Proposed Collection; Comment Request for Regulation Project, 7131 [E7-2488]

Agencies

• Internal Revenue Service
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 72, Number 30 (Wednesday, February 14, 2007)]
[Notices]
[Page 7131]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-2488]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[INTL-50-86]


Proposed Collection; Comment Request for Regulation Project

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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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-50-86 (TD 8110), Sanctions on Issuers 
and Holders of Registration-Required Obligations Not in Registered Form 
(Sec. Sec.  1.65-12 and 1.1287-1).

DATES: Written comments should be received on or before April 16, 2007 
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 Carolyn N. 
Brown, at (202) 622-6688, or at Internal Revenue Service, room 6516, 
1111 Constitution Avenue NW., Washington, DC 20224, or through the 
Internet, at Carolyn.N.Brown@irs.gov.

SUPPLEMENTARY INFORMATION:
    Title: Sanctions on Issuers and Holders of Registration-Required 
Obligations Not in Registered Form.
    OMB Number: 1545-0786.
    Regulation Project Number: INTL-50-86.
    Abstract: Sections 165(j) and 1287(a) of the Internal Revenue Code 
provide that persons holding registration-required obligations in 
bearer form are subject to certain penalties. These sections also 
provide that certain persons may be exempted from these penalties if 
they comply with reporting requirements with respect to ownership, 
transfers, and payments on the obligations. The reporting requirements 
in this regulation are necessary to ensure that persons holding 
registration-required obligations in bearer form properly report 
interest income and gain on disposition of the obligations.
    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 Responses: 750,000.
    Estimated Time Per Response: 3 minutes.
    Estimated Total Annual Burden Hours: 39,742.
    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 5, 2007.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E7-2488 Filed 2-13-07; 8:45 am]
BILLING CODE 4830-01-P