Proposed Collection; Comment Request for Regulation Project, 38873-38874 [2010-16252]

Download as PDF Federal Register / Vol. 75, No. 128 / Tuesday, July 6, 2010 / Notices wwoods2 on DSK1DXX6B1PROD with NOTICES_PART 1 SUPPLEMENTARY INFORMATION: Title: Application Procedures for Qualified Intermediary Status Under Section 1441; Final Qualified Intermediary Withholding Agreement. OMB Number: 1545–1597. Revenue Procedure Number: 2000–12 (Revenue Procedure 2000–12 is modified by Announcement 2000–50, Revenue Procedure 2003–64, Revenue Procedure 2004–21, and Revenue Procedure 2005–77.) Abstract: This revenue procedure gives guidance for entering into a withholding agreement with the IRS to be treated as a Qualified Intermediary (QI) under regulation section 1.1441– 1(e)(5). It describes the application procedures for becoming a QI and the terms that the IRS will ordinarily require in a QI withholding agreement. The objective of a QI withholding agreement is to simplify withholding and reporting obligations with respect to payments of income made to an account holder through one or more foreign intermediaries. Current Actions: Revenue Procedure 2000–12 is modified by Announcement 2000–50, Revenue Procedure 2003–64, Revenue Procedure 2004–21, and Revenue Procedure 2005–77. Type of Review: Extension of a currently approved collection. Affected Public: Business or other forprofit organizations. Estimated Number of Respondents/ Recordkeepers: 1,097,991. Estimated Time for QI Account Holder: 30 minutes. Estimated Time for a QI: 2,093 hours. Estimated Total Annual Reporting/ Recordkeeping Hours: 301,018. 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; VerDate Mar<15>2010 14:52 Jul 02, 2010 Jkt 220001 (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: June 23, 2010. Gerald Shields, IRS Supervisory Tax Analyst. [FR Doc. 2010–16253 Filed 7–2–10; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service [INTL–939–86] 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 notice of proposed rulemaking, INTL–939–86, Insurance Income of a Controlled Foreign Corporation for Taxable Years beginning After December 31, 1986 (§ 1.953–2(e)(3)(iii), 1.953–4(b), 1.953–5(a), 1.953–6(a), 1.953–7(c)(8), and 1.6046–1). DATES: Written comments should be received on or before September 7, 2010 to be assured of consideration. ADDRESSES: Direct all written comments to Gerald Shields, 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. PO 00000 Frm 00110 Fmt 4703 Sfmt 4703 38873 SUPPLEMENTARY INFORMATION: Title: Insurance Income of a Controlled Foreign Corporation for Taxable Years Beginning After December 31, 1986. OMB Number: 1545–1142. Regulation Project Number: INTL– 939–86. Abstract: This regulation relates to the definition and computation of the insurance income of a controlled foreign corporation, and it also contains rules applicable to certain captive insurance companies. The information collection is required by the IRS in order for taxpayers to elect to locate risks with respect to moveable property by reference to the location of the property in a prior period; to allocate investment income to a particular category of insurance income; to allocate deductions to a particular category of insurance income; to determine the amount of those items, such as reserves, which are computed with reference to an insurance company’s annual statement; to elect to have related person insurance income treated as income effectively connected with the conduct of a United States trade or business; and to collect the information required by Code section 6046 relating to controlled foreign corporations as defined in Code section 953(c). 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/ Recordkeepers: 500. Estimated Time per Respondent/ Recordkeeper: 28 hr., 12 min. Estimated Total Annual Burden Hours: 14,100. 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 E:\FR\FM\06JYN1.SGM 06JYN1 38874 Federal Register / Vol. 75, No. 128 / Tuesday, July 6, 2010 / Notices wwoods2 on DSK1DXX6B1PROD with NOTICES_PART 1 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. 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. Title: PS–78–91, Procedure for Monitoring Compliance With Low-Income Housing Credit Requirements; PS–50–92, Rules To Carry Out the Purposes of Section 42 and for Correcting Administrative Errors and Omissions; and REG–114664–97, Approved: June 22, 2010. Compliance Monitoring and Miscellaneous Issues Relating to the Gerald Shields, Low-Income Housing Credit. IRS Supervisory Tax Analyst. OMB Number: 1545–1357. [FR Doc. 2010–16252 Filed 7–2–10; 8:45 am] Regulation Project Numbers: PS–78– BILLING CODE 4830–01–P 91; PS–50–92; and REG–114664–97. Abstract: PS–78–91 This regulation requires state allocation plans to DEPARTMENT OF THE TREASURY provide a procedure for state and local housing credit agencies to monitor for Internal Revenue Service compliance with the requirements of [PS–78–91; PS–50–92; and REG–114664–97] Code section 42 and report any noncompliance to the IRS. PS–50–92 Proposed Collection; Comment This regulation concerns the Secretary Request for Regulation Project of the Treasury’s authority to provide guidance under Code section 42 and AGENCY: Internal Revenue Service (IRS), allows state and local housing credit Treasury. agencies to correct administrative errors ACTION: Notice and request for and omissions made in connection with comments. allocations of low-income housing credit dollar amounts and SUMMARY: The Department of the Treasury, as part of its continuing effort recordkeeping within a reasonable period after their discovery. REG– to reduce paperwork and respondent 114664–97 This regulation amends the burden, invites the general public and procedures for state and local housing other Federal agencies to take this credit agencies’ compliance monitoring opportunity to comment on proposed and the rules for state and local housing and/or continuing information credit agencies’ correction of collections, as required by the administrative errors or omissions. Paperwork Reduction Act of 1995, Current Actions: There is no change to Public Law 104–13 (44 U.S.C. these existing regulations. 3506(c)(2)(A)). Currently, the IRS is Type of Review: Extension of a soliciting comments concerning existing currently approved collection. final regulations, PS–78–91 (TD 8430), Affected Public: Business or other forProcedure for Monitoring Compliance profit organizations, individual or With Low-Income Housing Credit households, not-for-profit institutions, Requirements; PS–50–92 (TD 8521), and state, local or tribal governments. Rules To Carry Out the Purposes of Estimated Number of Respondents: Section 42 and for Correcting 22,141. Administrative Errors and Omissions; Estimated Time per Respondent: 4 and REG–114664–97 (TD 8859), hours, 45 minutes. Compliance Monitoring and Estimated Total Annual Burden Miscellaneous Issues Relating to the Hours: 104,899. Low-Income Housing Credit (§§ 1.42–5, The following paragraph applies to all 1.42–13, and 1.42–17). of the collections of information covered DATES: Written comments should be by this notice: received on or before September 7, 2010 An agency may not conduct or to be assured of consideration. sponsor, and a person is not required to respond to, a collection of information ADDRESSES: Direct all written comments unless the collection of information to Gerald Shields, Internal Revenue displays a valid OMB control number. Service, Room 6411, 1111 Constitution Books or records relating to a collection Avenue, NW., Washington, DC 20224. VerDate Mar<15>2010 14:52 Jul 02, 2010 Jkt 220001 SUPPLEMENTARY INFORMATION: PO 00000 Frm 00111 Fmt 4703 Sfmt 4703 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: June 22, 2010. Gerald Shields, IRS Supervisory Tax Analyst. [FR Doc. 2010–16231 Filed 7–2–10; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Form 706–NA 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 Form 706–NA, United States Estate (and Generation-Skipping Transfer) Tax Return, Estate of nonresident not a citizen of the United States. DATES: Written comments should be received on or before September 7, 2010 to be assured of consideration. E:\FR\FM\06JYN1.SGM 06JYN1

