Agency information collection activities; proposals, submissions, and approvals , 34356-34357 [E7-11974]

Agencies

• Internal Revenue Service

[Federal Register: June 21, 2007 (Volume 72, Number 119)]
[Notices]
[Page 34356-34357]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr21jn07-87]

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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG-149519-03]


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 regulation of proposed rulemaking, REG-149519-03, Section 707
Regarding Disguised Sales, Generally.

DATES: Written comments should be received on or before August 20, 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 regulations 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: Section 707 Regarding Disguised Sales, Generally.
    OMB Number: 1545-1909.
    Regulation Project Number: REG-149519-03.
    Abstract: Section 707(a)(2) provides, in part, that if there is a
transfer of money or property by a partner to a partnership and a
related transfer of money or property by the partnership to another
partner, the transfers will be treated as a disguised sale of a
partnership interest between the partners. The regulations provide
rules relating to disguised sales of partnership interests and require
that the partners or the partnership disclose the transfers and certain
assumptions of liabilities, with certain attendant facts, in some
situations.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 22,500.
    Estimated Time Per Respondent: 2 hour.
    Estimate Total Annual Burden Hours: 7,500.
    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

[[Page 34357]]

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: June 11, 2007.
Allan Hopkins,
IRS Reports Clearance Officer.
[FR Doc. E7-11974 Filed 6-20-07; 8:45 am]

BILLING CODE 4830-01-P