[Federal Register Volume 61, Number 211 (Wednesday, October 30, 1996)]
[Notices]
[Pages 56086-56087]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-27864]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 8023-A
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
Form 8023-A, Corporate Qualified Stock Purchases.
DATES: Written comments should be received on or before December 30,
1996 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 form and instructions should be directed to Martha R.
Brinson, (202) 622-3869, Internal Revenue Service, room 5571, 1111
Constitution Avenue NW., Washington, DC 20224.
[[Page 56087]]
SUPPLEMENTARY INFORMATION:
Title: Corporate Qualified Stock Purchases.
OMB Number: 1545-1428.
Form Number: 8023-A.
Abstract: Form 8023-A is used by a corporation that acquires the
stock of another corporation to elect to treat the purchase of stock as
a purchase of the other corporation's assets. This election allows the
acquiring corporation to depreciate these assets and claim a deduction
on its income tax return. IRS uses Form 8023-A to determine if the
election is properly made and as a check against the acquiring
corporation's deduction for depreciation. The form is also used to
determine if the selling corporation reports the amount of the sale in
its income.
Current Actions: There are no changes being made to the form at
this time.
Type of Review: Extension of a currently approved collection.
Affected Public: Businesses or other for-profit organizations.
Estimated Number of Respondents: 201.
Estimated Time Per Respondent: 12 hr., 34 min.
Estimated Total Annual Burden Hours: 2,525.
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: October 17, 1996.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 96-27864 Filed 10-29-96; 8:45 am]
BILLING CODE 4830-01-U
