[Federal Register Volume 72, Number 183 (Friday, September 21, 2007)]
[Notices]
[Pages 54106-54107]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-18690]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG-106177-98]


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, REG-106177-98 (TD 8845), Adequate Disclosure 
of Gifts (Sec.  301.6501(c)-1).

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

ADDRESSES: Direct all written comments to R. Joseph Durbala, Revenue 
Service, room 6129, 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 6129, 1111 Constitution Avenue, NW., 
Washington, DC 20224, or at (202) 622-3179, or through the Internet at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Adequate Disclosure of Gifts.
    OMB Number: 1545-1637.
    Regulation Project Number: REG-106177-98.
    Abstract: Section 301.6501(c)-1(f) requires that, in order to 
commence the running of the gift tax statute of limitations, the donor 
must file a Form

[[Page 54107]]

709 and submit sufficient information about the transaction that will 
give the Service a complete and accurate description of the transfer. 
Such information includes a description of the transferred property, 
the identity and relationship of the parties to the transfer and any 
entities involved, a description of the methods used to value the 
transferred property, a description of any restrictions on the 
transferred property, and a statement of any potential controversy or 
legal issue involved.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of OMB approval.
    Affected Public: Individuals or households.
    The reporting burden contained in Sec.  301.6501(c)-1(f) is 
reflected in the burden for Form 709, U.S. Gift (and Generation-
Skipping Transfer) Tax Return.
    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: September 12, 2007.
R. Joseph Durbala,
IRS Reports Clearance Officer.
 [FR Doc. E7-18690 Filed 9-20-07; 8:45 am]
BILLING CODE 4830-01-P