[Federal Register Volume 62, Number 34 (Thursday, February 20, 1997)]
[Notices]
[Page 7828]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-4188]
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DEPARTMENT OF THE TREASURY
[FI-46-93]
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, FI-46-93 (TD 8555), Hedging Transactions
(Sec. 1.1221-2).
DATES: Written comments should be received on or before April 21, 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: Hedging Transactions.
OMB Number: 1545-1403.
Regulation Project Number: FI-46-93.
Abstract: This regulation clarifies the character of gain or loss
from the sale or exchange of property that is part of a business hedge.
A taxpayer must identify the hedging transaction on its books and
records before the close of the day on which the taxpayer enters into
it and must also identify the item, items, or aggregate risk being
hedged. The information will be used to verify that a taxpayer is
properly reporting its business hedging transactions.
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: 110,000.
Estimated Time Per Respondent: 52 minutes.
Estimated Total Annual Burden Hours: 95,000.
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 14, 1997.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 97-4188 Filed 2-19-97; 8:45 am]
BILLING CODE 4830-01-U
