[Federal Register Volume 72, Number 119 (Thursday, June 21, 2007)]
[Notices]
[Pages 34356-34357]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-11974]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG-149519-03]


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 regulation of proposed rulemaking, REG-149519-03, Section 707 
Regarding Disguised Sales, Generally.

DATES: Written comments should be received on or before August 20, 2007 
to be assured of consideration.

ADDRESSES: Direct all written comments to Glenn Kirkland, Internal 
Revenue Service, room 6512, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the regulations should be directed to Larnice Mack at 
Internal Revenue Service, room 6512, 1111 Constitution Avenue NW., 
Washington, DC 20224, or at (202) 622-3179, or through the Internet at 
([email protected]).

SUPPLEMENTARY INFORMATION:
    Title: Section 707 Regarding Disguised Sales, Generally.
    OMB Number: 1545-1909.
    Regulation Project Number: REG-149519-03.
    Abstract: Section 707(a)(2) provides, in part, that if there is a 
transfer of money or property by a partner to a partnership and a 
related transfer of money or property by the partnership to another 
partner, the transfers will be treated as a disguised sale of a 
partnership interest between the partners. The regulations provide 
rules relating to disguised sales of partnership interests and require 
that the partners or the partnership disclose the transfers and certain 
assumptions of liabilities, with certain attendant facts, in some 
situations.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 22,500.
    Estimated Time Per Respondent: 2 hour.
    Estimate Total Annual Burden Hours: 7,500.
    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

[[Page 34357]]

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.
Allan Hopkins,
IRS Reports Clearance Officer.
[FR Doc. E7-11974 Filed 6-20-07; 8:45 am]
BILLING CODE 4830-01-P