[Federal Register Volume 62, Number 19 (Wednesday, January 29, 1997)]
[Notices]
[Pages 4378-4379]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-2074]
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DEPARTMENT OF THE TREASURY
[INTL-485-89]
Proposed Collection; Comment Request for Regulation Project
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
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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-485-89 (TD 8400), Taxation of Gain or
Loss from Certain Nonfunctional Currency Transactions (Section 988
Transactions) (Secs. 1.988-0 through 1.988-5).
DATES: Written comments should be received on or before March 31, 1997
to be assured of consideration.
ADDRESSES: Direct all written comments to Garrick R. Shear, Internal
Revenue Service, room 5571, 1111 Constitution Avenue NW., Washington,
DC 20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the regulation should be directed to Carol Savage, (202) 622-
3945, Internal Revenue Service, room 5569, 1111 Constitution Avenue
NW., Washington, DC 20224.
SUPPLEMENTARY INFORMATION:
Title: Taxation of Gain or Loss from Certain Nonfunctional Currency
Transactions (Section 988 Transactions).
OMB Number: 1545-1131.
Regulation Project Number: INTL-485-89.
Abstract: Internal Revenue Code sections 988(c)(1) (D) and (E)
allow taxpayers to make elections concerning the taxation of exchange
gain or loss on certain foreign currency denominated transactions. In
addition, Code sections 988(a)(1)(B) and 988(d) require taxpayers to
identify transactions which generate capital gain or loss or which are
hedges of other transactions. This regulation provides guidance on
making the elections and complying with the identification rules.
Current Actions: There is no change to this existing regulation.
Type of Review: Extension of OMB approval.
Affected Public: Individuals or households and business or other
for-profit organizations.
Estimated Number of Respondents: 5,000.
Estimated Time Per Respondent: 40 minutes.
Estimated Total Annual Burden Hours: 3,333.
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
[[Page 4379]]
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 22, 1997.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 97-2074 Filed 1-28-97; 8:45 am]
BILLING CODE 4830-01-U
