[Federal Register Volume 76, Number 114 (Tuesday, June 14, 2011)]
[Notices]
[Pages 34807-34808]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-14611]


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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)). Currently, the IRS is soliciting comments concerning 
limitations on net operating loss carry-forwards and certain built-in 
losses and credit following an ownership change of a consolidated 
group.

DATES: Written comments should be received on or before August 15, 2011 
to be assured of consideration.

ADDRESSES: Direct all written comments to Yvette B. Lawrence, Internal 
Revenue

[[Page 34808]]

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 Evelyn J. Mack, at (202) 
622-7381, or at Internal Revenue Service, Room 6231, 1111 Constitution 
Avenue, NW., Washington, DC 20224, or through the Internet, at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Limitations on Net Operating Loss Carryforwards and Certain 
Built-in Losses and Credits Following an Ownership Change of a 
Consolidated Group.
    OMB Number: 1545-1218.
    Regulation Project Number: TD 8824.
    Abstract: Section 1502 provides for the promulgation of regulations 
with respect to corporations that file consolidated income tax returns. 
Section 382 limits the amount of income that can be offset by loss 
carryovers and credits after an ownership change. These final 
regulations provide rules for applying section 382 to groups of 
corporations that file a consolidated return.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of currently approved collection.
    Affected Public: Business or other for-profit.
    Estimated Number of Respondents: 12,054.
    Estimated Time per Respondent: 20 minutes.
    Estimated Total Annual Burden Hours: 662.
    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: June 6, 2011.
Yvette B. Lawrence,
IRS Reports Clearance Officer.
[FR Doc. 2011-14611 Filed 6-13-11; 8:45 am]
BILLING CODE 4830-01-P