Proposed Collection; Comment Request for Regulation Project, 13207-13208 [2010-5877]

Download as PDF Federal Register / Vol. 75, No. 52 / Thursday, March 18, 2010 / Notices DEPARTMENT OF THE TREASURY Internal Revenue Service [INTL–536–89] Proposed Collection; Comment Request for Regulation Project sroberts on DSKD5P82C1PROD 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, INTL–536–89 (TD 8300), Registration Requirements With Respect to Certain Debt Obligations; Application of Repeal of 30 Percent Withholding by the Tax Reform Act of 1984 (§ 1.1998 to be assured of consideration). DATES: Written comments should be received on or before May 17, 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 information collection should be directed to Elaine Christophe, (202) 622–3179, or at Internal Revenue Service, Room 6129, 1111 Constitution Avenue, NW., Washington, DC 20224, or through the Internet, at Elaine.H.Christophe@irs.gov. SUPPLEMENTARY INFORMATION: Title: Registration Requirements With Respect to Certain Debt Obligations; Application of Repeal of 30 Percent Withholding by the Tax Reform Act of 1984. OMB Number: 1545–1132. Regulation Project Number: INTL– 536–89. Abstract: Sections 165(j) and 1287(a) of the Internal Revenue Code provide that persons holding registrationrequired obligations in bearer form are subject to certain penalties. These sections also provide that certain persons may be exempted from these penalties if they comply with reporting requirements with respect to ownership, transfers, and payments on the obligations. The reporting and VerDate Nov<24>2008 17:08 Mar 17, 2010 Jkt 220001 recordkeeping requirements in this regulation are necessary to ensure that persons holding registration-required obligations in bearer form properly report interest and gain on disposition of the obligations. Current Actions: There is no change to this existing regulation. Type of Review: Extension of OMB approval. Affected Public: Business or other forprofit organizations. Estimated Number of Respondents/ Recordkeepers: 5000. Estimated Time per Respondent/ Recordkeeper: 10 minutes. Estimated Total Annual Reporting/ Recordkeeping Hours: 852. 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: March 5, 2010. R. Joseph Durbala, IRS Tax Supervisory Analyst. [FR Doc. 2010–5880 Filed 3–17–10; 8:45 am] BILLING CODE 4830–01–P PO 00000 Frm 00136 Fmt 4703 Sfmt 4703 13207 DEPARTMENT OF THE TREASURY Internal Revenue Service [INTL–362–88] 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, INTL–362–88 (TD 8618), Definition of a Controlled Foreign Corporation, Foreign Base Company Income and Foreign Personal Holding Company Income of a Controlled Foreign Corporation (§§ 1.954–1 and 1.954–2). DATES: Written comments should be received on or before May 17, 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 regulations should be directed to Elaine Christophe, (202) 622–3179, or at Internal Revenue Service, Room 6129, 1111 Constitution Avenue, NW., Washington DC 20224, or through the Internet, at Elaine.H.Christophe@irs.gov. SUPPLEMENTARY INFORMATION: Title: Definition of a Controlled Foreign Corporation, Foreign Base Company Income and Foreign Personal Holding Company Income of a Controlled Foreign Corporation. OMB Number: 1545–1068. Regulation Project Number: INTL– 362–88. Abstract: A U.S. shareholder of a controlled foreign corporation is subject to current U.S. taxation on the subpart F income of the foreign corporation, which consists of several categories of income. The election and recordkeeping requirements in the regulation are necessary to exclude certain high-taxed or active business income from subpart F income or to include certain income in the appropriate category of subpart F E:\FR\FM\18MRN1.SGM 18MRN1 13208 Federal Register / Vol. 75, No. 52 / Thursday, March 18, 2010 / Notices sroberts on DSKD5P82C1PROD with NOTICES income. The record-keeping and election procedures allow the U.S. shareholders and the IRS to know the amount of the controlled foreign corporation’s subpart F income. Current Actions: There is no change to this existing regulation. Type of Review: Extension of OMB approval. Affected Public: Business or other forprofit organizations. Estimated Number of Respondents/ Recordkeepers: 50,500. Estimated Time per Respondent/ Recordkeeper: 1 hour. Estimated Total Annual Reporting/ Recordkeeping Hours: 50,417. The following paragraph applies to all of the collections of 1information 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: March 5, 2010. R. Joseph Durbala, IRS Tax Supervisory Analyst. [FR Doc. 2010–5877 Filed 3–17–10; 8:45 am] BILLING CODE 4830–01–P VerDate Nov<24>2008 17:08 Mar 17, 2010 Jkt 220001 DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Revenue Procedure 2006– 42 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 2006–42 (RP– 135718–06), Automatic Consent to Change Certain Elections Relating to the Apportionment of Interest Expense, Research and Experimental Expenditures Under Section 1.861. DATES: Written comments should be received on or before May 17, 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 revenue procedure should be directed to Elaine Christophe, (202) 622–3179, or at Internal Revenue Service, Room 6129, 1111 Constitution Avenue, NW., Washington, DC 20224, or through the Internet, at Elaine.H.Christophe@irs.gov. SUPPLEMENTARY INFORMATION: Title: Automatic Consent to Change Certain Elections Relating to the Apportionment of Interest Expense, Research and Experimental Expenditures Under Section 1.861. OMB Number: 1545–2040. Revenue Procedure Number: Revenue Procedure 2006–42. Abstract: This revenue procedure provides administrative guidance under which a taxpayer may obtain automatic consent to change (a) from the fair market value method or from the alternative tax book method to apportion interest expense or (b) from the sales method or the optional gross income methods to apportion research and experimental expenditures. Current Actions: Extension of a currently approved collection. PO 00000 Frm 00137 Fmt 4703 Sfmt 4703 Affected Public: Business or other forprofit institutions, and individuals or households. Estimated Number of Respondents: 200. Estimated Time per Respondent: 30 minutes. Estimated Total Annual Burden Hours: 100. 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: March 8, 2010. R. Joseph Durbala, IRS Tax Supervisory Analyst. [FR Doc. 2010–5875 Filed 3–17–10; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF VETERANS AFFAIRS [OMB Control No. 2900–0619] Proposed Information Collection (IRIS) Activity; Comment Request AGENCY: Office of Information and Technology, Department of Veterans Affairs. ACTION: Notice. E:\FR\FM\18MRN1.SGM 18MRN1

