[Federal Register Volume 72, Number 44 (Wednesday, March 7, 2007)]
[Notices]
[Pages 10296-10297]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-3940]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[PS-103-90]


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, PS-103-90 (TD 8578), Election Out of 
Subchapter K for Producers of Natural Gas (Sec.  1.761-2).

DATES: Written comments should be received on or before May 7, 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 the 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: Election Out of Subchapter K for Producers of Natural Gas.
    OMB Number: 1545-1338.
    Regulation Project Number: PS-103-90.
    Abstract: This regulation contains certain requirements that must 
be met

[[Page 10297]]

by co-producers of natural gas subject to a joint operating agreement 
in order to elect out of subchapter K of chapter 1 of the Internal 
Revenue Code. Under regulation section 1.761-2(d)(5)(i), gas producers 
subject to gas balancing agreements must file Form 3115 and certain 
additional information to obtain the Commissioner's consent to a change 
in method of accounting to either of the two permissible accounting 
methods described in the regulations.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of OMB approval.
    Affected Public: Individuals or households, and business or other 
for-profit organizations.
    Estimated Number of Respondents: 10.
    Estimated Time Per Respondent: 30 minutes.
    Estimated Total Annual Burden Hours: 5.
    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 27, 2007.
Glenn Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E7-3940 Filed 3-6-07; 8:45 am]
BILLING CODE 4830-01-P