[Federal Register Volume 72, Number 31 (Thursday, February 15, 2007)]
[Notices]
[Page 7509]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-2601]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Notice 2006-107

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 2006-107, Diversification Requirements for Qualified Defined 
Contribution Plans Holding Publicly Traded Employer Securities.

DATES: Written comments should be received on or before April 16, 2007 
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 
copies of the revenue procedure should be directed to R. Joseph Durbala 
at Internal Revenue Service, Room 6516, 1111 Constitution Avenue, NW., 
Washington, DC 20224, or at (202) 622-3634, or through the internet at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Diversification Requirements for Qualified Defined 
Contribution Plans Holding Publicly Traded Employer Securities.
    OMB Number: 1545-2049.
    Revenue Procedure Number: Notice 2006-107.
    Abstract: This notice provides transitional guidance on Sec.  
401(a)(35) of the Internal Revenue Code, added by section 901 of the 
Pension Protection Act of 2006, Public Law 109-280, 120 Stat. 780 (PPA 
'06), which provides diversification rights with respect to publicly 
traded employer securities held by a defined contribution plan. This 
notice also states that Treasury and the Service expect to issue 
regulations under Sec.  401(a)(35) that incorporate the transitional 
relief in this notice and requests comments on the transitional 
guidance in this notice and on the topics that need to be addressed in 
the regulations. 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 and other for-profit.
    Estimated Number of Respondents: 10,300.
    Estimated Time per Respondent: 45 minutes.
    Estimated Total Annual Burden Hours: 7,725.
    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: February 7, 2007.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E7-2601 Filed 2-14-07; 8:45 am]
BILLING CODE 4830-01-P