97-3656. Proposed Collection; Comment Request for Regulation Project  

  • [Federal Register Volume 62, Number 30 (Thursday, February 13, 1997)]
    [Notices]
    [Page 6835]
    From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
    [FR Doc No: 97-3656]
    
    
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    DEPARTMENT OF THE TREASURY
    Internal Revenue Service
    [CO-30-92]
    
    
    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, CO-30-92 (TD 8560), Consolidated Returns--
    Stock Basis and Excess Loss Accounts, Earnings and Profits, Absorption 
    of Deductions and Losses, Joining and Leaving Consolidated Groups, 
    Worthless Stock Loss, Nonapplicability of Section 357(c). 
    (Secs. 1.1502-31, 1.1502-32, 1.1502-33, 1.1502-76).
    
    DATES: Written comments should be received on or before April 14, 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 information collection should be directed to Carol 
    Savage, (202) 622-3945, Internal Revenue Service, room 5569, 1111 
    Constitution Avenue NW., Washington, DC 20224.
    
    SUPPLEMENTARY INFORMATION:
    
        Title: Consolidated Returns--Stock Basis and Excess Loss Accounts, 
    Earnings and Profits, Absorption of Deductions and Losses, Joining and 
    Leaving Consolidated Groups, Worthless Stock Loss, Nonapplicability of 
    Section 357(c).
        OMB Number: 1545-1344.
        Regulation Project Number: CO-30-92.
        Abstract: These regulations amend the consolidated return 
    investment adjustment system, including the rules for earnings and 
    profits and excess loss accounts. In addition, the regulations provide 
    special rules for allocating consolidated income tax liability among 
    members and modify the method for allocating income when a corporation 
    enters or leaves a consolidated group.
        Current Actions: There is no change to this existing regulation.
        Type of Review: Extension of OMB approval.
        Affected Public: Business or other for-profit organizations.
        Estimated Number of Respondents: 52,049.
        Estimated Time Per Respondent: 22 minutes.
        Estimated Total Annual Burden Hours: 18,600.
        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: February 7, 1997.
    Garrick R. Shear,
    IRS Reports Clearance Officer.
    [FR Doc. 97-3656 Filed 2-12-97; 8:45 am]
    BILLING CODE 4830-01-U
    
    
    

Document Information

Published:
02/13/1997
Department:
Internal Revenue Service
Entry Type:
Notice
Action:
Notice and request for comments.
Document Number:
97-3656
Dates:
Written comments should be received on or before April 14, 1997 to be assured of consideration.
Pages:
6835-6835 (1 pages)
Docket Numbers:
CO-30-92
PDF File:
97-3656.pdf