[Federal Register Volume 73, Number 168 (Thursday, August 28, 2008)]
[Notices]
[Page 50855]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-19913]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG-103043-05]


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-103043-05, Material Advisor of 
Reportable Transaction Must Keep List of Advisees, etc. (previously 
REG-103736-00, Requirement to Maintain List of Investors in Potentially 
Abusive Tax Shelters).

DATES: Written comments should be received on or before October 27, 
2008 to be assured of consideration.

ADDRESSES: Direct all written comments to Glenn P. Kirkland, Internal 
Revenue Service, room 6129, 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 6129, 1111 
Constitution Avenue, NW., Washington, DC 20224, or through the Internet 
at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: Material Advisor of Reportable Transaction Must Keep List of 
Advisees, etc.
    OMB Number: 1545-1686.
    Regulation Project Number: REG-103043-05.
    Abstract: These final regulations provide guidance on the 
requirement under section 6112 to maintain a list of investors in 
potentially abusive tax shelters. As per Regulations section 301.6112-
1(b)(1), Form 13976 (Itemized Statement Component of Advisee List) 
provides material advisors a format for preparing and maintaining the 
itemized statement component of the list with respect to a reportable 
transaction. This form contains space for all of the elements required 
by Regulations section 301.6112-1(b)(3)(i). Material advisors may use 
this form as a template for creating a similar form on a software 
program used by the material advisor. If a material advisor is required 
to maintain a list under a prior version of the regulations, this form 
may be modified or a similar form containing all the information 
required under the prior version of the regulations may be created and 
used.
    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, 
individuals or households.
    Estimated Number of Respondents: 500.
    Estimated Time per Respondent: 100 hours.
    Estimated Total Annual Burden Hours: 50,000.
    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 21, 2008.
Allan M. Hopkins,
IRS Reports Clearance Officer.
[FR Doc. E8-19913 Filed 8-27-08; 8:45 am]
BILLING CODE 4830-01-P