Proposed Collection; Comment Request for Form 8838, 3579 [05-1332]

Download as PDF Federal Register / Vol. 70, No. 15 / Tuesday, January 25, 2005 / Notices FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the form and instructions should be directed to R. Joseph Durbala at Internal Revenue Service, room 6516, 1111 Constitution Avenue NW., Washington, DC 20224, or at (202) 622– 3634, or through the internet at RJoseph.Durbala@irs.gov. SUPPLEMENTARY INFORMATION: Title: Election by a Small Business Corporation. OMB Number: 1545–0146. Form Number: 2553. Abstract: Form 2553 is filed by a qualifying corporation to elect to be an ‘‘S’’ Corporation as defined in Internal Revenue Code section 1361. The information obtained is necessary to determine of the election should be accepted by the IRS. When the election is accepted, the qualifying corporation is classified as an ‘‘S’’ Corporation and the corporation’s income is taxed to the shareholders of the corporation. Current Actions: There are no changes being made to the form at this time. Type of Review: Extension of a currently approved collection. Affected Public: Businesses and Farms. Estimated Number of Respondents: 500,000. Estimated Time Per Respondent: 17 hrs., 7 min. Estimated Total Annual Burden Hours: 8,555,000. 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 VerDate jul<14>2003 13:14 Jan 24, 2005 Jkt 205001 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: January 18, 2005. Paul Finger, IRS Reports Clearance Officer. [FR Doc. 05–1331 Filed 1–24–05; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Form 8838 Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. AGENCY: 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 8838, Consent To Extend the Time To Assess Tax Under Section 367-Gain Recognition Agreement. DATES: Written comments should be received on or before March 28, 2005 to be assured of consideration. ADDRESSES: Direct all written comments to Paul Finger, Internal Revenue Service, room 6516, 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 at Internal Revenue Service, room 6516, 1111 Constitution Avenue NW., Washington, DC 20224, or at (202) 622– 3634, or through the internet at RJoseph.Durbala@irs.gov. SUPPLEMENTARY INFORMATION: Title: Consent To Extend the Time To Assess Tax Under Section 367-Gain Recognition Agreement. OMB Number: 1545–1395. Form Number: 8838. Abstract: Form 8838 is used to extend the statute of limitations for U.S. persons who transfer stock or securities to a foreign corporation. The form is PO 00000 Frm 00073 Fmt 4703 Sfmt 4703 3579 filed when the transferor makes a gain recognition agreement. This agreement allows the transferor to defer the payment of tax on the transfer. The IRS uses Form 8838 so that it may assess tax against the transferor after the expiration of the original statute of limitations. Current Actions: There are no changes being made to the Form 8838 at this time. Type of Review: Extension of a current approval. Affected Public: Business or other forprofit organizations and individuals. Estimated Number of Respondents: 1000. Estimated Time Per Respondent: 8 hrs., 14 min. Estimated Total Annual Burden Hours: 8,230. 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: January 18, 2005. Paul Finger, IRS Reports Clearance Officer. [FR Doc. 05–1332 Filed 1–24–05; 8:45 am] BILLING CODE 4830–01–P E:\FR\FM\25JAN1.SGM 25JAN1

Agencies

[Federal Register Volume 70, Number 15 (Tuesday, January 25, 2005)]
[Notices]
[Page 3579]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-1332]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 8838

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 8838, Consent To Extend the Time To Assess Tax Under Section 367-
Gain Recognition Agreement.

DATES: Written comments should be received on or before March 28, 2005 
to be assured of consideration.

ADDRESSES: Direct all written comments to Paul Finger, Internal Revenue 
Service, room 6516, 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 at Internal Revenue Service, room 6516, 1111 Constitution 
Avenue NW., Washington, DC 20224, or at (202) 622-3634, or through the 
internet at RJoseph.Durbala@irs.gov.

SUPPLEMENTARY INFORMATION:
    Title: Consent To Extend the Time To Assess Tax Under Section 367-
Gain Recognition Agreement.
    OMB Number: 1545-1395.
    Form Number: 8838.
    Abstract: Form 8838 is used to extend the statute of limitations 
for U.S. persons who transfer stock or securities to a foreign 
corporation. The form is filed when the transferor makes a gain 
recognition agreement. This agreement allows the transferor to defer 
the payment of tax on the transfer. The IRS uses Form 8838 so that it 
may assess tax against the transferor after the expiration of the 
original statute of limitations.
    Current Actions: There are no changes being made to the Form 8838 
at this time.
    Type of Review: Extension of a current approval.
    Affected Public: Business or other for-profit organizations and 
individuals.
    Estimated Number of Respondents: 1000.
    Estimated Time Per Respondent: 8 hrs., 14 min.
    Estimated Total Annual Burden Hours: 8,230.
    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: January 18, 2005.
Paul Finger,
IRS Reports Clearance Officer.
[FR Doc. 05-1332 Filed 1-24-05; 8:45 am]
BILLING CODE 4830-01-P