[Federal Register Volume 71, Number 249 (Thursday, December 28, 2006)]
[Notices]
[Page 78273]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-22256]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG-209682-94]


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 
final regulation, REG-209682-94 (TD 8847), Adjustments Following Sales 
of Partnership Interests, (Sec. Sec.  1.732-1 and 1.743-1).

DATES: Written comments should be received on or before February 26, 
2007 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 regulations should be directed to Allan Hopkins, at Internal 
Revenue Service, room 6516, 1111 Constitution Avenue NW., Washington, 
DC 20224, or at (202) 622-6665, or through the Internet at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Adjustments Following Sales of Partnership Interests.
    OMB Number: 1545-1588.
    Regulation Project Number: REG-209682-94.
    Abstract: Partnerships, with a section 754 election in effect, are 
required to adjust the basis of partnership property following certain 
transfers of partnership interests. This regulation relates to the 
optional adjustments to the basis of partnership property following 
certain transfers of partnership interests under section 743, the 
calculation of gain or loss under section 751(a) following the sale or 
exchange of a partnership interest, the allocation of basis adjustments 
among partnership assets under section 755, the allocation of a 
partner's basis in its partnership interest to properties distributed 
to the partner by the partnership under section 732(c), and the 
computation of a partner's proportionate share of the adjusted basis of 
depreciable property (or depreciable real property) under section 1017.
    Current Actions: There are no changes being made to the regulation 
at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents/Recordkeepers: 226,000.
    Estimated Time Per Respondent/Recordkeeper: 4 hrs.
    Estimated Total Annual Burden Hours: 904,000.
    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: December 21, 2006.
Glenn Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E6-22256 Filed 12-27-06; 8:45 am]
BILLING CODE 4830-01-P