Federal Register / Vol. 72, No. 35 / Thursday, February 22, 2007 / Notices 8061 

income. The record-keeping and 

election procedures allow the U.S. 

shareholders and the IRS to know the 

amount of the controlled foreign 

corporation’s subpart F income. 

Current Actions: There is no change to 

this existing regulation. 

Type of Review: Extension of OMB 

approval. 

Affected Public: Business or other forprofit organizations. 

Estimated Number of Respondents/ 

Recordkeepers: 50,500. 

Estimated Time per Respondent/ 

Recordkeeper: 1 hour. 

Estimated Total Annual Reporting/ 

Recordkeeping Hours: 50,417. 

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: February 9, 2007. 

Glenn P. Kirkland, 

IRS Reports Clearance Officer. 

[FR Doc. E7–2925 Filed 2–21–07; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

Proposed Collection; Comment 

Request for Revenue Procedure 98–20 

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 

Revenue Procedure 98–20, Certification 

for No Information Reporting on the 

Sale of a Principal Residence. 

DATES: Written comments should be 

received on or before April 23, 2007 to 

be assured of consideration. 

ADDRESSES: Direct all written comments 

to Glenn P. Kirkland, 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 procedure should 

be directed to R. Joseph Durbala at 

Internal Revenue Service, Room 6516, 

1111 Constitution Avenue, NW., 

Washington, DC 20224, or at (202) 622–

3634, or through the internet at 

RJoseph.Durbala@irs.gov. 

SUPPLEMENTARY INFORMATION: 

Title: Certification for No Information 

Reporting on the Sale of a Principal 

Residence. 

OMB Number: 1545–1592. 

Revenue Procedure Number: Revenue 

Procedure 98–20. 

Abstract: This revenue procedure sets 

forth the acceptable form of the written 

assurances (certification) that a real 

estate reporting person must obtain from 

the seller of a principal residence to 

except such sale or exchange from the 

information reporting requirements for 

real estate transactions under section 

6045(e)(5) of the Internal Revenue Code. 

Current Actions: There are no changes 

being made to the revenue procedure at 

this time. 

Type of Review: Extension of a 

currently approved collection. 

Affected Public: Individuals or 

households, and business or other forprofit organizations. 

Estimated Number of Respondents: 

2,300,000. 

Estimated Time Per Respondent: 10 

minutes. 

Estimated Total Annual Burden 

Hours for Respondents: 383,000. 

Estimated Number of Recordkeepers: 

90,000. 

Estimated Time Per Recordkeeper: 25 

minutes. 

Estimated Total Annual Burden 

Hours for Recordkeepers: 37,500. 

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: February 12, 2007. 

Glenn P. Kirkland, 

IRS Reports Clearance Officer. 

[FR Doc. E7–2926 Filed 2–21–07; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

[TD 6629, LR–7] 

Proposed Collection; Comment 

Request for Regulation Project 

AGENCY: Internal Revenue Service (IRS), 

Treasury. 

ACTION: Notice and request for 

comments. 


rwilkins on PROD1PC63 with NOTICES