Agencies

[Federal Register Volume 75, Number 52 (Thursday, March 18, 2010)]
[Notices]
[Pages 13207-13208]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-5877]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[INTL-362-88]


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, INTL-362-88 (TD 8618), Definition of a 
Controlled Foreign Corporation, Foreign Base Company Income and Foreign 
Personal Holding Company Income of a Controlled Foreign Corporation 
(Sec. Sec.  1.954-1 and 1.954-2).

DATES: Written comments should be received on or before May 17, 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 regulations should be directed to Elaine Christophe, 
(202) 622-3179, or at Internal Revenue Service, Room 6129, 1111 
Constitution Avenue, NW., Washington DC 20224, or through the Internet, 
at Elaine.H.Christophe@irs.gov.

SUPPLEMENTARY INFORMATION:
    Title: Definition of a Controlled Foreign Corporation, Foreign Base 
Company Income and Foreign Personal Holding Company Income of a 
Controlled Foreign Corporation.
    OMB Number: 1545-1068.
    Regulation Project Number: INTL-362-88.
    Abstract: A U.S. shareholder of a controlled foreign corporation is 
subject to current U.S. taxation on the subpart F income of the foreign 
corporation, which consists of several categories of income. The 
election and recordkeeping requirements in the regulation are necessary 
to exclude certain high-taxed or active business income from subpart F 
income or to include certain income in the appropriate category of 
subpart F

[[Page 13208]]

income. The record-keeping and election procedures allow the U.S. 
shareholders and the IRS to know the amount of the controlled foreign 
corporation's subpart F income.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of OMB approval.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents/Recordkeepers: 50,500.
    Estimated Time per Respondent/Recordkeeper: 1 hour.
    Estimated Total Annual Reporting/Recordkeeping Hours: 50,417.
    The following paragraph applies to all of the collections of 
1information 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: March 5, 2010.
R. Joseph Durbala,
IRS Tax Supervisory Analyst.
[FR Doc. 2010-5877 Filed 3-17-10; 8:45 am]
BILLING CODE 4830-01-P
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