[Federal Register Volume 64, Number 165 (Thursday, August 26, 1999)]
[Notices]
[Pages 46747-46748]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-22247]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Notice 99-43
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
Notice 99-43, Nonrecognition Exchanges under Section 897.
DATES: Written comments should be received on or before October 25,
1999 to be assured of consideration.
ADDRESSES: Direct all written comments to Garrick R. Shear, Internal
Revenue Service, room 5244, 1111 Constitution Avenue NW., Washington,
DC 20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the notice should be directed to Carol Savage, (202) 622-
3945, Internal Revenue Service, room 5242, 1111 Constitution Avenue
NW., Washington, DC 20224.
SUPPLEMENTARY INFORMATION:
Title: Nonrecognition Exchanges under Section 897.
OMB Number: 1545-1660.
Notice Number: Notice 99-43.
Abstract: Notice 99-43 announces a modification of the current
rules under Temporary Regulation section 1.897-6T(a)(1) regarding
transfers, exchanges, and other dispositions of U.S. real property
interests in nonrecognition transactions occurring after June 18, 1980.
The notice provides that, contrary to section 1.897-6T(a)(1), a foreign
taxpayer will not recognize gain under Code section 897(e) for an
exchange described in Code section 368(a)(1)(E) or (F), provided the
taxpayer receives substantially identical shares of the same domestic
corporation with the same dividend rights, voting power, liquidation
preferences, and convertibility as the shares exchanged without any
additional rights or features.
Current Actions: There are no changes being made to the notice at
this time.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations, and
individuals or households.
Estimated Number of Respondents: 100.
Estimated Time Per Respondent: 2 hours.
Estimated Total Annual Burden Hours: 200.
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.
[[Page 46748]]
Approved: August 20, 1999.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 99-22247 Filed 8-25-99; 8:45 am]
BILLING CODE 4830-01-P
