[Federal Register Volume 76, Number 81 (Wednesday, April 27, 2011)]
[Notices]
[Pages 23645-23646]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-10105]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


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)). The IRS is soliciting comments concerning information 
collection requirements related to Sale of Residence From Qualified 
Personal Residence Trust.

DATES: Written comments should be received on or before June 27, 2011 
to be assured of consideration.

ADDRESSES: Direct all written comments to Yvette B. Lawrence, Internal 
Revenue Service, Room 6129, 1111 Constitution Avenue, NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for copies of this regulation 
should be directed to Joel Goldberger, (202)927-9368, Internal Revenue 
Service, Room 6129, 1111 Constitution Avenue, NW., Washington, DC 
20224, or through the Internet at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: Sale of Residence From Qualified Personal Residence Trust.
    OMB Number: 1545-1485.
    Regulation Project Number: T.D. 8743.
    Abstract: Internal Revenue Code section 2702(a)(3) provides special 
favorable valuation rules for valuing the gift of a personal residence 
trust.

[[Page 23646]]

Regulation section 25.2702-5(a)(2) provides that if the trust fails to 
comply with the requirements contained in the regulations, the trust 
will be treated as complying if a statement is attached to the gift tax 
return reporting the gift stating that a proceeding has been commenced 
to reform the instrument to comply with the requirements of the 
regulations.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households.
    Estimated Number of Respondents: 200.
    Estimated Time per Respondent: 3 hours, 7 min.
    Estimated Total Annual Burden Hours: 625 hours.
    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: April 20, 2011.
Yvette B. Lawrence,
IRS Reports Clearance Officer.
[FR Doc. 2011-10105 Filed 4-26-11; 8:45 am]
BILLING CODE 4830-01-P