 1082 Basis Adjustment).
    OMB Number: 1545-0046.
    Form Number: 982.
    Abstract: Internal Revenue Code section 108 allows taxpayers to 
exclude from gross income amounts attributable to discharge of 
indebtedness in title 11 cases, insolvency, or a qualified farm 
indebtedness. Code section 1081(b) allows corporations to exclude from 
gross income amounts attributable to certain transfers of property. The 
data is used to verify adjustments to basis of property and reduction 
of tax attributes.
    Current Actions: There are no changes being made to the form at 
this time.

[[Page 16418]]

    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, 
individuals or households, farms, Federal government and state, local 
or tribal government.
    Estimated Number of Responses: 667.
    Estimated Time Per Response: 10 hrs. 45 min.
    Estimated Total Annual Burden Hours: 7,171.
    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: March 20, 2006.
Glenn Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E6-4676 Filed 3-30-06; 8:45 am]
BILLING CODE 4830-01-P