[Federal Register Volume 75, Number 167 (Monday, August 30, 2010)]
[Notices]
[Pages 53021-53022]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-21461]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[CO-88-90]


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, CO-88-90 (TD 8530), Limitation on Net 
Operating Loss Carryforwards and Certain Built-In Losses Following 
Ownership Change; Special Rule for Value of a Loss Corporation Under 
the Jurisdiction of a Court in a Title 11 Case (Section 1.382-9).

DATES: Written comments should be received on or before October 29, 
2010 to be assured of consideration.

ADDRESSES: Direct all written comments to Gerald J. 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 R. Joseph Durbala at 
Internal Revenue Service, room 6129, 1111 Constitution Avenue, NW., 
Washington, DC 20224, or at (202) 622-3634, or through the Internet at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Limitation on Net Operating Loss Carryforwards and Certain 
Built-In Losses Following Ownership Change; Special Rule for Value of a 
Loss

[[Page 53022]]

Corporation Under the Jurisdiction of a Court in a Title 11 Case.
    OMB Number: 1545-1324.
    Regulation Project Number: CO-88-90 (TD 8530).
    Abstract: This regulation provides guidance on determining the 
value of a loss corporation following an ownership change to which 
section 382(1)(6) of the Internal Revenue Code applies. Under Code 
sections 382 and 383, the value of the loss corporation, together with 
certain other factors, determines the rate at which certain pre-change 
tax attributes may be used to offset post-change income and tax 
liability.
    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: 3,250.
    Estimated Time Per Respondent: 15 minutes.
    Estimated Total Annual Burden Hours: 813.
    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: August 17, 2010.
R. Joseph Durbala,
IRS Tax Analyst.
[FR Doc. 2010-21461 Filed 8-27-10; 8:45 am]
BILLING CODE 4830-01-P