[Federal Register Volume 63, Number 141 (Thursday, July 23, 1998)]
[Notices]
[Pages 39637-39638]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-19684]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
[PS-276-76]
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
[[Page 39638]]
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-276-76 (TD 8586),
Treatment of Gain From Disposition of Certain Natural Resource
Recapture Property (Secs. 1.1254-1(c)(3) and 1.1254-5(d)(2)).
DATES: Written comments should be received on or before September 21,
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 Gain From Disposition of Certain Natural
Resource Recapture Property.
OMB Number: 1545-1352.
Regulation Project Number: PS-276-76.
Abstract: This regulation prescribes rules for determining the tax
treatment of gain from the disposition of natural resource recapture
property in accordance with Internal Revenue Code section 1254. Gain is
treated as ordinary income in an amount equal to the intangible
drilling and development costs and depletion deductions taken with
respect to the property. The information that taxpayers are required to
retain will be used by the IRS to determine whether a taxpayer has
properly characterized gain on the disposition of section 1254
property.
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: 400.
Estimated Time Per Respondent: 5 hours.
Estimated Total Annual Burden Hours: 2,000.
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: July 20, 1998.
Garrick R. Shear,
IRS Reports Clearance Officer
[FR Doc. 98-19684 Filed 7-22-98; 8:45 am]
BILLING CODE 4830-01-U
