[Federal Register Volume 63, Number 31 (Tuesday, February 17, 1998)]
[Notices]
[Pages 7851-7852]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-3779]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Revenue Procedure 98-20
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
[[Page 7852]]
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 Revenue Procedure 98-20, Certification for No
Information Reporting on the Sale of a Principal Residence.
DATES: Written comments should be received on or before April 20, 1998
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 revenue procedure should be directed to Carol Savage,
(202) 622-3945, Internal Revenue Service, room 5569, 1111 Constitution
Avenue NW., Washington, DC 20224.
SUPPLEMENTARY INFORMATION:
Title: Certification for No Information Reporting on the Sale of a
Principal Residence.
OMB Number: 1545-1592.
Revenue Procedure Number: Revenue Procedure 98-20.
Abstract: This revenue procedure sets forth the acceptable form of
the written assurances (certification) that a real estate reporting
person must obtain from the seller of a principal residence to except
such sale or exchange from the information reporting requirements for
real estate transactions under section 6045(e)(5) of the Internal
Revenue Code.
Current Actions: There are no changes being made to the revenue
procedure at this time.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals or households, and business or other
for-profit organizations.
Estimated Number of Respondents: 2,300,000.
Estimated Time Per Respondent: 10 minutes.
Estimated Total Annual Burden Hours for Respondents: 383,000.
Estimated Number of Recordkeepers: 90,000.
Estimated Time Per Recordkeeeper: 25 minutes.
Estimated Total Annual Burden Hours for Recordkeepers: 37,500.
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 9, 1998.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 98-3779 Filed 2-13-98; 8:45 am]
BILLING CODE 4830-01-U
