Proposed Collection; Comment Request for Regulation Project, 16420 [E6-4680]
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Federal Register / Vol. 71, No. 62 / Friday, March 31, 2006 / Notices
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 21, 2006.
Glenn Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E6–4679 Filed 3–30–06; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
[REG–208172–91]
Proposed Collection; Comment
Request for Regulation Project
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice and request for
comments.
dsatterwhite on PROD1PC76 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 an
existing final regulation, REG–208172–
91 [TD 8787], Basis Reduction Due to
Discharge of Indebtedness, (§§ 1.108–
4,and 1.1017–1).
DATES: Written comments should be
received on or before May 30, 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
regulations 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: Basis Reduction Due to
Discharge of Indebtedness.
OMB Number: 1545–1539.
Regulation Project Number: REG–
208172–91.
Abstract: This regulation provides
ordering rules for the reduction of bases
of property under Internal Revenue
Code sections 108 and 1017. The
regulation affects taxpayers that exclude
VerDate Aug<31>2005
16:35 Mar 30, 2006
Jkt 208001
discharge of indebtedness from gross
income under Code section 108. The
collection of information is required for
a taxpayer to elect to reduce the
adjusted bases of depreciable property
under section 108(b)(5), to elect to treat
section 1221(l) real property as either
depreciable property or depreciable real
property, and to account for a
partnership interest as either
depreciable property or depreciable real
property.
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 Responses:
10,000.
Estimated Time Per Response: 1 hour.
Estimated Total Annual Burden
Hours: 10,000.
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 22, 2006.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E6–4680 Filed 3–30–06; 8:45 am]
BILLING CODE 4830–01–P
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Credit for Renewable Electricity
Production and Refined Coal
Production, Publication of Inflation
Adjustment Factor and Reference
Prices for Calendar Year 2006
Internal Revenue Service (IRS),
Treasury.
ACTION: Publication of inflation
adjustment factor and reference prices
for calendar year 2006 as required by
section 45(e)(2)(A) (26 U.S.C.
45(e)(2)(A)) and section 45(e)(8)(C) (26
U.S.C. 45(e)(8)(C)).
AGENCY:
SUMMARY: The 2006 inflation adjustment
factor and reference prices are used in
determining the availability of the credit
for renewable electricity production and
refined coal production under section
45.
DATES: The 2006 inflation adjustment
factor and reference prices apply to
calendar year 2006 sales of kilowatt
hours of electricity produced in the
United States or a possession thereof
from qualified energy resources, and to
2006 sales of refined coal produced in
the United States or a possession
thereof.
Inflation Adjustment Factor: The
inflation adjustment factor for calendar
year 2006 is 1.2981.
Reference Prices: The reference price
for calendar year 2006 for facilities
producing electricity from wind is 2.89
cents per kilowatt hour. The reference
prices for fuel used as feedstock within
the meaning of section 45(c)(7)(A)
(relating to refined coal production) are
$31.90 per ton for calendar year 2002
and $42.78 per ton for calendar year
2006. The reference prices for facilities
producing electricity from closed-loop
biomass, open-loop biomass, geothermal
energy, solar energy, small irrigation
power, municipal solid waste, and
qualified hydropower production have
not been determined for calendar year
2006. The IRS is exploring methods of
determining those reference prices for
calendar year 2007.
Because the 2006 reference price for
electricity produced from wind does not
exceed 8 cents multiplied by the
inflation adjustment factor, the phaseout
of the credit provided in section 45(b)(1)
does not apply to such electricity sold
during calendar year 2006. Because the
2006 reference price of fuel used as
feedstock for refined coal does not
exceed the $31.90 reference price of
such fuel in 2002 multiplied by the
inflation adjustment factor and 1.7, the
phaseout of credit provided in section
E:\FR\FM\31MRN1.SGM
31MRN1
]]>Agencies
[Federal Register Volume 71, Number 62 (Friday, March 31, 2006)]
[Notices]
[Page 16420]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-4680]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
[REG-208172-91]
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-208172-91 [TD 8787], Basis Reduction Due
to Discharge of Indebtedness, (Sec. Sec. 1.108-4,and 1.1017-1).
DATES: Written comments should be received on or before May 30, 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
regulations 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: Basis Reduction Due to Discharge of Indebtedness.
OMB Number: 1545-1539.
Regulation Project Number: REG-208172-91.
Abstract: This regulation provides ordering rules for the reduction
of bases of property under Internal Revenue Code sections 108 and 1017.
The regulation affects taxpayers that exclude discharge of indebtedness
from gross income under Code section 108. The collection of information
is required for a taxpayer to elect to reduce the adjusted bases of
depreciable property under section 108(b)(5), to elect to treat section
1221(l) real property as either depreciable property or depreciable
real property, and to account for a partnership interest as either
depreciable property or depreciable real property.
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 Responses: 10,000.
Estimated Time Per Response: 1 hour.
Estimated Total Annual Burden Hours: 10,000.
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 22, 2006.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E6-4680 Filed 3-30-06; 8:45 am]
BILLING CODE 4830-01-P
