[Federal Register Volume 72, Number 117 (Tuesday, June 19, 2007)]
[Notices]
[Pages 33801-33802]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-11732]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[PS-100-88]


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-100-88 (TD 8540), Valuation Tables 
(Sec. Sec.  1.7520-1 through 1.7520-4, 20.7520-1 through 20.7520-4, and 
25.7520-1 through 25.7520-4).

DATES: Written comments should be received on or before August 20, 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 
(202) 622-6688, or at Internal Revenue Service, room 6516, 1111 
Constitution Avenue, NW., Washington, DC 20224, or through the 
internet, at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: Valuation Tables.
    OMB Number: 1545-1343.
    Regulation Project Number: PS-100-88.
    Abstract: Internal Revenue Code section 7520 provides rules for 
determining the valuation of an annuity, an interest for life or a term 
of years, or a remainder or reversionary interest. Code section 7530(a) 
allows a respondent to make an election to value

[[Page 33802]]

an interest that qualifies, in whole or in part, for a charitable 
deduction, by use of a different interest rate component that is more 
favorable to the respondent. This regulation requires individuals or 
fiduciaries making the election to file a statement with their estate 
or gift tax return.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of OMB approval.
    Affected Public: Individuals or households.
    Estimated Number of Respondents: 6,000.
    Estimated Time Per Respondent: 45 minutes.
    Estimated Total Annual Hours: 4,500.
    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: June 11, 2007.
R. Joseph Durbala,
IRS Reports Clearance Officer.
 [FR Doc. E7-11732 Filed 6-18-07; 8:45 am]
BILLING CODE 4830-01-P