Federal Register / Vol. 72, No. 90 / Thursday, May 10, 2007 / Notices 26683 

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 notice of proposed 

rulemaking, REG–208985–89, Taxable 

Year of Certain Foreign Corporations 

Beginning After July 10, 1989 (§§ 1.563–

3, 1.898–3, and 1.898–4). 

DATES: Written comments should be 

received on or before July 9, 2007 to be 

assured of consideration. 

ADDRESSES: Direct all written comments 

to Glenn Kirkland, Internal Revenue 

Service, room 6512, 1111 Constitution 

Avenue, NW., Washington, DC 20224. 

FOR FURTHER INFORMATION CONTACT: 

Requests for additional information or 

copies of the regulations should be 

directed to Larnice Mack at Internal 

Revenue Service, room 6512, 1111 

Constitution Avenue, NW., Washington, 

DC 20224, or at (202) 622–3179, or 

through the Internet at 

(Larnice.Mack@irs.gov). 

SUPPLEMENTARY INFORMATION:

Title: Taxable Year of Certain Foreign 

Corporations Beginning After July 10, 

1989. 

OMB Number: 1545–1355. 

Regulation Project Number: REG–

208985–89 (formerly INTL–848–89). 

Abstract: This regulation provides 

guidance concerning Internal Revenue 

Code section 898, which seeks to 

eliminate the deferral of income and, 

therefore, the understatement in 

income, by United States shareholders 

of certain controlled foreign 

corporations and foreign personal 

holding companies. The elimination of 

deferral is accomplished by requiring a 

specified foreign corporation to conform 

its taxable year to the majority U.S. 

shareholder year. The information 

collected will be used by the IRS to 

assess the reported tax and determine 

whether taxpayers have complied with 

Code section 898. 

Current Actions: There is no change to 

this existing regulation. 

Type of Review: Extension of 

currently approved collection. 

Affected Public: Business or other forprofit organizations. 

Estimated Number of Respondents: 

700. 

Estimated Time per Respondent: 1 

hour. 

Estimate Total Annual Burden Hours: 

700. 

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: May 1, 2007. 

Glenn Kirkland, 

IRS Reports Clearance Officer. 

[FR Doc. E7–8915 Filed 5–9–07; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

[PS–78–91; PS–50–92; and REG–114664–97] 

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 existing 

final regulations, PS–78–91 (TD 8430), 

Procedure for Monitoring Compliance 

With Low-Income Housing Credit 

Requirements; PS–50–92 (TD 8521), 

Rules To Carry Out the Purposes of 

Section 42 and for Correcting 

Administrative Errors and Omissions; 

and REG–114664–97 (TD 8859), 

Compliance Monitoring and 

Miscellaneous Issues Relating to the 

Low-Income Housing Credit (§§ 1.42–5, 

1.42–13, and 1.42–17). 

DATES: Written comments should be 

received on or before July 9, 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 Carolyn N. Brown, at (202) 

622–6688, or at Internal Revenue 

Service, room 6516, 1111 Constitution 

Avenue, NW., Washington, DC 20224, 

or through the Internet, at 

Carolyn.N.Brown@irs.gov. 

SUPPLEMENTARY INFORMATION: 

Title: PS–78–91, Procedure for 

Monitoring Compliance With LowIncome Housing Credit Requirements; 

PS–50–92, Rules To Carry Out the 

Purposes of Section 42 and for 

Correcting Administrative Errors and 

Omissions; and REG–114664–97, 

Compliance Monitoring and 

Miscellaneous Issues Relating to the 

Low-Income Housing Credit. 

OMB Number: 1545–1357. 

Regulation Project Numbers: PS–78–

91; PS–50–92; and REG–114664–97. 

Abstract: 

PS–78–91. This regulation requires 

state allocation plans to provide a 

procedure for state and local housing 

credit agencies to monitor for 

compliance with the requirements of 

Code section 42 and report any 

noncompliance to the IRS. 

PS–50–92. This regulation concerns 

the Secretary of the Treasury’s authority 

to provide guidance under Code section 

42 and allows state and local housing 

credit agencies to correct administrative 

errors and omissions made in 

connection with allocations of lowincome housing credit dollar amounts 

and recordkeeping within a reasonable 

period after their discovery. 

REG–114664–97. This regulation 

amends the procedures for state and 

local housing credit agencies’


pwalker on PROD1PC71 with NOTICES
26684 Federal Register / Vol. 72, No. 90 / Thursday, May 10, 2007 / Notices 

compliance monitoring and the rules for 

state and local housing credit agencies’

correction of administrative errors or 

omissions. 

Current Actions: There is no change to 

these existing regulations. 

Type of Review: Extension of a 

currently approved collection. 

Affected Public: Business or other forprofit organizations, individual or 

households, not-for-profit institutions, 

and state, local or tribal governments. 

Estimated Number of Respondents: 

22,055. 

Estimated Time per Respondent: 4 

hours, 45 minutes. 

Estimated Total Annual Burden 

Hours: 104,899. 

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: May 2, 2007. 

Glenn P. Kirkland, 

IRS Reports Clearance Officer. 

[FR Doc. E7–8916 Filed 5–9–07; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

Proposed Collection; Comment 

Request for Form 720 

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 Form 

720, Quarterly Federal Excise Tax 

Return. 

DATES: Written comments should be 

received on or before July 9, 2007 to be 

assured of consideration. 

ADDRESSES: Direct all written comments 

to Glenn Kirkland, Internal Revenue 

Service, room 6512, 1111 Constitution 

Avenue, NW., Washington, DC 20224. 

FOR FURTHER INFORMATION CONTACT: 

Requests for additional information or 

copies of the form and instructions 

should be directed to Larnice Mack at 

Internal Revenue Service, room 6512, 

1111 Constitution Avenue, NW., 

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

3179, or through the Internet at 

(Larnice.Mack@irs.gov). 

SUPPLEMENTARY INFORMATION: 

Title: Quarterly Federal Excise Tax 

Return. 

OMB Number: 1545–0023. 

Form Number: 720. 

Abstract: Form 720 is used to report 

(1) Excise taxes due from retailers and 

manufacturers on the sale or 

manufacture of various articles, (2) the 

tax on facilities and services, (3) 

environmental taxes, (4) luxury tax, and 

(5) floor stocks taxes. The information 

supplied on Form 720 is used by the IRS 

to determine the correct tax liability. 

Additionally the data is reported by the 

IRS to Treasury so that funds may be 

transferred from the general revenue 

fund to the appropriate trusts funds. 

Current Actions: There are no changes 

being made to the form at this time. 

Type of Review: Extension of a 

currently approved collection. 

Affected Public: Business or other forprofit organizations, individuals, notfor-profit institutions, farms, and 

Federal, state, local or tribal 

governments. 

Estimated Number of Respondents: 

387,744. 

Estimated Time per Respondent: 9 

hrs, 13 minutes. 

Estimated Total Annual Burden 

Hours: 3,575,505. 

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: May 1, 2007. 

Glenn Kirkland, 

IRS Reports Clearance Officer. 

[FR Doc. E7–8917 Filed 5–9–07; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

Proposed Collection; Comment 

Request for Forms W–8BEN, W–8ECI, 

W–8EXP, and W–8IMY 

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 


pwalker on PROD1PC71 with NOTICES