Federal Register / Vol. 62, No. 250 / Wednesday, December 31, 1997 / Notices 68355

Type of Review: Extension

Title: Procedure for Monitoring

Compliance with Low-Income Housing

Credit Requirements.

Description: The regulations require

state allocation plans to provide a

procedure for State and local housing

credit agencies to monitor for

compliance with the requirements of

section 42 and report and

noncompliance to the Internal Revenue

Service.

Respondents: Business or other forprofit, Individuals or households, Notfor-profit institutions, State, Local or

Tribal Government.

Estimated Number of Respondents/

Recordkeepers: 5,000.

Estimated Burden Hours Per

Respondent/Recordkeeper: 3 hours, 45

minutes.

Frequency of Response: Annually.

Estimated Total Reporting/

Recordkeeping Burden: 18,750 hours.

OMB Number: 1545–1299.

Regulation Project Number: IA–54–90

Final.

Type of Review: Revision.

Title: Settlement Funds.

Description: The reporting

requirements affect taxpayers that are

qualified settlement funds; they will be

required to file income tax returns,

estimated tax returns, and withholding

tax returns. The information will

facilitate taxpayer examinations.

Respondents: Individuals or

households, Business or other for-profit,

Not-for-profit institutions, Farms,

Federal Government, State, Local or

Tribal Government.

Estimated Number of Respondents:

1,500.

Estimated Burden Hours Per

Respondent: 2 hours, 22 minutes.

Frequency of Response: Annually.

Estimated Total Reporting Burden:

3,542 hours.

OMB Number: 1545–1448.

Regulation Project Number: EE–81–88

Final.

Type of Review: Extension.

Title: Deductions for Transfers of

Property.

Description: These regulations

concerns the Secretary’s authority to

require the filing of an information

return under Code section 6041 and

expand the requirement to furnish forms

to certain corporate service providers.

Respondents: Individuals or

households, Business or other for-profit,

Not-for-profit institutions, Farms.

Estimated Number of Respondents: 1.

Estimated Burden Hours Per

Respondent: 1 hour.

Frequency of Response: Annually.

Estimated Total Reporting Burden: 1

hour.

OMB Number: 1545–1452.

Regulation Project Number: FI–43–94

Final.

Type of Review: Extension.

Title: Regulation Under Section 1258

of the Internal Revenue Code of 1986;

Netting Rule for Certain Conversion

Transactions.

Description: Section 1258

recharacterizes capital gains from

conversion transactions as ordinary

income to the extent of the time value

element. This regulation provides that

certain gains and losses may be netted

for purposes of determining the amount

of gain recharacterized.

Respondents: Business or other forprofit, Not-for-profit institutions.

Estimated Number of Recordkeepers:

50,000.

Estimated Burden Hours Per

Recordkeeper: 6 minutes.

Estimated Total Recordkeeping

Burden: 5,000 hours.

OMB Number: 1545–1562.

Revenue Procedure Number: Revenue

Procedure 97–48.

Type of Review: Extension.

Title: Automatic Relief for Late S

Corporation Elections.

Description: The revenue procedure

only applies to the following two

situations:

(1) A corporation intends to be an S

corporation, the corporation and its

shareholders reported their income

consistent with S corporation status for

the taxable year the S corporation

election should have been made and for

every subsequent year, and the

corporation did not receive notification

from the Service regarding any problem

with the S corporation status within 6

months of the date on which the Form

1120S for the first year was timely filed;

and

(2) For periods prior to January 1,

1997, a corporation intends to be an S

corporation; however, due to a late S

corporation election the corporation was

not permitted to be an A corporation for

the first taxable year specified in the

election (because late S corporation

election relief was not available during

this period), the corporation for all

succeeding years, and all relevant

taxable years for both the corporation

and all of its shareholders are open.

Respondents: Business or other forprofit.

Estimated Number of Respondents:

100.

Estimated Burden Hours Per

Respondent: 1 hour.

Frequency of Response: Other (once).

Estimated Total Reporting Burden:

100 hours.

Clearance Officer: Garrick Shear,

(202) 622–3869, Internal Revenue

Service, Room 5571, 1111 Constitution

Avenue, NW, Washington, DC 20224.

