Proposed Collection; Comment Request for Revenue Procedure 2004-46, 60506-60507 [2010-24484]

Download as PDF 60506 Federal Register / Vol. 75, No. 189 / Thursday, September 30, 2010 / Notices mstockstill on DSKH9S0YB1PROD with NOTICES6 embedded option has intrinsic value to the bank, the floor or ceiling should be ignored and the instrument should be treated as a floating rate instrument. However, if the embedded option has intrinsic value to the bank’s counterparty, the contractual floor or ceiling should continue to be taken into account and the instrument should be treated as a fixed rate instrument. For example, when the interest rate on a floating rate loan reaches its contractual ceiling, the embedded option represented by the ceiling has intrinsic value to the borrower and is a detriment to the bank because the loan’s yield to the bank is lower than what it would have been without the ceiling. When the interest rate on a floating rate loan reaches its contractual floor, the embedded option represented by the floor has intrinsic value to the bank and is a benefit to the bank because the loan’s yield to the bank is higher than what it would have been without the floor. Accordingly, the agencies are proposing to revise the instructions for reporting maturity and repricing data in the four Call Report schedules identified above. As revised, the instructions would indicate that a floating rate asset that has reached its contractual ceiling and a floating rate liability that has reached its contractual floor would be treated as a fixed rate instrument and reported based on the time remaining until its contractual maturity date. In contrast, the instructions would state that a floating rate asset that has reached its contractual floor and a floating rate liability that has reached its contractual ceiling would be treated as a floating rate instrument and reported based on the time remaining until the next interest rate adjustment date (or the contractual maturity date, if earlier). Request for Comment Public comment is requested on all aspects of this joint notice. Comments are invited on: (a) Whether the proposed revisions to the collections of information that are the subject of this notice are necessary for the proper performance of the agencies’ functions, including whether the information has practical utility; (b) The accuracy of the agencies’ estimates of the burden of the information collections as they are proposed to be revised, including the validity of the methodology and assumptions used; (c) Ways to enhance the quality, utility, and clarity of the information to be collected; (d) Ways to minimize the burden of information collections on respondents, VerDate Mar<15>2010 17:48 Sep 29, 2010 Jkt 220001 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. Comments submitted in response to this joint notice will be shared among the agencies. All comments will become a matter of public record. Dated: September 23, 2010. Michele Meyer, Assistant Director, Legislative and Regulatory Activities Division, Office of the Comptroller of the Currency. Board of Governors of the Federal Reserve System, September 24, 2010. Jennifer J. Johnson Secretary of the Board. Dated at Washington, DC, this 23rd day of September, 2010. Federal Deposit Insurance Corporation. Robert E. Feldman, Executive Secretary. [FR Doc. 2010–24476 Filed 9–29–10; 8:45 am] BILLING CODE 6210–01–P; 4810–33–P; 6714–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Revenue Procedure 2004– 46 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 Revenue Procedure 2004–45, Relief from Late GST Allocation. DATES: Written comments should be received on or before November 29, 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 revenue procedure should be directed to Allan Hopkins at Internal Revenue Service, Room 6129, 1111 SUMMARY: PO 00000 Frm 00103 Fmt 4703 Sfmt 4703 Constitution Avenue, NW., Washington, DC 20224, or at (202) 622–6665, or through the Internet at Allan.M.Hopkins@irs.gov. SUPPLEMENTARY INFORMATION: Title: Relief from Late GST Allocation. OMB Number: 1545–1895. Revenue Procedure Number: Revenue Procedure 2004–46. Abstract: Revenue Procedure 2004–45 provides guidance to certain taxpayers in order to obtain an automatic extension of time to make an allocation of the generation-skipping transfer tax exemption. Rather than requesting a private letter ruling, the taxpayer may file certain documents directly with the Cincinnati Service Center to obtain relief. 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: 50. Estimated Annual Average Time per Respondent: 7 hours. Estimated Total Annual Hours: 350. 