Department of the Treasury December 3, 2007 – Federal Register Recent Federal Regulation Documents

This document contains corrections to a notice of proposed rulemaking (REG-151884-03) that was published in the Federal Register on Friday, November 16, 2007, (72 FR 64545) providing guidance under sections 381(c)(4) and (c)(5) of the Internal Revenue Code relating to the accounting method or combination of methods, including the inventory method, to use after certain corporate reorganizations and tax-free liquidations. These proposed regulations clarify and simplify the existing regulations under sections 381(c)(4) and (c)(5). The regulations affect corporations that acquire the assets of other corporations in transactions described in section 381(a).

The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on the renewal of an information collection, as required by the Paperwork Reduction Act of 1995. An agency may not conduct or sponsor, and a respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning an information collection titled, ``Record and Disclosure RequirementsFRB Regulations B, E, M, Z, CC, and DD.'' The OCC also gives notice that it has submitted this information collection to OMB for review and approval.