[Federal Register Volume 63, Number 122 (Thursday, June 25, 1998)]
[Notices]
[Page 34684]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-16847]
[[Page 34684]]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
[INTL-941-86; INTL-656-87; INTL-704-87]
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-941-86; INTL-656-87; INTL-
704-87, Treatment of Shareholders of Certain Passive Foreign Investment
Companies (Secs. 1.1291-1, 1.1291-2, 1.1291-3, 1.1291-6, and 1.1291-8).
DATES: Written comments should be received on or before August 24, 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: Treatment of Shareholders of Certain Passive Foreign
Investment Companies.
OMB Number: 1545-1304.
Regulation Project Number: INTL-941-86; INTL-656-87; INTL-704-87.
Abstract: This regulation concerns the taxation of shareholders of
certain passive foreign investment companies (PFICs) upon payment of
distributions by such companies or upon disposition of the stock of
such companies. The reporting requirements affect U.S. persons that are
direct and indirect shareholders of PFICs. The information is required
by the IRS to identify PFICs and their shareholders, administer
shareholder elections, verify amounts reported, and track transfers of
stock of certain PFICs.
Current Actions: There is no change to this existing regulation.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals and business or other for-profit
organizations.
Estimated Number of Respondents: 2,500.
Estimated Time Per Respondent: 1 hour.
Estimated Total Annual Burden Hours: 2,500.
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: June 17, 1998.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 98-16847 Filed 6-24-98; 8:45 am]
BILLING CODE 4830-01-U
