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###### Department of the Treasury

###### Internal Revenue Service

# 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, Pub. L. 104-13(44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Revenue Procedure 2003-45, Late Election Relief for S Corporations, and Revenue Procedure 2004-48, Deemed Corporate Election for Late Electing S Corporations.

# DATES:

Written comments should be received on or before February 8, 2005, to be assured of consideration.

# ADDRESSES:

Direct all written comments to R. Joseph Durbala, Internal Revenue Service, room 6516, 1111 Constitution Avenue NW., Washington, DC 20224.

# FOR FURTHER INFORMATION CONTACT:

                        Requests for additional information or copies of the revenue procedures should be directed to Carol Savage at Internal Revenue Service, room 6516, 1111 Constitution Avenue NW., Washington, DC 20224, or at (202) 622-3945, or through the internet at                         *CAROL.A.SAVAGE@irs.gov.*

# SUPPLEMENTARY INFORMATION:

*Title:*                     Revenue Procedure 2003-45, Late Election Relief for S Corporations, and Revenue Procedure 2004-48, Deemed Corporate Election for Late Electing S Corporations.                

*OMB Number:*                     1545-1548.                

*Revenue Procedure Number:*                     Revenue Procedure 2003-45 and Revenue Procedure 2004-48.                

*Abstract:*                     Revenue Procedure 2003-45 provides a simplified method for taxpayers to request relief for late S corporation elections, Electing Small Business Trust (ESBT) elections, Qualified Subchapter S Subsidiary (QSub) elections. Generally, this revenue procedure provides that certain eligible entities may be granted relief for failing to file these elections in a timely manner if the request for relief is filed with 24 months of the due date of the election. Revenue Procedure 2004-48 provides a simplified method for taxpayers to request relief for a late S corporation election and a late corporate classification election which was intended to be effective on the same date that the S corporation election was intended to be effective.                

*Current Actions:*                     There are no changes being made to these revenue procedures at this time.                

*Type of Review:*                     Extension of a currently approved collection.                

*Affected Public:*                     Business or other for-profit organizations.                

*Estimated Number of Respondents:*                     50,000.                

*Estimated Average Time Per Respondent:*                     1 hour.                

*Estimated Total Annual Burden Hours:*                     50,000.                

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.                

R. Joseph Durbala,

IRS Reports Clearance Officer.

[FR Doc. 04-27165 Filed 12-9-04; 8:45 am]

BILLING CODE 4830-01-P