[Federal Register Volume 63, Number 75 (Monday, April 20, 1998)]
[Notices]
[Pages 19577-19578]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-10378]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 8279
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
-----------------------------------------------------------------------
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 8279, Election To Be Treated as a FSC or as a Small FSC.
DATES: Written comments should be received on or before June 19, 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 form 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: Election To Be Treated as a FSC or as a Small FSC.
OMB Number: 1545-0884
Form Number: 8279
Abstract: A foreign corporation and its shareholders must elect to
be a Foreign Sales Corporation (FSC) or small FSC. Form 8279 is used to
make the election. Form 8279 provides the IRS with the necessary
information to determine that the foreign corporation qualifies to be a
FSC, the number and types of shareholders, and the tax year of the FSC
and its principal shareholder.
Current Actions: There are no changes being made to the form at
this time.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 5,000.
Estimated Time Per Respondent: 7 hr., 52 min.
Estimated Total Annual Burden Hours: 39,350.
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.
[[Page 19578]]
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: April 10, 1998.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 98-10378 Filed 4-17-98; 8:45 am]
BILLING CODE 4830-01-U
