[Federal Register Volume 72, Number 35 (Thursday, February 22, 2007)]
[Notices]
[Pages 8065-8066]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-2938]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[INTL-955-86]


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-955-86 (TD 8350), Requirements for 
Investments to Qualify Under Section 936(d)(4) As Investments in 
Qualified Carribean Basin Countries (Sec.  1.936-10(c)).

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 regulation 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: Requirements for Investments to Qualify Under Section 
936(d)(4) As Investments in Qualified Carribean Basin Countries.
    OMB Number: 1545-1138.
    Regulation Project Number: INTL-955-86.
    Abstract: This regulation relates to the requirements that must be 
met for an investment to qualify under Internal Revenue code section 
936(d)(4) as an investment in qualified Caribbean Basin countries. 
Income that is qualified possession source investment income is 
entitled to a quasi-tax exemption by reason of the U.S. possessions tax 
credit under Code section 936(a) and substantial tax exemptions in 
Puerto Rico. Code section 936(d)(4)(C) places certification 
requirements on the recipient of the investment and the qualified 
financial institution; and recordkeeping requirements on the financial 
institution and the recipient of the investment funds to enable the IRS 
to verify that the investment funds are being used properly and in 
accordance with the Caribbean Basin Economic Recovery Act.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Recordkeepers: 50.
    Estimated Time Per Recordkeeper: 30 hours.
    Estimated Total Annual Recordkeeping Hours: 1,500.
    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.


[[Page 8066]]


    Approved: February 9, 2007.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
 [FR Doc. E7-2938 Filed 2-21-07; 8:45 am]
BILLING CODE 4830-01-P