Proposed Collection; Comment Request for Revenue Procedure 99-32, 55212 [E8-22392]

Download as PDF jlentini on PROD1PC65 with NOTICES 55212 Federal Register / Vol. 73, No. 186 / Wednesday, September 24, 2008 / Notices Income of Certain Controlled Corporations under Section 954(j). OMB Number: 1545–1799. Notice Number: Notice 2002–69. Abstract: Notice 2002–69 allows U.S. shareholders of a foreign insurance company to use the foreign insurance company’s historical loss payment patterns in computing the company’s insurance reserves provided the company has a certain number of years of data and makes an election to use that data. A domestic insurance company can elect to use its own historical data in computing its reserves provided certain requirements are satisfied and an election is made. This notice allows a foreign insurance company to elect to calculate its insurance reserves in a manner similar to a domestic insurance company. Also, this notice provides guidance on how to determine a foreign insurance company’s foreign loss payment patterns. Current Actions: There are no changes being made to the notice at this time. Type of Review: Extension of currently approved collection. Affected Public: Business or other forprofit organizations. Estimated Number of Respondents: 300. Estimated Time per Respondent: 1 hour. Estimated Total Annual Burden Hours: 300. 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 VerDate Aug<31>2005 17:26 Sep 23, 2008 Jkt 214001 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: September 16, 2008. Glenn Kirkland, IRS Reports Clearance Officer. [FR Doc. E8–22390 Filed 9–23–08; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Revenue Procedure 99–32 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 Revenue Procedure 99–32, Conforming Adjustments Subsequent to Section 482 Allocations. DATES: Written comments should be received on or before November 24, 2008 to be assured of consideration. ADDRESSES: Direct all written comments to Glenn 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 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: Conforming Adjustments Subsequent to Section 482 Allocations. OMB Number: 1545–1657. Revenue Procedure Number: Revenue Procedure 99–32. Abstract: Revenue Procedure 99–32 provides guidance for conforming a taxpayer’s accounts to reflect a primary adjustment under Internal Revenue Code section 482. The revenue procedure prescribes the applicable PO 00000 Frm 00192 Fmt 4703 Sfmt 4703 procedures for the repatriation of cash by a United States taxpayer via an interest-bearing account receivable or payable in an amount corresponding to the amount allocated under Code section 482 from, or to, a related person with respect to a controlled transaction. Current Actions: There are no changes being made to the revenue procedure at this time. Type of Review: Extension of a currently approved collection. Affected Public: Business or other forprofit organizations. Estimated Number of Respondents: 180 Estimated Time per Respondent: 9 hours. Estimated Total Annual Burden Hours: 1,620. The following paragraph applies to all 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: September 12, 2008. Glenn Kirkland, IRS Reports Clearance Officer. [FR Doc. E8–22392 Filed 9–23–08; 8:45 am] BILLING CODE 4830–01–P E:\FR\FM\24SEN1.SGM 24SEN1

Agencies

[Federal Register Volume 73, Number 186 (Wednesday, September 24, 2008)]
[Notices]
[Page 55212]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-22392]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Revenue Procedure 99-32

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 
Revenue Procedure 99-32, Conforming Adjustments Subsequent to Section 
482 Allocations.

DATES: Written comments should be received on or before November 24, 
2008 to be assured of consideration.

ADDRESSES: Direct all written comments to Glenn 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 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: Conforming Adjustments Subsequent to Section 482 
Allocations.
    OMB Number: 1545-1657.
    Revenue Procedure Number: Revenue Procedure 99-32.
    Abstract: Revenue Procedure 99-32 provides guidance for conforming 
a taxpayer's accounts to reflect a primary adjustment under Internal 
Revenue Code section 482. The revenue procedure prescribes the 
applicable procedures for the repatriation of cash by a United States 
taxpayer via an interest-bearing account receivable or payable in an 
amount corresponding to the amount allocated under Code section 482 
from, or to, a related person with respect to a controlled transaction.
    Current Actions: There are no changes being made to the revenue 
procedure at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 180
    Estimated Time per Respondent: 9 hours.
    Estimated Total Annual Burden Hours: 1,620.
    The following paragraph applies to all 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: September 12, 2008.
Glenn Kirkland,
IRS Reports Clearance Officer.
 [FR Doc. E8-22392 Filed 9-23-08; 8:45 am]
BILLING CODE 4830-01-P
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