Agencies

[Federal Register Volume 75, Number 128 (Tuesday, July 6, 2010)]
[Notices]
[Pages 38873-38874]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-16252]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[INTL-939-86]


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 notice of proposed rulemaking, INTL-939-86, Insurance Income 
of a Controlled Foreign Corporation for Taxable Years beginning After 
December 31, 1986 (Sec.  1.953-2(e)(3)(iii), 1.953-4(b), 1.953-5(a), 
1.953-6(a), 1.953-7(c)(8), and 1.6046-1).

DATES: Written comments should be received on or before September 7, 
2010 to be assured of consideration.

ADDRESSES: Direct all written comments to Gerald Shields, 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: Insurance Income of a Controlled Foreign Corporation for 
Taxable Years Beginning After December 31, 1986.
    OMB Number: 1545-1142.
    Regulation Project Number: INTL-939-86.
    Abstract: This regulation relates to the definition and computation 
of the insurance income of a controlled foreign corporation, and it 
also contains rules applicable to certain captive insurance companies. 
The information collection is required by the IRS in order for 
taxpayers to elect to locate risks with respect to moveable property by 
reference to the location of the property in a prior period; to 
allocate investment income to a particular category of insurance 
income; to allocate deductions to a particular category of insurance 
income; to determine the amount of those items, such as reserves, which 
are computed with reference to an insurance company's annual statement; 
to elect to have related person insurance income treated as income 
effectively connected with the conduct of a United States trade or 
business; and to collect the information required by Code section 6046 
relating to controlled foreign corporations as defined in Code section 
953(c).
    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.
    Estimated Number of Respondents/Recordkeepers: 500.
    Estimated Time per Respondent/Recordkeeper: 28 hr., 12 min.
    Estimated Total Annual Burden Hours: 14,100.
    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

[[Page 38874]]

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: June 22, 2010.
Gerald Shields,
IRS Supervisory Tax Analyst.
[FR Doc. 2010-16252 Filed 7-2-10; 8:45 am]
BILLING CODE 4830-01-P