Federal Register / Vol. 62, No. 213 / Tuesday, November 4, 1997 / Notices 59757

Approved: October 28, 1997.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 97–29170 Filed 11–3–97; 8:45 am]

BILLING CODE 4830–01–U

DEPARTMENT OF THE TREASURY

Internal Revenue Service

Proposed Collection; Comment

Request for Form 2439

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 Form 2439,

Notice to Shareholder of Undistributed

Long-Term Capital Gains.

DATES: Written comments should be

received on or before January 5, 1998 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 form and instructions

should be directed to Martha R. Brinson,

(202) 622–3869, Internal Revenue

Service, room 5571, 1111 Constitution

Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

Title: Notice to Shareholder of

Undistributed Long-Term Capital Gains.

OMB Number: 1545–0145.

Form Number: Form 2439.

Abstract: Form 2439 is used by

regulated investment companies (RICs)

and real estate investment trusts (REITs)

to report undistributed capital gains and

the amount of tax paid on these gains

designated under Internal Revenue Code

section 852(b)(3)(D) or 857(b)(3)(D). The

company, the trust, and the shareholder

file copies of Form 2439 with the IRS.

The IRS uses the information to verify

that the shareholder has included the

capital gains in income.

Current Actions: The following

changes were made:

The Tax Relief Act of 1997 (Act) made

the following changes in law affecting

Form 2439.

1. For tax years beginning after

August 5, 1997, section 1254 of the Act

adds section 857(b)(3)(D) to the Code,

which allows a REIT to elect to retain,

rather than distribute, its net long-term

capital gains and pay tax on these gains.

As a result, REITs and their

shareholders are now added to Form

2439. Shareholders include in income

their proportionate share of the

undistributed capital gains and take a

credit for their share of the tax paid by

the REIT.

2. Section 311 of the Act changed the

capital gains rate for individuals. The

Act requires that pass-through entities,

such as RICs and REITs, must now

provide the necessary information so

shareholders can identify the

components of their undistributed

capital gains to complete Schedule D

(Form 1040).

New box 1b is added to report the

‘‘28% rate gain’’.

New box 1c is added to report the

‘‘Unrecaptured section 1250 gain’’.

New box 1d is added to report the

‘‘Section 1202 gain’’.

Type of Review: Revision of a

currently approved collection.

Affected Public: Business or other forprofit organizations.

Estimated Number of Respondents:

8,000.

Estimated Time Per Respondent: 3 hr.,

31 min.

Estimated Total Annual Burden

Hours: 28,160.

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 28, 1997.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 97–29171 Filed 11–3–97; 8:45 am]

BILLING CODE 4830–01–U

DEPARTMENT OF THE TREASURY

Internal Revenue Service

Proposed Collection; Comment

Request for Form 1310

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 Form 1310,

Statement of Person Claiming Refund

Due a Deceased Taxpayer.

DATES: Written comments should be

received on or before January 5, 1998 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 form and instructions

should be directed to Martha R. Brinson,

(202) 622–3869, Internal Revenue

Service, room 5571, 1111 Constitution

Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

Title: Statement of Person Claiming

Refund Due a Deceased Taxpayer.

OMB Number: 1545–0073.

Form Number: Form 1310.

Abstract: Form 1310 is used by a

claimant to secure payment of a refund

on behalf of a deceased taxpayer. The

information requested on the form