Proposed Collection; Comment Request for Regulation Project, 14581-14582 [E6-4111]

Download as PDF Federal Register / Vol. 71, No. 55 / Wednesday, March 22, 2006 / Notices or start-up costs and costs of operation, maintenance, and purchase of services to provide information. Approved: March 14, 2006. Glenn Kirkland, IRS Reports Clearance Office. [FR Doc. E6–4109 Filed 3–21–06; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service [REG–130477–00, REG–130481–00] 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, REG–130477– 00; REG–130481–00 (TD 8987), Required Distributions From Retirement Plans (§ 1.403(b)–3). DATES: Written comments should be received on or before May 22, 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 regulations 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. cprice-sewell on PROD1PC70 with NOTICES SUPPLEMENTARY INFORMATION: Title: Required Distributions From Retirement Plans. OMB Number: 1545–0996. Regulation Project Number: REG– 130477–00; REG–130481–00. Abstract: These regulations relate to the required minimum distributions from qualified plans, individual retirement plans, deferred compensation plans under section 457, and section 403(b) annuity contracts, custodial VerDate Aug<31>2005 14:47 Mar 21, 2006 Jkt 208001 accounts, and retirement income accounts. Current Actions: There is no change to these existing regulations. Type of Review: Extension of currently approved collection. Affected Public: Business or other forprofit institutions, and state, local, or tribal governments. Estimated Number of Respondents: 8,400. Estimated Time Per Respondent: 1 hour. Estimated Total Annual Burden Hours: 8,400. 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 10, 2006. Glenn Kirkland, IRS Reports Clearance Officer. [FR Doc. E6–4110 Filed 3–21–06; 8:45 am] BILLING CODE 4830–01–P PO 00000 Frm 00089 Fmt 4703 Sfmt 4703 14581 DEPARTMENT OF THE TREASURY Internal Revenue Service [REG–107047–00] 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, REG–107047– 00 (TD 8985), Hedging Transactions (§ 1.1221–2). DATES: Written comments should be received on or before May 22, 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 regulation 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. SUPPLEMENTARY INFORMATION: Title: Hedging Transactions. OMB Number: 1545–1480. Regulation Project Number: REG– 107047–00. Abstract: This regulation deals with the character and timing of gain or loss from certain hedging transactions entered into by members of a consolidated group of corporations. The regulation applies when one member of the group hedges its own risk, hedges the risk of another member, or enters into a risk-shifting transaction with another member. Also, this regulation clarifies the character of gain or loss from the sale or exchange of property that is a part of a business hedge. A taxpayer must identify the hedging transaction on its book and records before the close of the day on which the taxpayer enters into it and must also identify the item, items, or aggregate risk being hedged. The information will E:\FR\FM\22MRN1.SGM 22MRN1 14582 Federal Register / Vol. 71, No. 55 / Wednesday, March 22, 2006 / Notices be used to verify that a taxpayer is properly reporting its business hedging transactions. Current Actions: There is no change to this existing regulation. Type of Review: Extension of a currently approved collection. Affected Public: Business or other forprofit organizations. Estimated Number of Respondents: 127,100. Estimated Time Per Respondent: 1 hour, 20 minutes. Estimated Total Annual Burden Hours: 171,050. 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 cprice-sewell on PROD1PC70 with NOTICES 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 10, 2006. Glenn P. Kirkland, IRS Reports Clearance Officer. [FR Doc. E6–4111 Filed 3–21–06; 8:45 am] BILLING CODE 4830–01–P VerDate Aug<31>2005 14:47 Mar 21, 2006 Jkt 208001 DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Revenue Procedure 2003– 33 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 Revenue Procedure 2003–33, Section 9100 Relief for 338 Elections. DATES: Written comments should be received on or before May 22, 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 regulations 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. SUPPLEMENTARY INFORMATION: Title: Section 9100 Relief for 338 Elections. OMB Number: 1545–1820. Revenue Procedure Number: Revenue Procedure 2003–33. Abstract: Revenue Procedure 2003–33 provides qualifying taxpayers with an extension of time pursuant to § 301.9100–3 of the Procedure and Administration Regulations to file an election described in § 338(a) or § 338(h)(10) of the Internal Revenue Code to treat the purchase of the stock of a corporation as an asset acquisition. Current Actions: There are no changes being made to the revenue procedure at this time. Type of Review: Extension of a currently approved collection. Affected Public: Business or other forprofit organizations, and individuals or households. Estimated Number of Respondents: 60. PO 00000 Frm 00090 Fmt 4703 Sfmt 4703 Estimated Average Time Per Respondent: 5 hours. Estimated Total Annual Reporting Burden: 300. The following paragraph applies to all 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 10, 2006. Glenn Kirkland, IRS Reports Clearance Officer. [FR Doc. E6–4112 Filed 3–21–06; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Open Meeting of the Area 3 Taxpayer Advocacy Panel (Including the States of Florida, Georgia, Alabama, Mississippi, Louisiana, Arkansas, and Puerto Rico) Internal Revenue Service (IRS), Treasury. ACTION: Notice. AGENCY: SUMMARY: An open meeting of the Area 3 Taxpayer Advocacy Panel will be conducted (via teleconference). E:\FR\FM\22MRN1.SGM 22MRN1

Agencies

[Federal Register Volume 71, Number 55 (Wednesday, March 22, 2006)]
[NOT]
[Pages 14581-14582]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-4111]


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

DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG-107047-00]


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, REG-107047-00 (TD 8985), Hedging 
Transactions (Sec.  1.1221-2).

DATES: Written comments should be received on or before May 22, 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 regulation 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.

SUPPLEMENTARY INFORMATION:
    Title: Hedging Transactions.
    OMB Number: 1545-1480.
    Regulation Project Number: REG-107047-00.
    Abstract: This regulation deals with the character and timing of 
gain or loss from certain hedging transactions entered into by members 
of a consolidated group of corporations. The regulation applies when 
one member of the group hedges its own risk, hedges the risk of another 
member, or enters into a risk-shifting transaction with another member. 
Also, this regulation clarifies the character of gain or loss from the 
sale or exchange of property that is a part of a business hedge. A 
taxpayer must identify the hedging transaction on its book and records 
before the close of the day on which the taxpayer enters into it and 
must also identify the item, items, or aggregate risk being hedged. The 
information will

[[Page 14582]]

be used to verify that a taxpayer is properly reporting its business 
hedging transactions.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 127,100.
    Estimated Time Per Respondent: 1 hour, 20 minutes.
    Estimated Total Annual Burden Hours: 171,050.
    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 10, 2006.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E6-4111 Filed 3-21-06; 8:45 am]
BILLING CODE 4830-01-P

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.