OMB Reviewer: Alexander T. Hunt,

(202) 395–7860, Office of Management

and Budget, Room 10226, New

Executive Office Building, Washington,

DC 20503.

Lois K. Holland,

Departmental Reports Management Officer.

[FR Doc. 97–34026 Filed 12–30–97; 8:45 am]

BILLING CODE 4830–01–P

DEPARTMENT OF THE TREASURY

[Treasury Order Number 150–31]

Delegation—Limited Referral Authority

for Advice in Undercover Operations

and Approval of Consensual

Monitoring Requests

December 19, 1997.

By virtue of the authority vested in

the Secretary of the Treasury, including

the authority vested by 31 U.S.C. 321(b)

and sections 6103, 7801, 7802(a) and

7803(a) of the Internal Revenue Code of

1986, it is hereby ordered that:

1. The Commissioner of Internal

Revenue is authorized to refer matters

involving potential violations of law to

the Department of Justice for the limited

purpose of ensuring legal, ethical, and

prosecutorial uniformity in the

application of undercover techniques

pursuant to a Memorandum of

Understanding entitled ‘‘Internal

Revenue Service, Undercover Review

Committee’’ entered into by the Deputy

Attorney General and the Commissioner

in August 1995, or any successor

memorandum. The Commissioner of

Internal Revenue may redelegate this

authority.

2. The Commissioner of Internal

Revenue is authorized to refer requests

for approval of consensual monitoring

to the Department of Justice as provided

in the Attorney General’s Memorandum

to Heads and Inspectors General of

Executive Departments and Agencies

entitled ‘‘Procedures for Lawful,

Warrantless Interceptions of Verbal

Communications’’ dated November 7,

1983, or any successor memorandum.

The Commissioner of Internal Revenue

may redelegate this authority.

3. The limited referral authority

granted to the Commissioner of Internal

Revenue by this Order shall terminate

with respect to each matter so referred

once the advice concerning undercover

techniques is received or once approval

for use of consensual monitoring is

obtained.

4. This Order does not authorize the

Commissioner of Internal Revenue to

refer any matter, including matters
68356 Federal Register / Vol. 62, No. 250 / Wednesday, December 31, 1997 / Notices

within the scope of paragraphs 1. and 2.

above, to the Department of Justice for

purposes of prosecution, grand jury

investigation, or any action other than

those defined in paragraphs 1. and 2;

such authority shall remain with the

Chief Counsel for the Internal Revenue

Service in accordance with existing

delegations.

Robert E. Rubin,

Secretary of the Treasury.

[FR Doc. 97–34089 Filed 12–30–97; 8:45 am]

BILLING CODE 4810–25–P

DEPARTMENT OF THE TREASURY

Fiscal Service

Renegotiation Board Interest Rate;

Prompt Payment Interest Rate;

Contract Disputes Act

AGENCY: Bureau of the Public Debt,

Fiscal Service, Treasury.

ACTION: Notice.

SUMMARY: For the period beginning

January 1, 1998 and ending on June 30,

1998 the prompt payment interest rate

is 6.25% (6 1/4) per centum per annum.

ADDRESSES: Comments or inquiries may

be mailed to Cynthia Winters, Team

Leader, Debt Accounting Branch, Office

of Public Debt Accounting, Bureau of

the Public Debt, Parkersburg, West

Virginia, 26106–1328. A copy of this

Notice will be made available for

downloading from the http://

www.publicdebt.treas.gov.

DATES: This notice announces the

interest rate applicable for the January 1,

1998 to June 30, 1998 period.

FOR FURTHER INFORMATION CONTACT:

Stephanie Brown, Debt Accounting

Branch Manager, Office of Public Debt

Accounting, Bureau of the Public Debt,

Parkersburg, West Virginia, 26106–1328,

(304) 480–5171, Cynthia Winters, Team

Leader, Debt Accounting Branch, Office

of Public Debt Accounting, Bureau of

the Public Debt, (304) 480–5174, or

Elizabeth S. Gracia, Attorney-Adviser,

Office of the Chief Counsel, Bureau of

the Public Debt, (304) 480–5187.

SUPPLEMENTARY INFORMATION: Although

the Renegotiation Board is no longer in

existence, other Federal Agencies are

required to use interest rates computed

under the criteria established by the

Renegotiation Act of 1971 Sec. 2, Pub.L.

