[Federal Register Volume 73, Number 186 (Wednesday, September 24, 2008)]
[Notices]
[Page 55210]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-22377]



[[Page 55210]]

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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 8621-A

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 8621-A, Return by a Shareholder Making Certain Late Elections To 
End Treatment as a Passive Foreign Investment Company.

DATES: Written comments should be received on or before November 24, 
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 form and instructions should be directed to Allan 
Hopkins, (202) 622-6665, at Internal Revenue Service, room 6129, 1111 
Constitution Avenue NW., Washington, DC 20224, or through the Internet 
at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: Return by a Shareholder Making Certain Late Elections To End 
Treatment as a Passive Foreign Investment Company.
    OMB Number: 1545-1950.
    Form Number: 8621-A.
     Abstract: Form 8621-A is used by certain taxpayer/investors to 
request ending of their treatment as investing in a Passive Foreign 
Investment Company. New regulations are being written in support of the 
new products. The underlying law is in IRC sections 1297 and 1298.
     Current Actions: There is no change in the paperwork burden 
previously approved by OMB. This form is being submitted for renewal 
purposes only.
    Type of Review: Extension of a currently approved collection.
     Affected Public: Individuals and households, businesses and other 
for-profit organizations.
    Estimated Number of Respondents: 2,000.
    Estimated Time per Respondent: 65 hours, 24 minutes.
    Estimated Total Annual Burden Hours: 43,622.
    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 16, 2008.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
 [FR Doc. E8-22377 Filed 9-23-08; 8:45 am]
BILLING CODE 4830-01-P