Proposed Collection; Comment Request for Regulation Project, 30918 [E7-10651]

Agencies

• Internal Revenue Service
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 72, Number 106 (Monday, June 4, 2007)]
[Notices]
[Page 30918]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-10651]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG-128767-04 (Final)]


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 
Final Regulation REG-128767-04, Treatment of Disregarded Entities Under 
Section 752.

DATES: Written comments should be received on or before August 3, 2007 
to be assured of consideration.

ADDRESSES: Direct all written comments to Glenn Kirkland, Internal 
Revenue Service, room 6516, 1111 Constitution Avenue, NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for copies of the regulation 
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: Treatment of Disregarded Entities Under Section 752.
    OMB Number: 1545-1905.
    Regulation Project Number: REG-128767-04.
    Abstract: Generally, the regulation recognizes that only the assets 
of a disregarded entity that limits its member's liability are 
available to satisfy creditors' claims under local law. The regulation 
provides rules under section 752 for taking into account the net value 
of a disregarded entity owned by a partner or related person for 
purposes of allocating partnership liabilities. Specifically, it 
provides that in determining the extent to which a partner bears the 
economic risk of loss for a partnership liability, payment obligations 
of a disregarded entity are taken into account only to the extent of 
the net value of the disregarded entity.
    Current Actions: There are no changes to these existing 
regulations.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, 
individuals or households and not-for-profit institutions.
    Estimated Number of Respondents: 1,500.
    Estimated Time Per Respondent: 2 hours.
    Estimated Total Annual Burden Hours: 3,000.
    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: May 22, 2007.
Glenn Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E7-10651 Filed 6-1-07; 8:45 am]
BILLING CODE 4830-01-P