Proposed Collection; Comment Request for REG-166012-02, 5850 [2010-2321]
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5850
Federal Register / Vol. 75, No. 23 / Thursday, February 4, 2010 / Notices
Dated: January 26, 2010.
Sheryl R. Morrow,
Assistant Commissioner, Payment
Management.
[FR Doc. 2010–2077 Filed 2–3–10; 8:45 am]
BILLING CODE 4810–35–M
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for REG–166012–02
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice and request for
comments.
AGENCY:
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 REG–
166012–02, Notional Principal
Contracts; Contingent Nonperiodic
Payments.
SUMMARY:
DATES: Written comments should be
received on or before April 5, 2010 to
be assured of consideration.
ADDRESSES: Direct all written comments
to R. Joseph Durbala, Internal Revenue
Service, room 6129, 1111 Constitution
Avenue, NW., Washington, DC 20224.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or
copies of the form and instructions
should be directed to Allan Hopkins,
(202) 622–6665, at Internal Revenue
Service, room 6129, 1111 Constitution
Avenue, NW., Washington, DC 20224,
or through the Internet at
Allan.M.Hopkins@irs.gov.
srobinson on DSKHWCL6B1PROD with NOTICES
SUPPLEMENTARY INFORMATION:
Title: Notional Principal Contracts;
Contingent Nonperiodic Payments.
OMB Number: 1545–1876.
Form Number: REG–166012–02.
Abstract: The collection of
information in the proposed regulations
is in § 1.446–3(g)(6)(vii) of the Income
Tax Regulations, requiring Taxpayers to
maintain in their books and records a
description of the method used to
determine the projected amount of a
contingent payment, the projected
payment schedules, and the adjustments
taken into account under the proposed
regulations. The information is required
by the IRS to verify compliance with
VerDate Nov<24>2008
17:31 Feb 03, 2010
Jkt 220001
section 446 of the Internal Revenue
Code and the method of accounting
described in § 1.446–3(g)(6). This
information will be used to determine
whether the amount of tax has been
calculated correctly. The collection of
information is required to properly
determine the amount of income or
deduction to be taken into account. The
respondents are sophisticated investors
that enter into notional principal
contracts with contingent nonperiodic
payments.
Current Actions: There is no change
in the paperwork burden previously
approved by OMB. This is being
submitted for renewal purposes only.
Type of Review: Extension of a
currently approved collection.
Affected Public: Individuals and
households, businesses and other forprofit organizations.
Estimated Number of Respondents:
4,250.
Estimated Time per Respondent: 6
hours.
Estimated Total Annual Burden
Hours: 25,500.
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
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.
PO 00000
Frm 00095
Fmt 4703
Sfmt 4703
Approved: January 7, 2010.
R. Joseph Durbala,
Supervisory Tax Analyst.
[FR Doc. 2010–2321 Filed 2–3–10; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Notice 2006–97
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 Notice
2006–97, Taxation and Reporting of
REIT Excess Inclusion Income. 2006–97,
Taxation and Reporting of REIT Excess
Inclusion Income.
DATES: Written comments should be
received on or before April 5, 2010 to
be assured of consideration.
ADDRESSES: Direct all written comments
to R. Joe Durbala, 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 Elaine Christophe at Internal
Revenue Service, Room 6129, 1111
Constitution Avenue, NW., Washington,
DC 20224, or at (202) 622–3179, or
through the internet at
(Elaine.H.Christophe@irs.gov).
SUPPLEMENTARY INFORMATION:
Title: Notice 2006–97 Taxation and
Reporting of REIT Excess Inclusion
Income.
OMB Number: 1545–2036.
Abstract: This notice requires certain
REITs, partnerships and other entities
that have excess inclusion income to
disclose the amount and character of
such income allocable to their record
interest owners. The record interest
owners need the information to properly
report and pay taxes on such income.
Current Actions: There are no changes
being made to the notice at this time.
Type of Review: Extension of a
currently approved collection.
E:\FR\FM\04FEN1.SGM
04FEN1
]]>Agencies
[Federal Register Volume 75, Number 23 (Thursday, February 4, 2010)]
[Notices]
[Page 5850]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-2321]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for REG-166012-02
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
REG-166012-02, Notional Principal Contracts; Contingent Nonperiodic
Payments.
DATES: Written comments should be received on or before April 5, 2010
to be assured of consideration.
ADDRESSES: Direct all written comments to R. Joseph Durbala, Internal
Revenue Service, room 6129, 1111 Constitution Avenue, NW., Washington,
DC 20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the form and instructions should be directed to Allan
Hopkins, (202) 622-6665, 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: Notional Principal Contracts; Contingent Nonperiodic
Payments.
OMB Number: 1545-1876.
Form Number: REG-166012-02.
Abstract: The collection of information in the proposed regulations
is in Sec. 1.446-3(g)(6)(vii) of the Income Tax Regulations, requiring
Taxpayers to maintain in their books and records a description of the
method used to determine the projected amount of a contingent payment,
the projected payment schedules, and the adjustments taken into account
under the proposed regulations. The information is required by the IRS
to verify compliance with section 446 of the Internal Revenue Code and
the method of accounting described in Sec. 1.446-3(g)(6). This
information will be used to determine whether the amount of tax has
been calculated correctly. The collection of information is required to
properly determine the amount of income or deduction to be taken into
account. The respondents are sophisticated investors that enter into
notional principal contracts with contingent nonperiodic payments.
Current Actions: There is no change in the paperwork burden
previously approved by OMB. This is being submitted for renewal
purposes only.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals and households, businesses and other
for-profit organizations.
Estimated Number of Respondents: 4,250.
Estimated Time per Respondent: 6 hours.
Estimated Total Annual Burden Hours: 25,500.
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
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: January 7, 2010.
R. Joseph Durbala,
Supervisory Tax Analyst.
[FR Doc. 2010-2321 Filed 2-3-10; 8:45 am]
BILLING CODE 4830-01-P
