Proposed Collection; Comment Request for Regulation Project, 13675-13676 [E6-3769]

Download as PDF wwhite on PROD1PC61 with NOTICES Federal Register / Vol. 71, No. 51 / Thursday, March 16, 2006 / Notices should be directed to Elizabeth Witzgall, at (202) 283–2227, or at Internal Revenue Service, 5000 Ellin Road # C– 3 242, Lanham MD 20706 or through the Internet, at Elizabeth.B.Witzgall@irs.gov. SUPPLEMENTARY INFORMATION: Title: Report of Foreign Bank and Financial Accounts. OMB Number: 1545–0009. Form Number: TD F 90–22.1. Abstract: Form TD F 90–22.1 is used to report a financial interest in, signature authority or other authority over one or more financial accounts in foreign countries as required by 31 U.S.C. 5314 and the Department of the Treasury Regulations (31 CFR part 103). No report is required if the aggregate value of the accounts did ot exceed $10,000. The data is required because of its high degree of usefulness in criminal, tax, or regulatory investigations or proceedings, or in the conduct of intelligence or counterintelligence activities, including analysis, to protect against international terrorism. Current Actions: Revisions have been made to the form and the instructions. The ownership of the form is changed wtihin the Department of the Treasury to the Internal Revenue Service. Type of Review: Revision of a currently approved collection. Affected Public: United States persons including both legal entities and individuals who are citizens or residents of the United States. Estimated Number of Respondents: 282,000. Estimated Time per Respondent: 20 minutes. Estimated Total Annual Burden Hours: 94,000. 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 under 31 U.S.C. 5314 must be retained for a period of five years under 31 CFR 38(d). Generally information provided in this report shall be available to law enforcement for a purpose that is consistent with 31 U.S.C. 5311, however this report and records of reports are exempt from disclosure under 5 U.S.C. 552, the Freedom of Information Act. 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: VerDate Aug<31>2005 15:48 Mar 15, 2006 Jkt 208001 (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. Sandra Stolt, IRS SB/SE BSA Compliance Policy Program Manager. [FR Doc. 06–2541 Filed 3–15–06; 8:45 am] BILLING CODE 4830–01–M DEPARTMENT OF THE TREASURY Internal Revenue Service [INTL–485–89] 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 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, INTL–485–89 (TD 8400), Taxation of Gain or Loss from Certain Nonfunctional Currency Transactions (Section 988 Transactions) (Sections 1.988–0 through 1.988–5). DATES: Written comments should be received on or before May 15, 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, (202) 622– 6665, or at Internal Revenue Service, room 6516, 1111 Constitution Avenue, PO 00000 Frm 00110 Fmt 4703 Sfmt 4703 13675 NW., Washington, DC 20224, or through the Internet, at Allan.M.Hopkins@irs.gov. SUPPLEMENTARY INFORMATION: Title: Taxation of Gain or Loss from Certain Nonfunctional Currency Transactions (Section 988 Transactions). OMB Number: 1545–1131. Regulation Project Number: INTL– 485–89. Abstract: Internal Revenue Code sections 988(c)(1)(D) and (E) allow taxpayers to make elections concerning the taxation of exchange gain or loss on certain foreign currency denominated transactions. In addition, Code sections 988(a)(1)(B) and 988(d) require taxpayers to identify transactions which generate capital gain or loss or which are hedges of other transactions. This regulation provides guidance on making the elections and complying with the identification rules. Current Actions: There is no change to this existing regulation. Type of Review: Extension of a currently approved collection. Affected Public: Individuals or households and business or other forprofit organizations. Estimated Number of Respondents: 5,000 Estimated Time Per Respondent: 40 minutes Estimated Total Annual Burden Hours: 3,333. 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 E:\FR\FM\16MRN1.SGM 16MRN1 13676 Federal Register / Vol. 71, No. 51 / Thursday, March 16, 2006 / Notices 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 8, 2006. Glenn Kirkland, IRS Reports Clearance Officer. [FR Doc. E6–3769 Filed 3–15–06; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Form 4506–A 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 4506–A, Request for Public Inspection or Copy of Exempt Organization Tax Form. DATES: Written comments should be received on or before May 15, 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: Request for Public Inspection or Copy of Exempt Organization IRS Form. OMB Number: 1545–0495. Form Number: 4506–A. Abstract: Internal Revenue Code section 6104 states that if an organization described in section 501(c) or (d) is exempt from taxation under section 501(a) for any taxable year, the application for exemption is open for VerDate Aug<31>2005 15:48 Mar 15, 2006 Jkt 208001 public inspection. This includes all supporting documents, any letter or other documents issued by the IRS concerning the application, and certain annual returns of the organization. Form 4506–A is used to request public inspection or a copy of these documents. Current Actions: There are no changes being made to form at this time. Type of Review: Extension of a currently approved collection. Affected Public: Individuals or households, business or other for-profit organizations, not-for-profit institutions, farms, and Federal, state, local or tribal governments. Estimated Number of Responses: 20,000. Estimated Time per Response: 54 min. Estimated Total Annual Burden Hours: 18,000. 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 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 8, 2006. Glenn Kirkland, IRS Reports Clearance Officer. [FR Doc. E6–3770 Filed 3–15–06; 8:45 am] BILLING CODE 4830–01–P PO 00000 Frm 00111 Fmt 4703 Sfmt 4703 DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Forms 8288 and 8288-A 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 8288, U.S. Withholding Tax Return for Dispositions by Foreign Persons of U.S. Real Property Interests, and Form 8288– A, Statement of Withholding on Dispositions by Foreign Persons of U.S. Real Property Interests. DATES: Written comments should be received on or before May 15, 2006 to be assured of consideration. ADDRESSES: Direct all written comments to Glenn P. 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: U.S. Withholding Tax Return for Dispositions by Foreign Persons of U.S. Real Property Interests (Form 8288) and Statement of Withholding on Dispositions by Foreign Persons of U.S. Real Property Interests (Form 8288–A). OMB Number: 1545–0902. Form Number: 8288 and 8288–A. Abstract: Internal Revenue Code section 1445 requires transferees to withhold tax on the amount realized from sales or other dispositions by foreign persons of U.S. real property interests. Form 8288 is used to report and transmit the amount withheld to the IRS. Form 8288–A is used by the IRS to validate the withholding, and a copy is returned to the transferor for his or her use in filing a tax return. Current Actions: A check box was added to line 5 for large trust elections to withhold at distribution. E:\FR\FM\16MRN1.SGM 16MRN1

