Proposed Collection; Comment Request for Regulation Project., 60031 [E9-27766]

Download as PDF Federal Register / Vol. 74, No. 222 / Thursday, November 19, 2009 / Notices 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: November 12, 2009. R. Joseph Durbala, IRS Supervisory Tax Analyst. [FR Doc. E9–27767 Filed 11–18–09; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service [FI–43–94] Proposed Collection; Comment Request for Regulation Project. erowe on DSK5CLS3C1PROD with NOTICES 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, FI–43–94 (TD 8649), Regulations Under Section 1258 of the Internal Revenue Code of 1986; Netting Rule for Certain Conversion Transactions (§ 1.1258–1). DATES: Written comments should be received on or before January 19, 2010 to be assured of consideration. ADDRESSES: Direct all written comments to Glenn P. Kirkland, Internal Revenue Service, Room 6242, 1111 Constitution Avenue, NW., Washington, DC 20224. FOR FURTHER INFORMATION CONTACT: Requests for additional information or VerDate Nov<24>2008 15:22 Nov 18, 2009 Jkt 220001 copies of the information collection should be directed to R. Joseph Durbala, at (202) 622–3634, or at Internal Revenue Service, Room 6129, 1111 Constitution Avenue, NW., Washington, DC 20224, or through the Internet, at RJoseph.Durbala@irs.gov. SUPPLEMENTARY INFORMATION: Title: Regulations Under Section 1258 of the Internal Revenue Code of 1986; Netting Rule for Certain Conversion Transactions. OMB Number: 1545–1452. Regulation Project Number: FI–43–94. Abstract: Internal Revenue Code section 1258 recharacterizes capital gains from conversion transactions as ordinary income to the extent of the time value element. This regulation provides that certain gains and losses may be netted for purposes of determining the amount of gain recharacterized. To be eligible for netting relief, the taxpayer must identify on its books and records all the positions that are part of the conversion transaction. This must be done before the close of the day on which the positions become part of the conversion transaction. 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, and not-for-profit institutions. Estimated Number of Respondents: 50,000. Estimated Time per Respondent: 6 minutes. Estimated Total Annual Burden Hours: 5,000. 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 PO 00000 Frm 00074 Fmt 4703 Sfmt 4703 60031 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: November 12, 2009. R. Joseph Durbala, IRS Supervisory Tax Analyst. [FR Doc. E9–27766 Filed 11–18–09; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service [PS–80–93] 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, PS–80–93 (TD 8645), Rules for Certain Rental Real Estate Activities (Section 1.469–9). DATES: Written comments should be received on or before January 19, 2010 to be assured of consideration. ADDRESSES: Direct all written comments to Glenn P. Kirkland, Internal Revenue Service, room 6242, 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, at (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: Rules for Certain Rental Real Estate Activities. OMB Number: 1545–1455. E:\FR\FM\19NON1.SGM 19NON1

Agencies

[Federal Register Volume 74, Number 222 (Thursday, November 19, 2009)]
[Notices]
[Page 60031]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-27766]


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DEPARTMENT OF THE TREASURY

 Internal Revenue Service

[FI-43-94]


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, FI-43-94 (TD 8649), Regulations Under 
Section 1258 of the Internal Revenue Code of 1986; Netting Rule for 
Certain Conversion Transactions (Sec.  1.1258-1).

DATES: Written comments should be received on or before January 19, 
2010 to be assured of consideration.

ADDRESSES: Direct all written comments to Glenn P. Kirkland, Internal 
Revenue Service, Room 6242, 1111 Constitution Avenue, NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the information collection should be directed to R. Joseph 
Durbala, at (202) 622-3634, or at Internal Revenue Service, Room 6129, 
1111 Constitution Avenue, NW., Washington, DC 20224, or through the 
Internet, at RJoseph.Durbala@irs.gov.

SUPPLEMENTARY INFORMATION: 
    Title: Regulations Under Section 1258 of the Internal Revenue Code 
of 1986; Netting Rule for Certain Conversion Transactions.
    OMB Number: 1545-1452.
    Regulation Project Number: FI-43-94.
    Abstract: Internal Revenue Code section 1258 recharacterizes 
capital gains from conversion transactions as ordinary income to the 
extent of the time value element. This regulation provides that certain 
gains and losses may be netted for purposes of determining the amount 
of gain recharacterized. To be eligible for netting relief, the 
taxpayer must identify on its books and records all the positions that 
are part of the conversion transaction. This must be done before the 
close of the day on which the positions become part of the conversion 
transaction.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, and 
not-for-profit institutions.
    Estimated Number of Respondents: 50,000.
    Estimated Time per Respondent: 6 minutes.
    Estimated Total Annual Burden Hours: 5,000.
    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: November 12, 2009.
R. Joseph Durbala,
IRS Supervisory Tax Analyst.
[FR Doc. E9-27766 Filed 11-18-09; 8:45 am]
BILLING CODE 4830-01-P