[Federal Register Volume 61, Number 32 (Thursday, February 15, 1996)]
[Notices]
[Page 6061]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-3499]
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DEPARTMENT OF THE TREASURY
Agency Information Collection Activities; Comment Request
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. Currently, the IRS is soliciting
comments concerning an existing final regulation, LR-218-78, Product
Liability Losses and Accumulations for Product Liability Losses.
(Regulation section 1.172-13(c)).
DATES: Written comments should be received on or before April 15, 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 information
collection should be directed to Carol Savage, (202) 622-3945, Internal
Revenue Service, room 5571, 1111 Constitution Avenue NW., Washington,
DC 20224.
SUPPLEMENTARY INFORMATION:
Title: Product Liability Losses and Accumulations for Product
Liability Losses.
OMB Number: 1545-0863.
Regulation Project Number: LR-218-78, Final.
Abstract: Generally, a taxpayer who sustains a product liability
loss must carry the loss back 10 years. However, a taxpayer may elect
to have such loss treated as a regular net operating loss under section
172. The election is made by attaching a statement to the tax return.
This statement will enable the IRS to monitor compliance with the
statutory requirements.
Current Actions: There is no change to this existing regulation.
Type of Review: Extension of OMB approval.
Affected Public: Businesses or other for-profit organizations.
Estimated Number of Respondents: 5,000.
Estimated Time Per Respondent: 30 minutes.
Estimated Total Annual Burden Hours: 2,500 hours.
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. Written comments should
address the accuracy of the burden estimates and ways to minimize
burden including the use of automated collection techniques or the use
of other forms of information technology, as well as other relevant
aspects of the information collection request.
Approved: February 9, 1996.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 96-3499 Filed 2-14-96; 8:45 am]
BILLING CODE 4830-01-U-M