Agencies

[Federal Register Volume 71, Number 51 (Thursday, March 16, 2006)]
[Notices]
[Pages 13675-13676]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-3769]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[INTL-485-89]


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 an 
existing final regulation, INTL-485-89 (TD 8400), Taxation of Gain or 
Loss from Certain Nonfunctional Currency Transactions (Section 988 
Transactions) (Sections 1.988-0 through 1.988-5).

DATES: Written comments should be received on or before May 15, 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, (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: Taxation of Gain or Loss from Certain Nonfunctional Currency 
Transactions (Section 988 Transactions).
    OMB Number: 1545-1131.
    Regulation Project Number: INTL-485-89.
    Abstract: Internal Revenue Code sections 988(c)(1)(D) and (E) allow 
taxpayers to make elections concerning the taxation of exchange gain or 
loss on certain foreign currency denominated transactions. In addition, 
Code sections 988(a)(1)(B) and 988(d) require taxpayers to identify 
transactions which generate capital gain or loss or which are hedges of 
other transactions. This regulation provides guidance on making the 
elections and complying with the identification rules.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households and business or other 
for-profit organizations.
    Estimated Number of Respondents: 5,000
    Estimated Time Per Respondent: 40 minutes
    Estimated Total Annual Burden Hours: 3,333.
    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

[[Page 13676]]

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 8, 2006.
Glenn Kirkland,
IRS Reports Clearance Officer.
 [FR Doc. E6-3769 Filed 3-15-06; 8:45 am]
BILLING CODE 4830-01-P

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