[Federal Register Volume 75, Number 152 (Monday, August 9, 2010)]
[Notices]
[Pages 47894-47895]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-19493]


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

DEPARTMENT OF THE TREASURY

Internal Revenue Service

[INTL-399-88 (T.D. 8261) (T.D. 8434) (T.D. 9315)].


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 final regulation, INTL-399-88 [T.D. 8261; T.D. 8434; T.D. 
9315], Treatment of Dual Consolidated Losses (Sec.  1.1503-2).

DATES: Written comments should be received on or before October 8, 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 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: Treatment of Dual Consolidated Losses.
    OMB Number: 1545-1083.
    Regulation Project Number: [INTL-399-88], [T.D. 8261; T.D. 8434; 
T.D. 9315].
    Abstract: Internal Revenue Code section 1503(d) denies use of the 
losses of one domestic corporation by another affiliated domestic 
corporation where the loss corporation is also subject to the income 
tax of another country. This regulation allows an affiliate to make use 
of the loss if the loss has not been used in the foreign country and if 
an agreement is attached to the income tax return of the dual resident 
corporation or group, to take the loss into income upon future use of 
the loss in the foreign country. The regulation also requires separate 
accounting for a dual consolidated loss where the dual resident 
corporation files a consolidated return.
    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: 500.
    Estimated Time Per Respondent: 3 hrs., 14 minutes.
    Estimated Total Annual Burden Hours: 1,620 minutes.
    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.


[[Page 47895]]


    Approved: July 30, 2010.
Gerald Shields,
IRS Supervisory Tax Analyst.
[FR Doc. 2010-19493 Filed 8-6-10; 8:45 am]
BILLING CODE 4830-01-P