[Federal Register Volume 64, Number 32 (Thursday, February 18, 1999)]
[Notices]
[Page 8165]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-4009]
[[Page 8165]]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
[LR-218-78]
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, LR-218-78 (TD 8096), Product Liability
Losses and Accumulations for Product Liability Losses (Sec. 1.172-13).
DATES: Written comments should be received on or before April 19, 1999
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 regulation should be directed to Carol Savage, (202) 622-
3945, Internal Revenue Service, room 5569, 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.
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 a currently approved collection.
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.
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 10, 1999.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 99-4009 Filed 2-17-99; 8:45 am]
BILLING CODE 4830-01-U
