Federal Register / Vol. 62, No. 155 / Tuesday, August 12, 1997 / Notices 43199

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 final

regulation, T.D. 8418, Arbitrage

Restrictions on Tax-exempt Bonds

(§§ 1.148–1, 1.148–2, 1.148–3, 1.148–4,

1.148–5, 1.148–6, 1.148–7, 1.148–8, and

1.148–11).

DATES: Written comments should be

received on or before October 14, 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.

SUPPLEMENTARY INFORMATION:

Title: Arbitrage Restrictions on Taxexempt Bonds.

OMB Number: 1545–1098.

Regulation Project Number: T.D. 8418.

Abstract: This regulation requires

state and local governmental issuers of

tax-exempt bonds to rebate arbitrage

profits earned on nonpurpose

investments acquired with the bond

proceeds. Issuers are required to submit

a form with the rebate. The regulations

provide for several elections, all of

which must be in writing.

Current Actions: There is no change to

this existing regulation.

Type of Review: Extension of a

currently approved collection.

Affected Public: State, local, or tribal

governments, and not-for-profit

institutions.

Estimated Number of Respondents:

3,100.

Estimated Time Per Respondent: 2

hours, 46 minutes.

Estimated Total Annual Burden

Hours: 8,500.

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: August 5, 1997.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 97–21287 Filed 8–11–97; 8:45 am]

BILLING CODE 4830–01–U

DEPARTMENT OF THE TREASURY

Internal Revenue Service

[CO–93–90]

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, Pub.

L. 104–13 (44 U.S.C. 3506(c)(2)(A)).

Currently, the IRS is soliciting

comments concerning an existing final

regulation, CO–93–90 (TD 8364),

Corporations; Consolidated Returns—

Special Rules Relating To Dispositions

and Deconsolidations of Subsidiary

Stock (§§ 1.337(d)–2 and 1.1502–20).

DATES: Written comments should be

received on or before October 14, 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.

SUPPLEMENTARY INFORMATION:

Title: Corporations; Consolidated

Returns—Special Rules Relating To

Dispositions and Deconsolidations of

Subsidiary Stock.

OMB Number: 1545–1160.

Regulation Project Number: CO–93–

90.

Abstract: This regulation prevents

elimination of corporate-level tax

because of the operation of the

consolidated returns investment

adjustment rules. Statements are

required for dispositions of a

subsidiary’s stock for which losses are

claimed, for basis reductions within 2

years of the stock’s deconsolidation, and

for elections by the common parent to

retain the net operating losses of a

disposed subsidiary.

Current Actions: There is no change to

this existing regulation.

Type of Review: Extension of a

currently approved collection.

Affected Public: Business or other forprofit organizations.

Estimated Number of Respondents:

3,000.

Estimated Time Per Respondent: 2

hours.

Estimated Total Annual Burden

Hours: 6,000.

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
43200 Federal Register / Vol. 62, No. 155 / Tuesday, August 12, 1997 / Notices

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 5, 1997.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 97–21288 Filed 8–11–97; 8:45 am]

BILLING CODE 4830–01–U

DEPARTMENT OF THE TREASURY

Internal Revenue Service

Proposed Collection; Comment

Request for Revenue Procedure 97–40

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, Pub.

L. 104–13 (44 U.S.C. 3506(c)(2)(A)).

Currently, the IRS is soliciting

comments concerning Revenue

Procedure 97–40, Late S Corporation

Election Relief.

DATES: Written comments should be

received on or before October 14, 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.

SUPPLEMENTARY INFORMATION:

Title: Late S Corporation Election

Relief.

OMB Number: 1545–1548.

Revenue Procedure Number: Revenue

Procedure 97–40.

Abstract: The revenue procedure

provides that taxpayers whose S

corporation election was filed late (but

was filed within 6 months of the

statutory due date, and before a tax

return is due for that taxable year) can

obtain late S election relief by filing

Form 2553 and attaching a statement

explaining the reasonable cause for the

failure to file a timely S corporation

election.

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:

200.

Estimated Time Per Respondent: 1

hour.

Estimated Total Annual Burden

Hours: 200.

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: July 31, 1997.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 97–21289 Filed 8–11–97; 8:45 am]

BILLING CODE 4830–01–U