[Federal Register Volume 72, Number 81 (Friday, April 27, 2007)]
[Notices]
[Page 21072]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-8036]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG-147144-06]


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, Pub. L. 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning an 
existing regulation, REG-147144-06, Section 1.367(a)-8 Revisions.

DATES: Written comments should be received on or before June 26, 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 regulation should be directed to Allan Hopkins, at (202) 
622-6665, or at Internal Revenue Service, room 6516, 1111 Constitution 
Avenue NW., Washington, DC 20224, or through the internet at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Section 1.367(a) Revisions.
    OMB Number: 1545-2056.
    Regulation Project Number: REG-147144-06.
    Abstract: These regulations provide rules for taxpayers to avoid 
recognizing gain under a gain recognition agreement (GRA) if a new GRA 
and notice statement are filed. They also provide a rule under which a 
taxpayer may reduce the basis in certain stock to meet one of the 
requirements for terminating a GRA. These regulations also revise an 
existing rule to facilitate electronic filing. The revision requires 
that information that a taxpayer currently would write on the face of 
its Federal income tax return shall instead be attached as a separate 
schedule to its return.
    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 Respondents: 170.
    Estimated Time per Respondent: 2 hours.
    Estimated Total Annual Burden Hours: 240.
    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: April 19, 2007.
Glenn Kirkland,
IRS Reports Clearance Officer.
 [FR Doc. E7-8036 Filed 4-26-07; 8:45 am]
BILLING CODE 4830-01-P