8060 Federal Register / Vol. 72, No. 35 / Thursday, February 22, 2007 / Notices 

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 Kirkland, 

IRS Reports Clearance Officer. 

[FR Doc. E7–2922 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 2004–

19 

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 2004–19, Probable 

or Prospective Reserves Safe Harbor. 

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: Probable or Prospective 

Reserves Safe Harbor. 

OMB Number: 1545–1861. 

Revenue Procedure Number: Revenue 

Procedure 2004–19. 

Abstract: Revenue Procedure 2004–19 

requires a taxpayer to file an election 

statement with the Service if the 

taxpayer wants to use the safe harbor to 

estimate the taxpayers’ oil and gas 

properties’ probable or prospective 

reserves for purposes of computing cost 

depletion under § 611 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: Business or other forprofit organizations. 

Estimated Number of Respondents: 

100. 

Estimated Annual Average Time Per 

Respondent: 30 minutes. 

Estimated Total Annual Hours: 50. 

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. E7–2924 Filed 2–21–07; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

[INT–362–88] 

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 final regulation, INTL–362–88 

(TD 8618), Definition of a Controlled 

Foreign Corporation, Foreign Base 

Company Income and Foreign Personal 

Holding Company Income of a 

Controlled Foreign Corporation 

(§§ 1.954–1 and 1.954–2). 

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 regulations 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: 

Definition of a Controlled Foreign 

Corporation, Foreign Base Company 

Income and Foreign Personal Holding 

Company Income of a Controlled 

Foreign Corporation. 

OMB Number: 1545–1068. 

Regulation Project Number: INTL–

362–88. 

Abstract: A U.S. shareholder of a 

controlled foreign corporation is subject 

to current U.S. taxation on the subpart 

F income of the foreign corporation, 

which consists of several categories of 

income. The election and recordkeeping 

requirements in the regulation are 

necessary to exclude certain high-taxed 

or active business income from subpart 

F income or to include certain income 

in the appropriate category of subpart F 


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