[Federal Register Volume 62, Number 95 (Friday, May 16, 1997)]
[Notices]
[Page 27110]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-12931]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 982
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 982, Reduction of Tax Attributes Due to Discharge of Indebtedness.
DATES: Written comments should be received on or before July 15, 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 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: Reduction of Tax Attributes Due to Discharge of
Indebtedness.
OMB Number: 1545-0046.
Form Number: 982.
Abstract: Internal Revenue Code section 108 allows taxpayers to
exclude from gross income amounts attributable to discharge of
indebtedness in title 11 cases, insolvency, or a qualified farm
indebtedness. Code section 1081(b) allows corporations to exclude from
gross income amounts attributable to certain transfers of property. The
data is used to verify adjustments to basis of property and reduction
of tax attributes.
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 and
individuals.
Estimated Number of Responses: 1,000.
Estimated Time Per Response: 9 hrs., 13 min.
Estimated Total Annual Burden Hours: 9,210.
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: May 12, 1997.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 97-12931 Filed 5-15-97; 8:45 am]
BILLING CODE 4830-01-U
