[Federal Register Volume 72, Number 49 (Wednesday, March 14, 2007)]
[Notices]
[Pages 11934-11935]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-4601]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[LR-77-86]


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 temporary regulation, LR-77-86 (TD 8124), Certain Elections 
Under the Tax Reform Act of 1986 (Sec.  5h.5).

DATES: Written comments should be received on or before May 14, 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 Carolyn N. Brown at 
Internal Revenue Service, room 6516, 1111 Constitution Avenue, NW., 
Washington, DC 20224, or at (202) 622-6688, or through the internet at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Certain Elections Under the Tax Reform Act of 1986.
    OMB Number: 1545-0982.
    Regulation Project Numbers: LR-77-86.
    Abstract: Section 5h.5(a) of this regulation sets forth general 
rules for the time and manner of making various elections under the Tax 
Reform Act of 1986. The regulation enables taxpayers to take advantage 
of various benefits provided by the Internal Revenue Code.
    Current Actions: There are no changes to this existing regulation.

[[Page 11935]]

    Type of Review: Extension of OMB approval.
    Affected Public: Individuals or households, Business or other for-
profit organizations, Not-for-profit institutions, Farms, and State, 
Local, or Tribal Governments.
    Estimated Number of Respondents: 114,710.
    Estimated Time per Respondent: 15 minutes.
    Estimated Total Annual Burden Hours: 28,678.
    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: March 5, 2007.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
 [FR Doc. E7-4601 Filed 3-13-07; 8:45 am]
BILLING CODE 4830-01-P