[Federal Register Volume 75, Number 140 (Thursday, July 22, 2010)]
[Notices]
[Pages 42832-42833]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-17869]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[PS-100-88]


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, PS-100-88 (TD 8540), Valuation Tables 
(Sec. Sec.  1.7520-1 through 1.7520-4, 20.7520-1 through 20.7520-4, and 
25.7520-1 through 25.7520-4).

DATES: Written comments should be received on or before September 20, 
2010 to be assured of consideration.

ADDRESSES: Direct all written comments to Gerald Shields, 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 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: Valuation Tables.
    OMB Number: 1545-1343.
    Regulation Project Number: PS-100-88 (TD 8540).
    Abstract: Internal Revenue Code section 7520 provides rules for 
determining the valuation of an annuity, an interest for life or a term 
of years, or a remainder or reversionary interest. Code section 7530(a) 
allows a respondent to make an election to value an interest that 
qualifies, in whole or in part, for a charitable deduction, by use of a 
different interest rate component that is more favorable to the 
respondent. This regulation requires individuals or fiduciaries making 
the election to file a statement with their estate or gift tax return.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of OMB approval.
    Affected Public: Individuals or households.
    Estimated Number of Respondents: 6,000.
    Estimated Time per Respondent: 45 minutes.
    Estimated Total Annual Hours: 4,500.
    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

[[Page 42833]]

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: July 15, 2010.
Gerald Shields,
IRS Supervisory Tax Analyst.
[FR Doc. 2010-17869 Filed 7-21-10; 8:45 am]
BILLING CODE 4830-01-P