Proposed Collection; Comment Request For Regulation Project, 44767 [E6-12668]

Agencies

• DEPARTMENT OF THE TREASURY
• Internal Revenue Service

[Federal Register Volume 71, Number 151 (Monday, August 7, 2006)]
[Notices]
[Page 44767]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-12668]


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

DEPARTMENT OF THE TREASURY

 Internal Revenue Service

[FI-88-86]


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, FI-88-86 (TD 8458), Real Estate Mortgage 
Investment Conduits (Sec. Sec.  1.860E-2(a)(5), 1.860E-2(a)(7), and 
1.860E-2(b)(2)).

DATES: Written comments should be received on or before October 6, 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 information collection should be directed to R. Joseph 
Durbala, (202) 622-3634, at Internal Revenue Service, room 6516, 1111 
Constitution Avenue, NW., Washington, DC 20224, or through the internet 
at RJoseph.Durbala@irs.gov.

SUPPLEMENTARY INFORMATION:
    Title: Real Estate Mortgage Investment Conduits.
    OMB Number: 1545-1276.
    Regulation Project Number: FI-88-86.
    Abstract: Internal Revenue Code section 860E(e) imposes an excise 
tax on the transfer of a residual interest in a real estate mortgage 
investment conduit (REMIC) to a disqualified party. The amount of the 
tax is based on the present value of the remaining anticipated excess 
inclusions. This regulation requires the REMIC to furnish, on request 
of the party responsible for the tax, information sufficient to compute 
the present value of the anticipated excess inclusions. The regulation 
also provides that the tax will not be imposed if the record holder 
furnishes to the pass-thru or transferor an affidavit stating that the 
record holder is not a disqualified party.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of OMB approval.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 1,600.
    Estimated Time Per Respondent: 20 minutes.
    Estimated Total Annual Burden Hours: 525.
    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: July 17, 2006.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
 [FR Doc. E6-12668 Filed 8-4-06; 8:45 am]
BILLING CODE 4830-01-P