Proposed Collection; Comment Request for Form 4255, 10759 [E6-2912]
Download as PDF
<![CDATA[
Federal Register / Vol. 71, No. 41 / Thursday, March 2, 2006 / Notices
Approved: February 22, 2006.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E6–2911 Filed 3–1–06; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Form 4255
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice and request for
comments.
wwhite on PROD1PC61 with NOTICES
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
4255, Recapture of Investment Credit.
DATES: Written comments should be
received on or before May 1, 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 form and instructions
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: Recapture of Investment Credit.
OMB Number: 1545–0166.
Form Number: 4255.
Abstract: Internal Revenue Code
section 50(a) requires that a taxpayer’s
income tax be increased by the
investment credit recapture tax if the
taxpayer disposes of investment credit
property before the close of the
recapture period used in figuring the
original investment credit. Form 4255
provides for the computation of the
recapture tax.
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: Business or other forprofit organizations, individuals, and
farms.
VerDate Aug<31>2005
17:54 Mar 01, 2006
Jkt 208001
Estimated Number of Respondents:
13,200.
Estimated Time Per Respondent: 9
hrs. 49 min.
Estimated Total Annual Burden
Hours: 129,492.
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: February 23, 2006.
Glenn Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E6–2912 Filed 3–1–06; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
[REG–131478–02]
Proposed Collection; Comment
Request for Regulation Project
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
PO 00000
Frm 00126
Fmt 4703
Sfmt 4703
10759
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 an
existing final regulation, REG–131478–
02 (TD 9048), Guidance under Section
1502; Suspension of Losses on Certain
Stock Disposition.
DATES: Written comments should be
received on or before May 1, 2006 to be
assured of consideration.
ADDRESSES: Direct all written comments
to Glenn Kirkland Internal Revenue
Service, room 6512, 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 Larnice Mack at
Internal Revenue Service, room 6512,
1111 Constitution Avenue, NW.,
Washington, DC 20224, or at (202) 622–
3179, or through the Internet at
Larnice.Mack@irs.gov.
Title:
Guidance under Section 1502
Suspension of Losses on Certain Stock
Disposition.
OMB Number: 1545–1828.
Regulation Project Number: REG–
131478–02.
Abstract: The information in
§ 1.1502–35T(c) is necessary to ensure
that a consolidated group does not
obtain more than one tax benefit from
both the utilization of a loss from the
disposition of stock and the utilization
of a loss or deduction with respect to
another asset that reflects the same
economic loss; to allow the taxpayer to
make an election under § 1.1502–
35T(c)(5) that would benefit the
taxpayer; the election in § 1.1502–35T(f)
provides taxpayers the choice in the
case of worthless subsidiary to utilize a
worthless stock deduction or absorb the
subsidiary’s losses; and § 1.1502–
35T(g)(3) applies to ensure that
taxpayers do not circumvent the loss
suspension rule of § 1.1502–35–T(c) by
deconsolidating a subsidiary and then
re-importing to the group losses of such
subsidiary.
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: Business or other forprofit organizations.
Estimated Number of Respondents
and/or Recordkeepers: 7,500.
SUPPLEMENTARY INFORMATION:
E:\FR\FM\02MRN1.SGM
02MRN1
]]>Agencies
[Federal Register Volume 71, Number 41 (Thursday, March 2, 2006)]
[Notices]
[Page 10759]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-2912]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 4255
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
Form 4255, Recapture of Investment Credit.
DATES: Written comments should be received on or before May 1, 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 form and instructions 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: Recapture of Investment Credit.
OMB Number: 1545-0166.
Form Number: 4255.
Abstract: Internal Revenue Code section 50(a) requires that a
taxpayer's income tax be increased by the investment credit recapture
tax if the taxpayer disposes of investment credit property before the
close of the recapture period used in figuring the original investment
credit. Form 4255 provides for the computation of the recapture tax.
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: Business or other for-profit organizations,
individuals, and farms.
Estimated Number of Respondents: 13,200.
Estimated Time Per Respondent: 9 hrs. 49 min.
Estimated Total Annual Burden Hours: 129,492.
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: February 23, 2006.
Glenn Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E6-2912 Filed 3-1-06; 8:45 am]
BILLING CODE 4830-01-P
