Proposed Collection; Comment Request for Regulation Project, 8403-8404 [E8-2590]

Download as PDF Federal Register / Vol. 73, No. 30 / Wednesday, February 13, 2008 / Notices rwilkins on PROD1PC63 with NOTICES dividends do influence stock prices, but only because these changes are ‘‘news’’ to which the market responds in valuing the stock; it is the ‘‘news,’’ not the dividend distribution itself, that drives the change in prices. Moreover, companies return profits to their shareholders in ways other than increasing dividends, including buying back shares. As a result, we no longer think that a simple dividend distribution model is an acceptable framework for valuing firms. Rather, broader measures of cash flow or shareholder returns should be incorporated. Third, the DCF model should be limited to those firms that pass the screening criteria we set forth in Railroad Cost of Capital—1984, 1 I.C.C.2d 989 (1985).5 Thus, while the general approach used in the Morningstar/Ibbotson multi-stage DCF model might prove satisfactory, we cannot consider the model as it applies to firms that do not meet our screening criteria. Fourth, we must be satisfied that any multi-stage DCF we might adopt would, when used in combination with the CAPM model, enhance the precision of the resulting cost-of-equity estimate. In other words, we must be persuaded that, over a sufficiently lengthy historical analysis period, the combination forecast would result in a lower variance than reliance on the CAPM approach alone. In addition to these four criteria, interested parties are invited to identify and address any other criteria the Board should consider in evaluating a multistage DCF. For example, parties to STB Ex Parte No. 664 indicated that atypically large capital investment by the railroads could affect the results of a DCF analysis. Parties should address this concern and show how a multistage DCF would account for such investments. Finally, all interested parties are invited to submit comments on an appropriate multi-stage DCF for use in the Board’s cost-of-equity determination. Parties should include any workpapers needed to demonstrate that their proposal combining CAPM influenced subsequent developments in the field of finance. See Sudipto Bhattacharya, Corporate Finance and the Legacy of Miller and Modigliani, 2 J. Econ. Perspectives 135–47 (1988). 5 Under those criteria, we include in the analysis only those Class I carriers that: (1) Had rail assets greater than 50% of their total assets; (2) had a debt rating of at least BBB (Standard & Poors) and Baa (Moody’s); (3) are listed on either the New York or American Stock Exchange; and (4) paid dividends throughout the year. A Class I railroad is one having annual carrier operating revenues of at least $250 million in 1991 dollars. 49 CFR 1201.1–1. VerDate Aug<31>2005 17:45 Feb 12, 2008 Jkt 214001 and DCF is more precise than the Board’s CAPM methodology alone. Comments and workpapers are due to the Board on April 14, 2008. If we are not ultimately persuaded that use of a particular multi-stage DCF model would improve the Board’s cost-of-equity calculation, we will terminate this proceeding. This action will not significantly affect either the quality of the human environment or the conservation of energy resources. Board decisions and notices are available on our Web site at https:// www.stb.dot.gov. Decided: February 7, 2008. By the Board, Chairman Nottingham, Vice Chairman Mulvey, and Commissioner Buttrey. Anne K. Quinlan, Acting Secretary. [FR Doc. E8–2707 Filed 2–12–08; 8:45 am] BILLING CODE 4915–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service [REG–209793–95 (TD 8697)] 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, REG–209793– 95 (TD 8697), Simplification of Entity Classification Rules (§ 301.7701–3). DATES: Written comments should be received on or before April 14, 2008 to be assured of consideration. ADDRESSES: Direct all written comments to Glenn P. Kirkland, Internal Revenue Service, room 6129, 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 6129, 1111 Constitution Avenue NW., Washington, DC 20224, or at (202) 622–3634, or PO 00000 Frm 00141 Fmt 4703 Sfmt 4703 8403 through the Internet at RJoseph.Durbala@irs.gov. SUPPLEMENTARY INFORMATION: Title: Simplification of Entity Classification Rules. OMB Number: 1545–1486. Regulation Project Number: REG– 209793–95 (TD 8697). Abstract: This regulation provides rules to allow certain unincorporated business organizations to elect to be treated as corporations or partnerships for federal tax purposes. The election is made by filing Form 8832, Entity Classification Election. The information collected on the election will be used to verify the classification of electing organizations. Current Actions: There is no change to this existing regulation. Type of Review: Extension of currently approved collection. Affected Public: Businesses or other for-profit organizations, and state, local or tribal governments. The burden for the collection of information in this regulation is reflected in the burden estimates of Form 8832. 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\13FEN1.SGM 13FEN1 8404 Federal Register / Vol. 73, No. 30 / Wednesday, February 13, 2008 / Notices Approved: February 6, 2008. Glenn Kirkland, IRS Reports Clearance Officer. [FR Doc. E8–2590 Filed 2–12–08; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service [REG–209673–93 (TD 8700)] Proposed Collection; Comment Request for Regulation Project 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 an existing final regulation, REG–209673– 93 (TD 8700), Mark to Market for Dealers in Securities (§§ 1.475(b)–4, and 1.475(c)–1). DATES: Written comments should be received on or before April 14, 2008 to be assured of consideration. ADDRESSES: Direct all written comments to Glenn P. Kirkland, Internal Revenue Service, room 6129, 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, (202) 622–3634, Internal Revenue Service, room 6129, 1111 Constitution Avenue, NW., Washington, DC 20224, or through the Internet at RJoseph.Durbala@irs.gov. SUPPLEMENTARY INFORMATION: Title: Mark to Market for Dealers in Securities. OMB Number: 1545–1496. Regulation Project Number: REG– 209673–93 (TD 8700). Abstract: Under section 1.475(b)–4, the information required to be recorded is required by the IRS to determine whether exemption from mark-tomarket treatment is properly claimed, and will be used to make that determination upon audit of taxpayers’ books and records. Also, under section 1.475(c)–1(a)(3)(iii), the information is necessary for the Service to determine whether a consolidated group has VerDate Aug<31>2005 17:45 Feb 12, 2008 Jkt 214001 elected to disregard inter-member transactions in determining a member’s status as a dealer in securities. 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: 3,400. Estimated Time Per Respondents: 52 minutes. Estimated Total Annual Burden Hours: 2,950. 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 6, 2008. Glenn P. Kirkland, IRS Reports Clearance Officer. [FR Doc. E8–2591 Filed 2–12–08; 8:45 am] BILLING CODE 4830–01–P PO 00000 Frm 00142 Fmt 4703 Sfmt 4703 DEPARTMENT OF THE TREASURY Internal Revenue Service [IA–5–92] 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 final regulation, IA–5–92 (TD 8537), Carryover of Passive Activity Losses and Credits and At-Risk Losses to Bankruptcy Estates of Individuals (§§ 1.1398–1 and 1.1398–2). DATES: Written comments should be received on or before April 14, 2008 to be assured of consideration. ADDRESSES: Direct all written comments to Glenn P. Kirkland, Internal Revenue Service, room 6129, 1111 Constitution Avenue, NW., Washington, DC 20224. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of this regulation should be directed to R. Joseph Durbala, (202) 622–3634, Internal Revenue Service, room 6129, 1111 Constitution Ave., NW., Washington, DC 20224, or through the Internet at RJoseph.Durbala@irs.gov. SUPPLEMENTARY INFORMATION: Title: Carryover of Passive Activity Losses and Credits and At Risk Losses to Bankruptcy Estates for Individuals. OMB Number: 1545–1375. Regulation Project Number: IA–54– 92. Abstract: These regulations provide rules for the carryover of a debtor’s passive activity loss and credit under section 469 and any ‘‘at risk’’ losses under section 465 to the bankruptcy estate. The regulations apply to cases under chapter 7 or chapter 11 of title 11 of the United States Code. Current Actions: There is no change to this existing regulation. Type of Review: Extension of a currently approved collection. Affected Public: Individuals or households. Estimated Number of Respondents: 500. E:\FR\FM\13FEN1.SGM 13FEN1

