[Federal Register Volume 76, Number 155 (Thursday, August 11, 2011)]
[Notices]
[Page 49836]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-20379]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 8621-A

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 
Form 8621-A, Return by a Shareholder Making Certain Late Elections To 
End Treatment as a Passive Foreign Investment Company.

DATES: Written comments should be received on or before October 11, 
2011 to be assured of consideration.

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

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to R. Joseph 
Durbala, (202) 622-3634, at Internal Revenue Service, Room 6129, 1111 
Constitution Avenue, NW., Washington, DC 20224, or through the Internet 
at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: Return by a Shareholder Making Certain Late Elections To End 
Treatment as a Passive Foreign Investment Company.
    OMB Number: 1545-1950.
    Form Number: 8621-A.
    Abstract: Form 8621-A is necessary for certain taxpayers/
shareholders who are investors in passive foreign investment companies 
(PFIC's) to request late deemed sale or late deemed dividend elections 
(late purging elections) under Reg. 1.1298-3(e). The form provides a 
taxpayer/shareholder the opportunity to fulfill the requirements of the 
regulation in making the election by asserting the following: (i) The 
election is being made before an IRS agent has raised on audit the PFIC 
status of the foreign corporation for any taxable year of the taxpayer/
shareholder; (ii) the taxpayer/shareholder is agreeing (by submitting 
Form 8621-A) to eliminate any prejudice to the interests of the U.S. 
government on account of the taxpayer/shareholder's inability to make 
timely purging elections; and (iii) the taxpayer/shareholder shows as a 
balance due on Form 8621-A an amount reflecting tax plus interest as 
determined under Reg. 1.1298(e)(3).
    Current Actions: There is no change to the form previously approved 
by OMB. However, filing estimates indicate that a decrease in the 
estimated number of responses is necessary. We have decreased the 
estimated number of responses to 12 per year. This results in a total 
estimated burden decrease of 42,837 hours per year. This form is being 
submitted for renewal purposes.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Individuals and Households, Businesses and other 
for-profit organizations.
    Estimated Number of Respondents: 12.
    Estimated Time per Respondent: 65 hours, 24 minutes.
    Estimated Total Annual Burden Hours: 785.
    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 2, 2011.
Yvette Lawrence,
IRS Reports Clearance Officer.
[FR Doc. 2011-20379 Filed 8-10-11; 8:45 am]
BILLING CODE 4830-01-P