[Federal Register Volume 63, Number 123 (Friday, June 26, 1998)]
[Notices]
[Page 34963]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-16843]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 8824
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 8824, Like-Kind Exchanges.
DATES: Written comments should be received on or before August 25, 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: Like-Kind Exchanges
OMB Number: 1545-1190
Form Number: 8824
Abstract: Form 8824 is used by individuals, corporations,
partnerships, and other entities to report the exchange of business or
investment property, and the deferral of gains from such transactions
under Internal Revenue Code section 1031. It is also used to report the
deferral of gain under Code section 1043 from conflict-of-interest
sales by certain members of the executive branch of the Federal
government.
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: Individuals or households and business or other
for-profit organizations.
Estimated Number of Respondents: 200,000
Estimated Time Per Respondent: 1 hr., 46 min.
Estimated Total Annual Burden Hours: 353,884
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 16, 1998.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 98-16843 Filed 6-25-98; 8:45 am]
BILLING CODE 4830-01-U