[Federal Register Volume 71, Number 161 (Monday, August 21, 2006)]
[Notices]
[Page 48583]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-13702]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Notice 2003-67

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 
Notice 2003-67, Notice on Information Reporting for Payments in Lieu of 
Dividends.

DATES: Written comments should be received on or before October 20, 
2006 to be assured of consideration.

ADDRESSES: Direct all written comments to Glenn Kirkland, Internal 
Revenue Service, room 6512, 1111 Constitution Avenue, NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the regulations should be directed to Larnice Mack at 
Internal Revenue Service, room 6512, 1111 Constitution Avenue, NW., 
Washington, DC 20224, or at (202) 622-3179, or through the Internet at 
([email protected]).

SUPPLEMENTARY INFORMATION:
    Title: Notice on Information Reporting for Payments in Lieu of 
Dividends.
    Notice Number: 1545-1858.
    Abstract: Notice 2003-67 provides guidance to brokers and 
individuals regarding provisions in the Jobs and Growth Tax Relief 
Reconciliation Act of 2003. The notice provides rules for brokers to 
use in determining loanable shares and rules for allocating transferred 
shares for purposes of determining payments in lieu of dividend 
reportable to individuals. These rules require brokers to comply with 
certain recordkeeping requirements to use the favorable rules for 
determining loanable shares and for allocating transferred shares that 
may give rise to payments in lieu of dividends.
    Current Actions: There are no changes being made to the notice at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other-for-profit organizations.
    Estimated Number of Respondents: 600.
    Estimated Average Time per Respondent: 100 hours.
    Estimated Total Annual Burden Hours: 60,000.
    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: August 11, 2006.
Glenn Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E6-13702 Filed 8-18-06; 8:45 am]
BILLING CODE 4830-01-P