[Federal Register Volume 62, Number 159 (Monday, August 18, 1997)]
[Notices]
[Pages 44034-44035]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-21832]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service
[REG-208165-91; REG-209035-86]


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, Pub. L. 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning an 
existing notice of proposed rulemaking, REG-208165-91 (formerly INTL-
54-91) and REG-209035-86 (formerly INTL-178-86), Transfers of Stock on 
Securities by U.S. Persons to Foreign Corporations, and Foreign 
Liquidations and Reorganizations (Secs. 1.367(a) and 1.367(b)).

DATES: Written comments should be received on or before October 17, 
1997 to be assured of consideration.

ADDRESSES: Direct all written comments to Garrick R. Shear, Internal 
Revenue Service, room 5571, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the information collection should be directed to Carol 
Savage, (202) 622-3945, Internal Revenue Service, room 5569, 1111 
Constitution Avenue NW., Washington, DC 20224.

[[Page 44035]]

SUPPLEMENTARY INFORMATION:

    Title: Transfers of Stock or Securities by U.S. Persons to Foreign 
Corporations, and Foreign Liquidations and Reorganizations.
    OMB Number: 1545-1271.
    Regulation Project Number: REG-208165-91 (formerly INTL-54-91) and 
REG-209035-86 (formerly INTL-178-86).
    Abstract: A United States entity must generally file a gain 
recognition agreement with the IRS in order to defer gain on a Code 
section 367(a) transfer of stock to a foreign corporation, and must 
file a notice with the IRS if it realizes any income in a Code section 
367(b) exchange. This regulation provides guidance and reporting 
requirements related to these transactions to ensure compliance with 
the respective Code sections.
    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: 600.
    Estimated Time Per Respondent: 4 hours.
    Estimated Total Annual Burden Hours: 2,400.
    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: August 12, 1997.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 97-21832 Filed 8-15-97; 8:45 am]
BILLING CODE 4830-01-P