[Federal Register Volume 65, Number 115 (Wednesday, June 14, 2000)]
[Notices]
[Pages 37461-37462]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-15039]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG-251985-96]


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 opportunity to comment 
on proposed and/or continuing information collections, as required by 
the Paperwork Reduction Act of 1995,

[[Page 37462]]

Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is 
soliciting comments concerning an existing final regulation, REG-
251985-96 (TD 8786), Source of Income From Sales of Inventory Partly 
From Sources Within a Possession of the United States; Also, Source of 
Income Derived From Certain Purchases From a Corporation Electing 
Section 936 (Sec. 1.863-3).

DATES: Written comments should be received on or before August 14, 2000 
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 regulation should be directed to Carol Savage, (202) 622-
3945, Internal Revenue Service, room 5242, 1111 Constitution Avenue 
NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Source of Income From Sales of Inventory Partly From Sources 
Within a Possession of the United States; Also, Source of Income 
Derived From Certain Purchases From a Corporation Electing Section 936.
    OMB Number: 1545-1556.
    Regulation Project Number: REG-251985-96.
    Abstract: Section 1.863-3(f)(6) of this regulation requires 
taxpayers to attach a statement to their tax return furnishing certain 
information regarding the methodology used to determine the source of 
their income from cross-border sales of inventory, and the amount of 
income allocated or apportioned to U.S. or foreign sources in these 
sales. The information is used by the IRS to establish whether the 
taxpayer determined the source of its income in accordance with Code 
section 863.
    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.
    Estimated Number of Respondents: 200.
    Estimated Time Per Respondent: 2 hours, 30 minutes.
    Estimated Total Annual Burden Hours: 500.
    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 2, 2000.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 00-15039 Filed 6-13-00; 8:45 am]
BILLING CODE 4830-01-U