[Federal Register Volume 72, Number 99 (Wednesday, May 23, 2007)]
[Notices]
[Pages 29036-29037]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-9857]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[PS-163-84]


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-163-84 (TD 8439), Treatment of 
Transactions Between Partners and Partnerships Sec. Sec.  1.707-
3(c)(2), 1.707-5(a)(7)(ii), 1.707-6(c) and 1.707-8.

DATES: Written comments should be received on or before July 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: Treatment of Transactions Between Partners and Partnerships.
    OMB Number: 1545-1243. Regulation Project Number: PS-163-84.
    Abstract: Internal Revenue Code section 707(a)(2) provides that if 
there are transfers of money or property between a partner and a 
partnership, the transfer will be treated, in certain situations, as a 
disguised sale between the partner and the partnership. The regulations 
require that the partner or the partnership should disclose the 
transfer and certain attendant facts in some situations.
    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.

[[Page 29037]]

    Estimated Time Per Respondents: 7,500.
    Estimated Time Per Respondent: 20 minutes.
    Estimated Total Annual Burden Hours: 2,500.
    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.

    Approved: May 16, 2007.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
 [FR Doc. E7-9857 Filed 5-22-07; 8:45 am]
BILLING CODE 4830-01-P