[Federal Register Volume 62, Number 32 (Tuesday, February 18, 1997)]
[Notices]
[Pages 7296-7297]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-3949]


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DEPARTMENT OF THE TREASURY
[INTL-21-91]


Proposed Collection; Comment Request For Regulation Project

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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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 (Sec. 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 for-profit 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

[[Page 7297]]

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. 97-3949 Filed 2-14-97; 8:45 am]
BILLING CODE 4830-01-U