[Federal Register Volume 63, Number 143 (Monday, July 27, 1998)]
[Notices]
[Pages 40153-40154]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-20026]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
[REG-209545-92]
Proposed Collection; Comment Request for Regulation Project
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
-----------------------------------------------------------------------
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, REG-209545-92, Earnings and
Profits of Foreign Corporations (Sec. 1.964-1(c)(1)(v)).
DATES: Written comments should be received on or before September 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 regulation should be
[[Page 40154]]
directed to Carol Savage, (202) 622-3945, Internal Revenue Service,
room 5569, 1111 Constitution Avenue NW., Washington, DC 20224.
SUPPLEMENTARY INFORMATION:
Title: Earnings and Profits of Foreign Corporations.
OMB Number: 1545-1318.
Regulation Project Number: REG-209545-92 (formerly INTL-18-92).
Abstract: This regulation modifies the computation of earnings and
profits of foreign corporations by allowing them to account for
inventory costs using capitalization methods used for financial
accounting purposes rather than the uniform capitalization rules
required by Internal Revenue Code section 263A. The regulation also
permits reliance on financial accounting conventions in computing
depreciation for foreign corporations deriving less than 20 percent of
gross income from U.S. sources and maintaining assets with financial
book bases not materially different from tax bases. Use of these
simplified rules may result in an accounting method change which would
ordinarily require the filing of Form 3115, Application for Change in
Accounting Method. However, the regulation waives any Form 3115 filing
requirements if certain conditions are met.
Current Actions: There is no change to this existing regulation.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations.
The burden for the collection of information is reflected in the
burden for Form 3115, Application for Change in Accounting Method.
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. 98-20026 Filed 7-24-98; 8:45 am]
BILLING CODE 4830-01-P
