[Federal Register Volume 71, Number 62 (Friday, March 31, 2006)]
[Notices]
[Page 16420]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-4680]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG-208172-91]


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-208172-91 [TD 8787], Basis Reduction Due 
to Discharge of Indebtedness, (Sec. Sec.  1.108-4,and 1.1017-1).

DATES: Written comments should be received on or before May 30, 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 
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: Basis Reduction Due to Discharge of Indebtedness.
    OMB Number: 1545-1539.
    Regulation Project Number: REG-208172-91.
    Abstract: This regulation provides ordering rules for the reduction 
of bases of property under Internal Revenue Code sections 108 and 1017. 
The regulation affects taxpayers that exclude discharge of indebtedness 
from gross income under Code section 108. The collection of information 
is required for a taxpayer to elect to reduce the adjusted bases of 
depreciable property under section 108(b)(5), to elect to treat section 
1221(l) real property as either depreciable property or depreciable 
real property, and to account for a partnership interest as either 
depreciable property or depreciable real property.
    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 Responses: 10,000.
    Estimated Time Per Response: 1 hour.
    Estimated Total Annual Burden Hours: 10,000.
    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 22, 2006.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E6-4680 Filed 3-30-06; 8:45 am]
BILLING CODE 4830-01-P