[Federal Register Volume 74, Number 45 (Tuesday, March 10, 2009)]
[Notices]
[Pages 10342-10343]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-4957]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG-124069-02, REG-118966-97]


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-124069-02, Section 6038--Returns 
Required with Respect to Controlled Foreign Partnerships; and existing 
final regulation, REG-118966-97, Information reporting with Respect to 
Certain Foreign Partnerships and Certain Foreign Corporations.

DATES: Written comments should be received on or before May 11, 2009.

ADDRESSES: Direct all written comments to R. Joseph Durbala, Internal 
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 Allan Hopkins, at (202) 
622-6665, or at Internal Revenue Service, room 6129, 1111 Constitution 
Avenue NW., Washington, DC 20224, or through the Internet, at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Section 6038--Returns Required with Respect to Controlled 
Foreign Partnerships, and Information reporting with Respect to Certain 
Foreign

[[Page 10343]]

Partnerships and Certain Foreign Corporations.
    OMB Number: 1545-1617. Regulation Project Number: REG-124069-02, 
REG-118966-97.
    Abstract: REG-124069-02: Treasury Regulation 1.6038-3 requires 
certain United States person who own interests in controlled foreign 
partnerships to annually report information to the IRS on Form 8865. 
This regulation amends the reporting rules under Treasury Regulation 
section 1.6038-e to provide that a U.S. person must follow the filing 
requirements that are specified in the instructions for Form 8865 when 
the U.S. person must file Form 8865 and the foreign partnership 
completes and files Form 1065 or Form 1065-B. REG-118966-97: Section 
6038 requires certain U.S. persons who own interest in controlled 
foreign partnerships or certain foreign corporations to annually report 
information to the IRS. This regulation provides reporting rules to 
identify foreign partnerships and foreign corporations which are 
controlled by U.S. persons.
    Current Actions: There are no changes to these existing 
regulations.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Businesses or other for-profit institutions and 
individuals or households.
    Estimated Number of Respondents: 600.
    Estimated Total Burden Hours: 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 
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: February 23, 2009.
R. Joseph Durbala,
IRS Reports Clearance Officer.
 [FR Doc. E9-4957 Filed 3-9-09; 8:45 am]
BILLING CODE 4830-01-P