[Federal Register Volume 75, Number 128 (Tuesday, July 6, 2010)]
[Notices]
[Page 38868]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-16230]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG-209446-82]


Proposed Collection; Comment Request for REG 209446-82 (TD 8852)

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-209446-82 (TD 8852), Passthrough of 
Items of an S Corporation to its Shareholders (Sec.  1.1366-1).

DATES: Written comments should be received on or before September 7, 
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 regulation 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: Passthrough of Items of an S Corporation to its 
Shareholders.
    OMB Number: 1545-1613.
    Regulation Project Number: REG-209446-82 (TD 8852)
    Abstract: Section 1366 requires shareholders of an S corporation to 
take into account their pro rata share of separately stated items of 
the S corporation and non-separately computed income or loss. Section 
1.1366-1 of the regulation provides that an S corporation must report, 
and a shareholder is required to take into account in the shareholder's 
return, the shareholder's pro rata share, whether or not distributed, 
of the S corporation's items of income, loss, deduction, or credit.
    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, and 
Individuals or households.
    This reporting requirement is reflected in the burden of Form 1040, 
U.S. Individual Income Tax Return, and Form 1120S, U.S. Income Tax 
Return for an S Corporation. 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: June 11, 2010.
Gerald Shields,
IRS Reports Clearance Officer.
[FR Doc. 2010-16230 Filed 7-2-10; 8:45 am]
BILLING CODE 4830-01-P