Federal Register / Vol. 62, No. 207 / Monday, October 27, 1997 / Notices 55669

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: October 21, 1997.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 97–28404 Filed 10–24–97; 8:45 am]

BILLING CODE 4830–01–U

DEPARTMENT OF THE TREASURY

Internal Revenue Service

[LR–236–81]

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, LR–236–81 (TD

8251), Credit for Increasing Research

Activity (§ 1.41–8(d)).

DATES: Written comments should be

received on or before December 26, 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: Credit for Increasing Research

Activity.

OMB Number: 1545–0732.

Regulation Project Number: LR–236–

81.

Abstract: This regulation provides

rules for the credit for increasing

research activities. Internal Revenue

Code section 4l(f) provides that

commonly controlled groups of

taxpayers shall compute the credit as if

they are a single taxpayer. The credit

allowed to a member of the group is a

portion of the group’s credit. Section

1.41–8(d) of the regulation permits a

corporation that is a member of more

than one group to designate which

controlled group they will be aggregated

with for purposes of Code section 4l(f).

Current Actions: There is no change to

this existing regulation.

Type of Review: Extension of a

currently approved collection.

Affected Public: Individuals and

business or other for-profit

organizations.

Estimated Number of Respondents:

250.

Estimated Time Per Respondent: 15

minutes.

Estimated Total Annual Burden

Hours: 63.

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: October 21, 1997.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 97–28405 Filed 10–24–97; 8:45 am]

BILLING CODE 4830–01–U

DEPARTMENT OF THE TREASURY

Internal Revenue Service

[FI–59–91]

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, FI–59–91 (TD

8674), Debt Instruments With Original

Issue Discount; Contingent Payments;

Anti-Abuse Rule (§§ 1.1275–2, 1.1275–

3, 1.1275–4, and 1.1275–6).

DATES: Written comments should be

received on or before December 26, 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: Debt Instruments With Original

Issue Discount; Contingent Payments;

Anti-Abuse Rule.

OMB Number: 1545–1450.

Regulation Project Number: FI–59–91.

Abstract: This regulation relates to the

tax treatment of debt instruments that

provide for one or more contingent

payments. The regulation also treats a

debt instrument and a related hedge as

an integrated transaction. The regulation

provides general rules, definitions, and

reporting and recordkeeping

requirements for contingent payment

debt instruments and for integrated debt

instruments.

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, individuals, and

state, local, or tribal governments.