Proposed Collection; Comment Request for Regulation Project, 48732 [E7-16719]
Download as PDF
<![CDATA[
48732
Federal Register / Vol. 72, No. 164 / Friday, August 24, 2007 / Notices
DEPARTMENT OF THE TREASURY
Internal Revenue Service
[REG–209545–92]
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 notice of proposed rulemaking
REG–209545–92, Earnings and Profits of
Foreign Corporations (1.964–1(c)(1)(v)).
DATES: Written comments should be
received on or before October 23, 2007
to be assured of consideration.
ADDRESSES: Direct all written comments
to David C. Brown, Internal Revenue
Service, room 6129, 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 6129, 1111 Constitution
Avenue, NW., Washington, DC 20224,
or through the internet, at
Allan.M.Hopkins@irs.gov.
yshivers on PROD1PC66 with NOTICES
SUPPLEMENTARY INFORMATION:
Title: Earnings and Profits of Foreign
Corporations.
OMB Number: 1545–1318.
Regulation Project Number: REG–
209545–92 (formerly INTL–18–92).
Abstract: This regulation modifies the
computation of earnings and profits of
foreign corporations by allowing them
to account for inventory costs using
capitalization methods used for
financial accounting purposes rather
than the uniform capitalization rules
required by Internal Revenue Code
section 263A. The regulation also
permits reliance on financial accounting
conventions in computing depreciation
for foreign corporations deriving less
than 20 percent of gross income from
U.S. sources and maintaining assets
with financial book bases not materially
different from tax bases. Use of
simplified rules may result in an
accounting method change, which
would ordinarily require the filing of
VerDate Aug<31>2005
14:35 Aug 23, 2007
Jkt 211001
Form 3115, Application for Change in
Accounting Method. However, the
regulation waives any Form 3115 filing
requirements if certain conditions are
met.
Current Actions: There are no changes
to this existing regulation.
Type of Review: Extension of a
currently approved collection.
Affected Public: Business or other forprofit organizations.
The burden for the collection of
information is reflected in the burden
for Form 3115, Application for Change
in Accounting Method.
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: August 16, 2007
David C. Brown,
IRS Reports Clearance Officer.
[FR Doc. E7–16719 Filed 8–23–07; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
[INTL–399–88]
Proposed Collection; Comment
Request for Regulation Project
Internal Revenue Service (IRS),
Treasury.
AGENCY:
PO 00000
Frm 00124
Fmt 4703
Sfmt 4703
Notice and request for
comments.
ACTION:
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–399–88
(TD 8434), Treatment of Dual
Consolidated Losses (1.1503–2).
DATES: Written comments should be
received on or before October 23, 2007,
to be assured of consideration.
ADDRESSES: Direct all written comments
to David C. Brown, Internal Revenue
Service, room 6129, 1111 Constitution
Avenue, NW., Washington, DC 20224.
FOR FURTHER INFORMATION CONTACT:
Requests for copies of the regulations
should be directed to Allan Hopkins at
Internal Revenue Service, room 6129,
1111 Constitution Avenue, NW.,
Washington, DC 20224, or at (202) 622–
6665, or through the Internet at
Allan.M.Hopkins@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Treatment of Dual Consolidated
Losses.
OMB Number: 1545–1083. Regulation
Project Number: INTL–399–88.
Abstract: Internal Revenue Code
section 1503(d) denies use of the losses
of one domestic corporation by another
affiliated domestic corporation where
the loss corporation is also subject to the
income tax of another country. This
regulation allows an affiliate to make
use of the loss if the loss has not been
used in the foreign country and if an
agreement is attached to the income tax
return of the dual resident corporation
or group, to take the loss into income
upon future use of the loss in the foreign
country. The regulation also requires
separate accounting for a dual
consolidated loss where the dual
resident corporation files a consolidated
return.
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 Respondents:
500.
Estimated Time Per Respondent: 3
hrs., 14 minutes.
Estimated Total Annual Burden
Hours: 1,620 minutes.
E:\FR\FM\24AUN1.SGM
24AUN1
]]>Agencies
[Federal Register Volume 72, Number 164 (Friday, August 24, 2007)]
[Notices]
[Page 48732]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-16719]
[[Page 48732]]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
[REG-209545-92]
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 notice of proposed rulemaking REG-209545-92, Earnings and
Profits of Foreign Corporations (1.964-1(c)(1)(v)).
DATES: Written comments should be received on or before October 23,
2007 to be assured of consideration.
ADDRESSES: Direct all written comments to David C. Brown, Internal
Revenue Service, room 6129, 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 6129, 1111 Constitution Avenue, NW., Washington,
DC 20224, or through the internet, at Allan.M.Hopkins@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Earnings and Profits of Foreign Corporations.
OMB Number: 1545-1318.
Regulation Project Number: REG-209545-92 (formerly INTL-18-92).
Abstract: This regulation modifies the computation of earnings and
profits of foreign corporations by allowing them to account for
inventory costs using capitalization methods used for financial
accounting purposes rather than the uniform capitalization rules
required by Internal Revenue Code section 263A. The regulation also
permits reliance on financial accounting conventions in computing
depreciation for foreign corporations deriving less than 20 percent of
gross income from U.S. sources and maintaining assets with financial
book bases not materially different from tax bases. Use of simplified
rules may result in an accounting method change, which would ordinarily
require the filing of Form 3115, Application for Change in Accounting
Method. However, the regulation waives any Form 3115 filing
requirements if certain conditions are met.
Current Actions: There are no changes to this existing regulation.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations.
The burden for the collection of information is reflected in the
burden for Form 3115, Application for Change in Accounting Method.
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: August 16, 2007
David C. Brown,
IRS Reports Clearance Officer.
[FR Doc. E7-16719 Filed 8-23-07; 8:45 am]
BILLING CODE 4830-01-P
