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###### Department of the Treasury

###### Internal Revenue Service 

          - [REG-106527-98] 

# 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, REG-106527-98 (TD 8902), Capital Gains, Partnership, Subchapter S, and Trusts Provisions (§ 1.1(h)-1(e)). 

# DATES:

Written comments should be received on or before July 7, 2008 to be assured of consideration. 

# ADDRESSES:

Direct all written comments to R. Joseph Durbala, Internal Revenue Service, room 6129, 1111 Constitution Avenue NW., Washington, DC 20224. 

# FOR FURTHER INFORMATION CONTACT:

                        Requests for additional information or copies of the regulations should be directed to Allan Hopkins, at (202) 622-6665, or at Internal Revenue Service, room 6129, 1111 Constitution Avenue NW., Washington, DC 20224, or through the Internet, at                         *Allan.M.Hopkins@irs.gov*.                     

# SUPPLEMENTARY INFORMATION:

*Title:*                     Capital Gains, Partnership, Subchapter S, and Trusts Provisions.                 

*OMB Number:*                     1545-1654.                 

*Regulation Project Number:*                     REG-106527-98.                 

*Abstract:*                     The regulation relates to sales, or exchanges of interests in partnerships, S corporations, and trusts. The regulations interpret the look-through provision of section 1(h), added by section 311 of the Taxpayer Relief Act of 1997 and amended by sections 5001 and 6005(d) of the Internal Revenue Service Restructuring and Return Act of 1998, and explain the rules relating to the division of the holding period of a partnership interest. The regulations affect partnerships, partners, S corporations, S corporation shareholders, trusts, and trusts beneficiaries.                 

*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, and individual or households.                 

The burden estimates for requirement is reflected in the burden estimates for: Form 1040, U.S. Individual Income Tax Return; Form 1065, U.S. Partnership Return of Income; Form 1041, U.S. Income Tax Return for Estates and Trusts; and Form 1120S, U.S. Income Tax Return for an S Corporation. 

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: April 23, 2008. 

R. Joseph Durbala, 

IRS Reports Clearance Officer.

 [FR Doc. E8-10154 Filed 5-6-08; 8:45 am] 

BILLING CODE 4830-01-P