[Federal Register Volume 63, Number 51 (Tuesday, March 17, 1998)]
[Notices]
[Pages 13101-13102]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-6753]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
[INTL-870-89]
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 notice of proposed rulemaking, INTL-870-89, Earnings Stripping
(Section 163(j)).
DATES: Written comments should be received on or before May 18, 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 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: Earnings Stripping (Section 163(j)).
OMB Number: 1545-1255.
Regulation Project Number: INTL-870-89.
Abstract: Internal Revenue Code section 163(j) concerns the
limitation on the deduction for certain interest paid by a corporation
to a related person. This provision generally does not apply to an
interest expense arising in a taxable year in which the payer
corporation's debt-equity ratio is 1.5 to 1 or less. Regulation section
Sec. 1.163(j)-5(d) provides a special rule for adjusting the basis of
assets acquired in a qualified stock purchase. This rule allows the
taxpayer, in computing its debt-equity ratio, to elect to write off the
basis of the stock of the acquired corporation over a fixed stock
write-off period, instead of using the adjusted basis of the assets of
the acquired corporation.
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: 2,300.
Estimated Time Per Respondent: 31 minutes.
Estimated Total Annual Burden Hours: 1,196.
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
[[Page 13102]]
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: March 10, 1998.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 98-6753 Filed 3-16-98; 8:45 am]
BILLING CODE 4830-01-P
