[Federal Register Volume 59, Number 31 (Tuesday, February 15, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-3467]
[[Page Unknown]]
[Federal Register: February 15, 1994]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Art Advisory Panel of the Commissioner of Internal Revenue
AGENCY: Internal Revenue Service, Treasury.
ACTION: Notice of determination for reestablishment for the Art
Advisory Panel.
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SUMMARY: It is in the public interest to continue the existence of the
Art Advisory Panel.
FOR FURTHER INFORMATION CONTACT:Karen Carolan, CC:AP:AS, 901 D Street,
SW., room 224, Box 68, Washington, DC 20024, telephone: (202) 401-4128
(not a toll free number).
Pursuant to the Federal Advisory Committee Act, 5 U.S.C. App.
(1982), the Commissioner of Internal Revenue announces the
reestablishment of the following advisory committee:
Title. The Art Advisory Panel of the Commissioner of Internal
Revenue.
Purpose. The Panel assists the Internal Revenue Service by
reviewing and evaluating the acceptability of property appraisals
submitted by the taxpayers in support of the fair market value claimed
on works of art involved in Federal Income, Estate or Gift taxes in
accordance with sections 170, 2031, and 2512 of the Internal Revenue
code of 1986.
In order for the Panel to perform this function, Panel records and
discussions must include tax return information. Therefore, the Panel
meetings will be closed to the public since all portions of the
meetings will concern matters that are exempted from disclosure under
the provisions of section 552(b)(c) (3), (4), (6) and (7) of Title 5 of
the U.S. Code. This determination, which is in accordance with section
10(d) of the Federal Advisory Committee Act, is necessary to protect
the confidentiality of tax returns and return information as required
by section 6103 of the Internal Revenue Code.
Statement of Public Interest. It is in the public interest to
continue the existence of the Art Advisory Panel. The Secretary of the
Treasury, with the concurrence of the General Services Administration,
has approved reestablishment of the Panel. The membership of the Panel
is balanced between museum directors and art dealers to afford
differing points of view in determining fair market value.
Fifteen days after publication of this notice in the Federal
Register, the Department of the Treasury, will file a copy of the
committee's charter with the Senate Finance Committee and the Committee
Ways and Means Committee of the U.S. House of Representatives. The
Department of the Treasury will also furnish a copy of the charter to
the Library of Congress and the General Services Administration.
Authority for this panel will expire two years from the date the
charter is filed with the appropriate congressional committees unless,
prior to the expiration of its charter, the Panel is renewed.
The Assistant Secretary (Management) has determined that this
document is not a major rule as defined in Executive Order 12291 and
that a regulatory impact analysis therefore is not required. Neither
does this document constitute a rule subject to the Regulatory
Flexibility Act (5 U.S.C. chapter 6).
Dated: February 10, 1994.
George Munoz,
Assistant Secretary (Management).
[FR Doc. 94-3467 Filed 2-14-94; 8:45 am]
BILLING CODE 4830-01-M