Agencies

[Federal Register Volume 73, Number 30 (Wednesday, February 13, 2008)]
[Notices]
[Pages 8403-8404]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-2590]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG-209793-95 (TD 8697)]


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, REG-209793-95 (TD 8697), Simplification of 
Entity Classification Rules (Sec.  301.7701-3).

DATES: Written comments should be received on or before April 14, 2008 
to be assured of consideration.

ADDRESSES: Direct all written comments to Glenn P. Kirkland, Internal 
Revenue Service, room 6129, 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 6129, 1111 Constitution Avenue NW., 
Washington, DC 20224, or at (202) 622-3634, or through the Internet at 
RJoseph.Durbala@irs.gov.

SUPPLEMENTARY INFORMATION: 
    Title: Simplification of Entity Classification Rules.
    OMB Number: 1545-1486.
    Regulation Project Number: REG-209793-95 (TD 8697).
    Abstract: This regulation provides rules to allow certain 
unincorporated business organizations to elect to be treated as 
corporations or partnerships for federal tax purposes. The election is 
made by filing Form 8832, Entity Classification Election. The 
information collected on the election will be used to verify the 
classification of electing organizations.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of currently approved collection.
    Affected Public: Businesses or other for-profit organizations, and 
state, local or tribal governments.
    The burden for the collection of information in this regulation is 
reflected in the burden estimates of Form 8832.
    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 8404]]


    Approved: February 6, 2008.
Glenn Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E8-2590 Filed 2-12-08; 8:45 am]
BILLING CODE 4830-01-P

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.