7296 Federal Register / Vol. 62, No. 32 / Tuesday, February 18, 1997 / Notices

Approved: February 11, 1997.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 97–3947 Filed 2–14–97; 8:45 am]

BILLING CODE 4830–01–U

[FI–34–91]

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–34–91 (TD

8396), Conclusive Presumption of

Worthlessness of Debts Held by Banks

(§ 1.166–2).

DATES: Written comments should be

received on or before April 21, 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: Conclusive Presumption of

Worthlessness of Debts Held by Banks.

OMB Number: 1545–1254.

Regulation Project Number: FI–34–91.

Abstract: Section 1.166–2(d)(3) of this

regulation allows a bank to elect to

determine the worthlessness of debts by

using a method of accounting that

conforms worthlessness for tax purposes

to worthlessness for regulatory

purposes, and establish a conclusive

presumption of worthlessness. An

election under this regulation is treated

as a change in accounting method.

Current Actions: There is no change to

this existing regulation.

Type of Review: Extension of OMB

approval.

Affected Public: Business or other forprofit organizations.

Estimated Number of Respondents:

200.

Estimated Time Per Respondent: 15

minutes.

Estimated Total Annual Burden

Hours: 50.

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: February 11, 1997.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 97–3948 Filed 2–14–97; 8:45 am]

BILLING CODE 4830–01–U

[INTL–21–91]

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 temporary and final regulation,

INTL–21–91 (TD 8656), Section 6662—

Imposition of the Accuracy-Related

Penalty (§ 1.6662–6).

DATES: Written comments should be

received on or before April 21, 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: Section 6662—Imposition of the

Accuracy-Related Penalty.

OMB Number: 1545–1426.

Regulation Project Number: INTL–21–

91.

Abstract: These regulations provide

guidance on the accuracy-related

penalty imposed on underpayments of

tax caused by substantial and gross

valuation misstatements as defined in

Internal Revenue Code sections 6662(e)

and 6662(h). Under section 1.6662–6(d)

of the regulations, an amount is

excluded from the penalty if certain

requirements are met and a taxpayer

maintains documentation of how a

transfer price was determined for a

transaction subject to Code section 482.

Current Actions: There is no change to

this existing regulation.

Type of Review: Extension of OMB

approval.

Affected Public: Business or other forprofit organizations.

Estimated Number of Respondents:

2,500.

Estimated Time Per Respondent: 8

hours, 3 minutes.

Estimated Total Annual Burden

Hours: 20,125.

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