92–41, 85 Stat. 97. For example, the

Contract Disputes Act of 1978 Sec. 12,

Pub.L. 95–563, 92 Stat. 2389 and the

Prompt Payment Act of 1982 Sec. 2,

Pub.L. 97–177, 96 Stat. 85 provide for

the calculation of interest due on claims

at a rate established by the Secretary of

the Treasury pursuant to 31 U.S.C.

3902(a).

Therefore, notice is hereby given that,

pursuant to the above mentioned

sections, the Secretary of the Treasury

has determined that the rate of interest

applicable for the purpose of said

sections, for the period beginning

January 1, 1998 and ending on June 30,

1998, is 6 1/4 per centum per annum.

Dated: December 23, 1997.

Donald V. Hammond,

Deputy Fiscal Assistant Secretary.

[FR Doc. 97–34049 Filed 12–24–97; 10:44

am]

BILLING CODE 4810–39–P

UNITED STATES INFORMATION

AGENCY

College and University Affiliations

Program (CUAP); Revised Request for

Proposals (RFP)

This notice amends the RFP

published on October 2, 1997, providing

for assistance awards by the Office of

Academic Programs of the United States

Information Agency to support

democratic institution-building and/or

civic education. The RFP is amended to

include Greece (Media Projects only) as

eligible for proposed bilateral projects.

The RFP’s closing date remains January

16, 1998. Potential applicants should

refer to the RFP published on October

2, 1997 for full details about applying

for assistance awards under this RFP.

FOR FURTHER INFORMATION CONTACT:

Office of Academic Programs; Advising,

Teaching, and Specialized Programs

Division; College and University

Affiliations Program (CUAP), (ZE/ASU),

Room 349, U.S. Information Agency,

301 4th Street, SW, Washington, DC

20547, phone: (202) 619–5289, fax: (202)

401–1433. Send a message via Internet

to: affiliat@usia.gov to request a

Solicitation Package. The Solicitation

Package includes more detailed award

criteria; all application forms; and

guidelines for preparing proposals,

including specific criteria for

preparation of the proposal budget.

To Download a Solicitation Package

via Internet: The entire Solicitation

Package may be downloaded from

USIA’s website at http://www.usia.gov/

education/rfps. Please read all

information before downloading.

To Receive a Solicitation Package Via

Fax On Demand: The entire Solicitation

Package may be received via the

Bureau’s ‘‘Grants Information Fax on

Demand System,’’ which is accessed by

calling 202/401–7616. Please request a

‘‘Catalog’’ of available documents and

order numbers when first entering the

system.

Please specify ‘‘College and

University Affiliations Program Officer’’

on all inquiries and correspondence.

Prospective applicants should read the

complete Federal Register

announcement before addressing

inquiries to the College and University

Affiliations Program staff or submitting

their proposals. Once the RFP deadline

has passed, Agency staff may not

discuss this competition in any way

with applicants until the Bureau

proposal review process has been

completed.

Notice

The terms and conditions published

in this RFP are binding and may not be

modified by any USIA representative.

Explanatory information provided by

the Agency that contradicts published

language will not be binding. Issuance

of the RFP does not constitute an award

commitment on the part of the

Government. The Agency reserves the

right to reduce, revise, or increase

proposal budgets in accordance with the

needs of the program and the

availability of funds. Awards made will

be subject to periodic reporting and

evaluation requirements.

Notification

Final awards cannot be made until

funds have been appropriated by

Congress, allocated and committed

through internal USIA procedures.

Dated: December 28, 1997.

Robert L. Earle,

Deputy Associate Director for Educational

and Cultural Affairs.

[FR Doc. 97–34028 Filed 12–30–97; 8:45 am]

BILLING CODE 8230–01–M

DEPARTMENT OF VETERANS

AFFAIRS

[OMB Control No. 2900–0249]

Proposed Information Collection

Activity: Proposed Collection;

Comment Request

AGENCY: Veterans Benefits

Administration, Department of Veterans

Affairs.

ACTION: Notice

SUMMARY: The Veterans Benefits

Administration (VBA), Department of

Veterans Affairs, is announcing an

opportunity for public comment on the

proposed collection of certain

information by the agency. Under the

Paperwork Reduction Act (PRA) of

1995, Federal agencies are required to