Proposed Collection; Comment Request for Regulation Project, 8065-8066 [E7-2938]

Download as PDF Federal Register / Vol. 72, No. 35 / Thursday, February 22, 2007 / Notices rwilkins on PROD1PC63 with NOTICES FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the form and instructions 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: Exempt Organization Declaration and Signature for Electronic Filing. OMB Number: 1545–1879. Form Number: 8453–EO. Abstract: Form 8453–EO is used to enable the electronic filing of Forms 990, 990–EZ, or 1120–POL. Current Actions: There are no changes being made to the form at this time. Type of Review: Extension of a currently approved collection. Affected Public: Not-for-profit institutions. Estimated Number of Respondents: 200. Estimated Time Per Respondent: 5 hours, 14 minutes. Estimated Total Annual Burden Hours: 1,046. 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. VerDate Aug<31>2005 14:11 Feb 21, 2007 Jkt 211001 Approved: February 8, 2007. Glenn Kirkland, IRS Reports Clearance Office. [FR Doc. E7–2936 Filed 2–21–07; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service [INTL–955–86] 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–955–86 (TD 8350), Requirements for Investments to Qualify Under Section 936(d)(4) As Investments in Qualified Carribean Basin Countries (§ 1.936– 10(c)). 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 regulation 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 R.Joseph.Durbala@irs.gov. SUPPLEMENTARY INFORMATION: Title: Requirements for Investments to Qualify Under Section 936(d)(4) As Investments in Qualified Carribean Basin Countries. OMB Number: 1545–1138. Regulation Project Number: INTL– 955–86. Abstract: This regulation relates to the requirements that must be met for an investment to qualify under Internal Revenue code section 936(d)(4) as an investment in qualified Caribbean Basin countries. Income that is qualified PO 00000 Frm 00115 Fmt 4703 Sfmt 4703 8065 possession source investment income is entitled to a quasi-tax exemption by reason of the U.S. possessions tax credit under Code section 936(a) and substantial tax exemptions in Puerto Rico. Code section 936(d)(4)(C) places certification requirements on the recipient of the investment and the qualified financial institution; and recordkeeping requirements on the financial institution and the recipient of the investment funds to enable the IRS to verify that the investment funds are being used properly and in accordance with the Caribbean Basin Economic Recovery Act. 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 Recordkeepers: 50. Estimated Time Per Recordkeeper: 30 hours. Estimated Total Annual Recordkeeping Hours: 1,500. 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. E:\FR\FM\22FEN1.SGM 22FEN1 8066 Federal Register / Vol. 72, No. 35 / Thursday, February 22, 2007 / Notices Approved: February 9, 2007. Glenn P. Kirkland, IRS Reports Clearance Officer. [FR Doc. E7–2938 Filed 2–21–07; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Form 8873 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 Form 8873, Extraterritorial Income Exclusion. DATES: Written comments should be received on or before April 23, 2007 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 form and instructions 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. rwilkins on PROD1PC63 with NOTICES SUPPLEMENTARY INFORMATION: Title: Extraterritorial Income Exclusion. OMB Number: 1545–1722. Form Number: 8873. Abstract: The FSC and Extraterritorial Income Exclusion Act of 2000 added section 114 to the Internal Revenue Code. Section 114 provides for an exclusion from gross income for certain transactions occurring after September 30, 2000, with respect to foreign trading gross receipts. Form 8873 is used to compute the amount of extraterritorial income excluded from gross income for the tax year. Current Actions: There are no changes being made to the form at this time. Type of Review: Extension of a currently approved collection. VerDate Aug<31>2005 14:11 Feb 21, 2007 Jkt 211001 Affected Public: Business or other forprofit organizations and individuals. Estimated Number of Respondents: 750,000. Estimated Time Per Respondent: 25 hours, 27 minutes. Estimated Total Annual Burden Hours: 19,087,500. 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 8, 2007. Glenn Kirkland, IRS Reports Clearance Officer. [FR Doc. E7–2940 Filed 2–21–07; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Form 1128 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 PO 00000 Frm 00116 Fmt 4703 Sfmt 4703 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 Form 1128, Application to Adopt, Change, or Retain a Tax Year. 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 form and instructions 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: Application to Adopt, Change, or Retain a Tax Year. OMB Number: 1545–0134. Form Number: 1128. Abstract: Section 442 of the Internal Revenue Code requires that a change in a taxpayer’s annual accounting period be approved by the Secretary. Under regulation section 1.442–1(b), a taxpayer must file Form 1128 to secure prior approval unless the taxpayer can automatically make the change. The IRS uses the information on the form to determine whether the application should be approved. Current Actions: There are no changes being made to the form at this time. Type of Review: Extension of a currently approved collection. Affected Public: Business or other forprofit organizations, Individuals, Notfor-profit institutions, and Farms. Estimated Number of Respondents: 9,788. Estimated Time per Respondent: 23 hours, 31 minutes. Estimated Total Annual Burden Hours: 230,119. 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 E:\FR\FM\22FEN1.SGM 22FEN1

Agencies

[Federal Register Volume 72, Number 35 (Thursday, February 22, 2007)]
[Notices]
[Pages 8065-8066]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-2938]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[INTL-955-86]


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, INTL-955-86 (TD 8350), Requirements for 
Investments to Qualify Under Section 936(d)(4) As Investments in 
Qualified Carribean Basin Countries (Sec.  1.936-10(c)).

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 regulation 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 
R.Joseph.Durbala@irs.gov.

SUPPLEMENTARY INFORMATION:
    Title: Requirements for Investments to Qualify Under Section 
936(d)(4) As Investments in Qualified Carribean Basin Countries.
    OMB Number: 1545-1138.
    Regulation Project Number: INTL-955-86.
    Abstract: This regulation relates to the requirements that must be 
met for an investment to qualify under Internal Revenue code section 
936(d)(4) as an investment in qualified Caribbean Basin countries. 
Income that is qualified possession source investment income is 
entitled to a quasi-tax exemption by reason of the U.S. possessions tax 
credit under Code section 936(a) and substantial tax exemptions in 
Puerto Rico. Code section 936(d)(4)(C) places certification 
requirements on the recipient of the investment and the qualified 
financial institution; and recordkeeping requirements on the financial 
institution and the recipient of the investment funds to enable the IRS 
to verify that the investment funds are being used properly and in 
accordance with the Caribbean Basin Economic Recovery Act.
    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 Recordkeepers: 50.
    Estimated Time Per Recordkeeper: 30 hours.
    Estimated Total Annual Recordkeeping Hours: 1,500.
    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.


[[Page 8066]]


    Approved: February 9, 2007.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
 [FR Doc. E7-2938 Filed 2-21-07; 8:45 am]
BILLING CODE 4830-01-P

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