[Federal Register Volume 61, Number 47 (Friday, March 8, 1996)]
[Notices]
[Page 9530]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-5459]
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DEPARTMENT OF THE TREASURY
[FORM 8838]
Proposed Collection, 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, Public Law 104-13 (44 U.S.C.
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning
Form 8838, Consent To Extend the Time To Assess Tax Under Section 367-
Gain Recognition Agreement.
DATES: Written comments should be received on or before May 7, 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 form(s) and instructions should be directed to Martha R.
Brinson, (202) 622-3869, Internal Revenue Service, room 5571, 1111
Constitution Avenue NW., Washington, DC 20224.
SUPPLEMENTARY INFORMATION:
Title: Consent To Extend the Time To Assess Tax Under Section 367-
Gain Recognition Agreement
OMB Number: 1545-1395.
Form Number: 8838.
Abstract: Form 8838 is used to extend the statute of limitations
for U.S. persons who transfer stock or securities to a foreign
corporation. The form is filed when the transferor makes a gain
recognition agreement. This agreement allows the transferor to defer
the payment of tax on the transfer. The IRS uses Form 8838 so that it
may assess tax against the transferor after the expiration of the
original statute of limitations.
Current Actions: There are no changes being made to the form at
this time.
Type of Review: Extension of OMB approval.
Affected Public: Businesses, individuals or households.
Estimated Number of Respondents: 1,000.
Estimated Time Per Respondent: 8 hrs., 14 min.
Estimated Total Annual Burden Hours: 8,240.
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; and
(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.
Approved: February 29, 1996.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 96-5459 Filed 3-7-96; 8:45 am]
BILLING CODE 4830-01-U