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, E:\FR\FM\30SEN1.SGM 30SEN1 Federal Register / Vol. 75, No. 189 / Thursday, September 30, 2010 / Notices maintenance, and purchase of services to provide information. Approved: September 7, 2010. Allan Hopkins, Tax Analyst. [FR Doc. 2010–24484 Filed 9–29–10; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Revenue Procedure 2007– 37 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 Revenue Procedure 2007–37, Substitute Mortality Tables for Single Employer Defined Benefit Plans. DATES: Written comments should be received on or before November 29, 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 revenue procedure 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: Substitute Mortality Tables for Single Employer Defined Benefit Plans. OMB Number: 1545–2073. Revenue Procedure Number: Revenue Procedure 2007–37. Abstract: Revenue Procedure 2007–37 describes the process for obtaining a letter ruling as to the acceptability of substitute mortality tables under section 430(h)(3)(C) of the Code. Current Actions: There are no changes being made to the revenue procedure at this time. Type of Review: Extension of a currently approved collection. mstockstill on DSKH9S0YB1PROD with NOTICES6 SUMMARY: VerDate Mar<15>2010 17:48 Sep 29, 2010 Jkt 220001 Affected Public: Business or other forprofit organizations, not-for-profit institutions and farms. Estimated Number of Responses: 450. Estimated Annual Average Time per Response: 56 hrs., 25 min. Estimated Total Annual Hours: 25,400. 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: September 7, 2010. Allan Hopkins, Tax Analyst. [FR Doc. 2010–24487 Filed 9–29–10; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service [REG–246256–96] Proposed Collection; Comment Request for Regulation Project Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. AGENCY: PO 00000 Frm 00104 Fmt 4703 Sfmt 4703 60507 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, REG–246256– 96 (TD 8978), Excise Taxes on Excess Benefit Transactions (§ 53.4958–6). DATES: Written comments should be received on or before November 29, 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 regulation 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: Excise Taxes on Excess Benefit Transactions. OMB Number: 1545–1623. Regulation Project Number: REG–246256–96. Abstract: This regulation relates to the excise taxes on excess benefit transactions under section 4958 of the Internal Revenue Code and affects certain tax-exempt organizations described in Code sections 501(c)(3) and (4). The collection of information entails obtaining and relying on appropriate comparability data and documenting the basis of an organization’s determination that compensation is reasonable, or a property transfer (or transfer of the right to use property) a fair market value. Current Actions: There is no change to this existing regulation. Type of Review: Extension of a currently approved collection. Affected Public: Not-for-profit institutions. Estimated Number of Respondents: 150,427. Estimated Time per Respondent: 6 hours, 3 minutes. Estimated Total Annual Burden Hours: 910,083. 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 SUMMARY: E:\FR\FM\30SEN1.SGM 30SEN1

Agencies

[Federal Register Volume 75, Number 189 (Thursday, September 30, 2010)]
[Notices]
[Pages 60506-60507]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-24484]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Revenue Procedure 2004-
46

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 2004-45, Relief from Late GST Allocation.

DATES: Written comments should be received on or before November 29, 
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 revenue procedure 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: Relief from Late GST Allocation.
    OMB Number: 1545-1895.
    Revenue Procedure Number: Revenue Procedure 2004-46.
    Abstract: Revenue Procedure 2004-45 provides guidance to certain 
taxpayers in order to obtain an automatic extension of time to make an 
allocation of the generation-skipping transfer tax exemption. Rather 
than requesting a private letter ruling, the taxpayer may file certain 
documents directly with the Cincinnati Service Center to obtain relief.
    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: 50.
    Estimated Annual Average Time per Respondent: 7 hours.
    Estimated Total Annual Hours: 350.
    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,

[[Page 60507]]

maintenance, and purchase of services to provide information.

    Approved: September 7, 2010.
Allan Hopkins,
Tax Analyst.
[FR Doc. 2010-24484 Filed 9-29-10; 8:45 am]
BILLING CODE 4830-01-P

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