[Federal Register Volume 75, Number 179 (Thursday, September 16, 2010)]
[Notices]
[Page 56659]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-23038]



[[Page 56659]]

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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[TD 9057, TD 9154, TD 9187]


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 notice of proposed rulemaking and temporary regulation, REG-
135898-04 (TD 9154), Extension of Time to Elect Method for Determining 
Allowable Loss; REG-152524-02 (TD 9057), Guidance Under Section 1502, 
Amendment of Waiver of Loss Carryovers from Separate Return Limitation 
Years; REG-123305-02, REG-102740-02 (TD 9187), Loss Limitation Rules.

DATES: Written comments should be received on or before November 15, 
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 regulation should be directed to R. Joseph Durbala, at 
(202) 622-3634, or at Internal Revenue Service, room 6129, 1111 
Constitution Avenue, NW., Washington, DC 20224, or through the 
Internet, at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: REG-135898-04 (TD 9154), Extension of Time to Elect Method 
for Determining Allowable Loss; REG-152524-02 (TD 9057), Guidance Under 
Section 1502, Amendment of Waiver of Loss Carryovers from Separate 
Return Limitation Years; REG-123305-02, REG-102740-02 (TD 9187), Loss 
Limitation Rules.
    OMB Number: 1545-1774.
    Regulation Project Number: TD 9057, TD 9154, and TD 9187.
    Abstract: The information is necessary to allow the taxpayer to 
make certain elections to determine the amount of allowable loss under 
Sec.  1.337(d)-2T, Sec.  1.1502-20 as currently in effect or under 
Sec.  1.1502-20 as modified; to allow the taxpayer to waive loss 
carryovers up to the amount of the Sec.  1.1502-20(g) election; and to 
ensure that loss is not disallowed under Sec.  1.337(d)-2T and basis is 
not reduced under Sec.  1.337(d)-2T to the extent the taxpayer 
establishes that the loss or basis is not attributable to the 
recognition of built in gain on the disposition of an asset. With 
respect to Sec.  1.1502-20T, the information also is necessary to allow 
the common parent of the selling group to reapportion a separate, 
subgroup or consolidated section 382 limitation when the acquiring 
group amends its Sec.  1.1502-32(b)(4) election. Furthermore, regarding 
Sec.  1.1502-32(b)(4), the information also is necessary to allow the 
taxpayer that acquired a subsidiary of a consolidated group to amend 
its election under Sec.  1.1502-32(b)(4), so that the acquiring group 
can use the acquired subsidiary's losses to offset its income. The 
information also is necessary to allow the taxpayer to make certain 
elections to determine the amount of allowable loss pursuant to a new 
due date, and to amend or revoke certain prior elections to determine 
the amount of allowable loss.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of OMB approval.
    Affected Public: Business or other for-profit.
    Estimated Number of Respondents: 18,360.
    Estimated Time per Respondent: 2 hours.
    Estimated Total Annual Hours: 36,720.
    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: September 7, 2010.
R. Joseph Durbala,
IRS Tax Analyst.
[FR Doc. 2010-23038 Filed 9-15-10; 8:45 am]
BILLING CODE 4830-01-P