[Federal Register Volume 72, Number 35 (Thursday, February 22, 2007)]
[Notices]
[Pages 8060-8061]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-2925]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[INT-362-88]


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, INTL-362-88 (TD 8618), Definition of a 
Controlled Foreign Corporation, Foreign Base Company Income and Foreign 
Personal Holding Company Income of a Controlled Foreign Corporation 
(Sec. Sec.  1.954-1 and 1.954-2).

DATES: Written comments should be received on or before April 23, 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 regulations 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: Definition of a Controlled Foreign 
Corporation, Foreign Base Company Income and Foreign Personal Holding 
Company Income of a Controlled Foreign Corporation.
    OMB Number: 1545-1068.
    Regulation Project Number: INTL-362-88.
    Abstract: A U.S. shareholder of a controlled foreign corporation is 
subject to current U.S. taxation on the subpart F income of the foreign 
corporation, which consists of several categories of income. The 
election and recordkeeping requirements in the regulation are necessary 
to exclude certain high-taxed or active business income from subpart F 
income or to include certain income in the appropriate category of 
subpart F

[[Page 8061]]

income. The record-keeping and election procedures allow the U.S. 
shareholders and the IRS to know the amount of the controlled foreign 
corporation's subpart F income.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of OMB approval.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents/Recordkeepers: 50,500.
    Estimated Time per Respondent/Recordkeeper: 1 hour.
    Estimated Total Annual Reporting/Recordkeeping Hours: 50,417.
    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 9, 2007.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E7-2925 Filed 2-21-07; 8:45 am]
BILLING CODE 4830-01-P