Proposed Collection; Comment Request for Revenue Procedure 2004-19, 8060 [E7-2924]

Download as PDF 8060 Federal Register / Vol. 72, No. 35 / Thursday, February 22, 2007 / Notices 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 12, 2007. Glenn Kirkland, IRS Reports Clearance Officer. [FR Doc. E7–2922 Filed 2–21–07; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Revenue Procedure 2004– 19 Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. rwilkins on PROD1PC63 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 Revenue Procedure 2004–19, Probable or Prospective Reserves Safe Harbor. DATES: Written comments should be received on or before April 23, 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 revenue procedure should be directed to R. Joseph Durbala at Internal Revenue Service, room 6516, 1111 Constitution Avenue NW., Washington, DC 20224, or at (202) 622– 3634, or through the internet at RJoseph.Durbala@irs.gov. SUPPLEMENTARY INFORMATION: Title: Probable or Prospective Reserves Safe Harbor. VerDate Aug<31>2005 14:11 Feb 21, 2007 Jkt 211001 OMB Number: 1545–1861. Revenue Procedure Number: Revenue Procedure 2004–19. Abstract: Revenue Procedure 2004–19 requires a taxpayer to file an election statement with the Service if the taxpayer wants to use the safe harbor to estimate the taxpayers’ oil and gas properties’ probable or prospective reserves for purposes of computing cost depletion under § 611 of the Internal Revenue Code. 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. Estimated Number of Respondents: 100. Estimated Annual Average Time Per Respondent: 30 minutes. Estimated Total Annual Hours: 50. 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 9, 2007. Glenn P. Kirkland, IRS Reports Clearance Officer. [FR Doc. E7–2924 Filed 2–21–07; 8:45 am] BILLING CODE 4830–01–P PO 00000 Frm 00110 Fmt 4703 Sfmt 4703 DEPARTMENT OF THE TREASURY Internal Revenue Service [INT–362–88] 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–362–88 (TD 8618), Definition of a Controlled Foreign Corporation, Foreign Base Company Income and Foreign Personal Holding Company Income of a Controlled Foreign Corporation (§§ 1.954–1 and 1.954–2). DATES: Written comments should be received on or before April 23, 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 regulations should be directed to R. Joseph Durbala at Internal Revenue Service, room 6516, 1111 Constitution Avenue, NW., Washington, DC 20224, or at (202) 622–3634, or through the internet at RJoseph.Durbala@irs.gov. Title: Definition of a Controlled Foreign Corporation, Foreign Base Company Income and Foreign Personal Holding Company Income of a Controlled Foreign Corporation. OMB Number: 1545–1068. Regulation Project Number: INTL– 362–88. Abstract: A U.S. shareholder of a controlled foreign corporation is subject to current U.S. taxation on the subpart F income of the foreign corporation, which consists of several categories of income. The election and recordkeeping requirements in the regulation are necessary to exclude certain high-taxed or active business income from subpart F income or to include certain income in the appropriate category of subpart F SUPPLEMENTARY INFORMATION: E:\FR\FM\22FEN1.SGM 22FEN1

Agencies

[Federal Register Volume 72, Number 35 (Thursday, February 22, 2007)]
[Notices]
[Page 8060]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-2924]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Revenue Procedure 2004-
19

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 
Revenue Procedure 2004-19, Probable or Prospective Reserves Safe 
Harbor.

DATES: Written comments should be received on or before April 23, 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 revenue procedure should be directed to R. Joseph Durbala 
at Internal Revenue Service, room 6516, 1111 Constitution Avenue NW., 
Washington, DC 20224, or at (202) 622-3634, or through the internet at 
RJoseph.Durbala@irs.gov.

SUPPLEMENTARY INFORMATION:
    Title: Probable or Prospective Reserves Safe Harbor.
    OMB Number: 1545-1861.
    Revenue Procedure Number: Revenue Procedure 2004-19.
    Abstract: Revenue Procedure 2004-19 requires a taxpayer to file an 
election statement with the Service if the taxpayer wants to use the 
safe harbor to estimate the taxpayers' oil and gas properties' probable 
or prospective reserves for purposes of computing cost depletion under 
Sec.  611 of the Internal Revenue Code.
    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 for-profit organizations.
    Estimated Number of Respondents: 100.
    Estimated Annual Average Time Per Respondent: 30 minutes.
    Estimated Total Annual Hours: 50.
    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 9, 2007.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E7-2924 Filed 2-21-07; 8:45 am]
BILLING CODE 4830-01-P
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