[Federal Register Volume 77, Number 67 (Friday, April 6, 2012)]
[Notices]
[Pages 20884-20885]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-8263]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Regulation

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 collection 
requirements related to application of section 338 to insurance 
companies.

DATES: Written comments should be received on or before June 5, 2012 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 additional information or 
copies of the form and instructions should be directed to Joel 
Goldberger, (202) 927-9368, at Internal Revenue Service, Room 6129, 
1111 Constitution Avenue NW., Washington, DC 20224, or through the 
Internet at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: Application of section 338 to Insurance Companies.
    OMB Number: 1545-1990.
    Form Number: T.D. 9377.
    Abstract: Final regulations and removal of temporary regulations.
    This document contains final regulations under section 197 of the 
Internal Revenue Code (Code) that apply to a section 197 intangible 
resulting from an assumption reinsurance transaction, and under section 
338 that apply to reserve increases after a deemed asset sale. The 
final regulations also provide guidance with respect to existing 
section 846(e) elections to use historical loss payment patterns. The 
final regulations apply to insurance companies.
    Current Actions: There is no change in the paperwork burden 
previously approved by OMB.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Businesses and other for-profit organizations, 
Farms.
    Estimated Number of Respondents: 12.
    Estimated Time per Respondent: 1 hour.
    Estimated Total Annual Burden Hours: 12.
    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

[[Page 20885]]

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: March 28, 2012.
Yvette B. Lawrence,
IRS Reports Clearance Officer.
[FR Doc. 2012-8263 Filed 4-5-12; 8:45 am]
BILLING CODE 4830-01-P