[Federal Register Volume 72, Number 175 (Tuesday, September 11, 2007)]
[Notices]
[Pages 51905-51906]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-17819]


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DEPARTMENT OF THE TREASURY


Internal Revenue Service Proposed Collection; Comment Request for 
Form 8921

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 
Form 8921, Applicable Insurance Contracts Information Return.

DATES: Written comments should be received on or before November 13, 
2007 to be assured of consideration.

ADDRESSES: Direct all written comments to David C. Brown, Internal 
Revenue Service, Room 6129, 1111 Constitution Avenue, NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to Carolyn N. 
Brown, at (202) 622-6688, or at Internal Revenue Service, Room 6129, 
1111 Constitution Avenue, NW., Washington, DC 20224, or through the 
internet, at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: Applicable Insurance Contracts Information Return.
    OMB Number: 1545-2083.
    Form Number: Form 8921.
    Abstract: To comply with IRC section 6050V, as added by the Pension 
Protection Act of 2006, an applicable exempt organization must file a 
Form 8921 for each structured transaction under which it makes 
reportable acquisitions of applicable insurance contracts. The 
information gathered will be used by the Treasury to issue a two-year 
report to Congress.
    Current Actions: There are no changes being made to Form 8921 at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Not-for-profit institutions.
    Estimated Number of Respondents: 50,000.
    Estimated Time per Respondent: 35 hours, 53 minutes.
    Estimated Total Annual Burden Hours: 1,794,500.

[[Page 51906]]

    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: August 29, 2007.
Larnice Mack,
IRS Reports Clearance Officer.
[FR Doc. E7-17819 Filed 9-10-07; 8:45 am]
BILLING CODE 4830-01-P