[Federal Register Volume 61, Number 83 (Monday, April 29, 1996)]
[Notices]
[Page 18775]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-10545]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Regulations PS-264-82
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, PS-264-82 (TD 8508), Adjustments to Basis of
Stock and Indebtedness to Shareholders of S Corporations and Treatment
of Distributions by S Corporations to Shareholders. (Regulation
Secs. 1.1367-1(f), 1.1368-1(f)(2), 1.1368-1(f)(3), 1.1368-1(f)(4),
1.1368-1(g)(2)).
DATES: Written comments should be received on or before June 28, 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 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: Adjustments to Basis of Stock and Indebtedness to
Shareholders of S Corporations and Treatment of Distributions by S
Corporations to Shareholders.
OMB Number: 1545-1139.
Regulation Project Number: PS-264-82 Final.
Abstract: The regulation provides the procedures and the statements
to be filed by S corporations for making the election provided under
Internal Revenue Code section 1368, and by shareholders who choose to
reorder items that decrease their basis. Statements required to be
filed will be used to verify that taxpayers are complying with the
requirements imposed by Congress.
Current Actions: There is no change to this existing regulation.
Type of Review: Extension of OMB approval.
Affected Public: Individuals or households, and business or other
for-profit organizations.
Estimated Number of Respondents: 2,000.
Estimated Time Per Respondent: 6 minutes.
Estimated Total Annual Burden Hours: 200 hours.
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: April 23, 1996.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 96-10545 Filed 4-26-96; 8:45 am]
BILLING CODE 4830-01-U
