[Federal Register Volume 75, Number 105 (Wednesday, June 2, 2010)]
[Notices]
[Pages 30904-30905]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-13238]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service

[INTL-870-89]


Proposed Collection; Comment Request for Regulation Project

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

-----------------------------------------------------------------------

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 notice of proposed rulemaking, INTL-870-89, Earnings Stripping 
(Section 163(j)).

DATES: Written comments should be received on or before August 2, 2010 
to be assured of consideration.

ADDRESSES: Direct all written comments to Gerald Shields, 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 Elaine Christophe, 
(202) 622-3179, or at Internal Revenue Service, Room 6129, 1111 
Constitution Avenue NW., Washington, DC 20224, or through the Internet, 
at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: Earnings Stripping (Section 163(j)).
    OMB Number: 1545-1255.
    Regulation Project Number: INTL-870-89.
    Abstract: Internal Revenue Code section 163(j) concerns the 
limitation on the deduction for certain interest paid by a corporation 
to a related person. This provision generally does not apply to an 
interest expense arising in a taxable year in which the payer 
corporation's debt-equity ratio is 1.5 to 1 or less. Regulation section 
Sec.  1.163(j)-5(d) provides a special rule for adjusting the basis of 
assets acquired in a qualified stock purchase. This rule allows the 
taxpayer, in computing its debt-equity ratio, to elect to write off the 
basis of the stock of the acquired corporation over a fixed stock 
write-off period, instead of using the adjusted basis of the assets of 
the acquired corporation.
    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: 2,300.
    Estimated Time per Respondent: 31 minutes.

[[Page 30905]]

    Estimated Total Annual Burden Hours: 1,196.
    The following paragraph applies to all 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 25, 2010.
Gerald Shields,
IRS Reports Clearance Officer.
[FR Doc. 2010-13238 Filed 6-1-10; 8:45 am]
BILLING CODE 4830-01-P