[Federal Register Volume 74, Number 104 (Tuesday, June 2, 2009)]
[Notices]
[Pages 26478-26479]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-12690]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[CO-62-89]


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

[[Page 26479]]

existing final regulation, CO-62-89 (TD 8407), Final Regulations Under 
Section 382 of the Internal Revenue Code of 1986; Limitations on 
Corporate Net Operating Loss Carryforwards (Section 1.382-3).

DATES: Written comments should be received on or before August 3, 2009 
to be assured of consideration.

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 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: Final Regulations under Section 382 of the Internal Revenue 
Code of 1986; Limitations on Corporate Net Operating Loss 
Carryforwards.
    OMB Number: 1545-1260.
    Regulation Project Number: CO-62-89 (Final).
    Abstract: Internal Revenue Code section 382(l)(5) provides relief 
from the application of the section 382 limitation for bankruptcy 
reorganizations in which the pre-change shareholders and qualified 
creditors maintain a substantial continuing interest in the loss 
corporation. These regulations concern the election a taxpayer may make 
to treat as the change date the effective date of a plan of 
reorganization in a title 11 or similar case rather than the 
confirmation date of a plan.
    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.
    Estimated Number of Respondents: 10 hours.
    Estimated Time per Respondent: 5 minutes.
    Estimated Total Annual Burden Hours: 1 hour.
    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: May 18, 2009.
R. Joseph Durbala,
IRS Reports Clearance Officer.
[FR Doc. E9-12690 Filed 6-1-09; 8:45 am]
BILLING CODE 4830-01-P