Proposed Collection; Comment Request for Regulation Project, 76113 [E5-7675]

Agencies

• Internal Revenue Service
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 70, Number 245 (Thursday, December 22, 2005)]
[Notices]
[Page 76113]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-7675]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service

[CO-68-87; CO-69-87; CO-18-90]


Proposed Collection; Comment Request for Regulation Project

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

-----------------------------------------------------------------------

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 
existing final regulations, CO-68-87 and CO-69-87 (TD 8352), Final 
Regulations Under Sections 382 and 383 of the Internal Revenue Code of 
1986; Pre-change Attributes, and CO-18-90 (TD 8531), Final Regulations 
Under Section 382 of the Internal Revenue Code of 1986; Limitations on 
Corporate Net Operating Loss Carryforwards (Sec. Sec.  1.382-4 and 
1.382-2T).

DATES: Written comments should be received on or before February 21, 
2006 to be assured of consideration.

ADDRESSES: Direct all written comments to Glenn Kirkland, Internal 
Revenue Service, Room 6516, 1111 Constitution Avenue, NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the regulation should be directed to Allan Hopkins, at (202) 
622-6665, or at Internal Revenue Service, Room 6516, 1111 Constitution 
Avenue NW., Washington, DC 20224, or through the Internet, at 
Allan.M.Hopkins@irs.gov.

SUPPLEMENTARY INFORMATION: Title: CO-68-87 and CO-69-87 (TD 8352), 
Final Regulations Under Sections 382 and 383 of the Internal Revenue 
Code of 1986; Pre-change Attributes, and CO-18-90 (TD 8531), Final 
Regulations Under Section 382 of the Internal Revenue Code of 1986; 
Limitations on Corporate Net Operating Loss Carryforwards.
    OMB Number: 1545-1120.
    Regulation Project Number: CO-68-87; CO-69-87; CO-18-90.
    Abstract: (CO-68-87 and CO-69-87) These regulations require 
reporting by a corporation after it undergoes an ``ownership change'' 
under Code sections 382 and 383. Corporations required to report under 
these regulations include those with capital loss carryovers and excess 
credits. (CO-18-90) These regulations provide rules for the treatment 
of options under Code section 382 for purposes of determining whether a 
corporation undergoes an ownership change. The regulation allows for 
certain elections for corporations whose stock is subject to options.
    Current Actions: There is no change to these existing regulations.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 75,150.
    Estimated Time Per Respondent: 2 hours, 56 minutes.
    Estimated Total Annual Burden Hours: 220,575.
    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: December 14, 2005.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E5-7675 Filed 12-21-05; 8:45 am]
BILLING CODE 4830-01-P