[Federal Register Volume 62, Number 34 (Thursday, February 20, 1997)]
[Notices]
[Pages 7828-7829]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-4189]


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DEPARTMENT OF THE TREASURY
[INTL-372-88; INTL-401-88]


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 existing final 
regulations, INTL-372-88 (TD 8632), Section 482 Cost Sharing 
Regulations (Sec. 1.482-7); INTL-401-88 (TD 8552), Intercompany 
Transfer Pricing Regulations Under Section 482 (Secs. 1.482-1, 1.482-
4).

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: (INTL-372-88) Section 482 Cost Sharing Regulations; (INTL-
401-88) Intercompany Transfer Pricing Regulations Under 482.
    OMB Number: 1545-1364.
    Regulation Project Number: INTL-372-88; INTL-401-88.
    Abstract: The information collections in INTL-372-88 are necessary 
to

[[Page 7829]]

determine whether an entity is an eligible participant of a qualified 
cost sharing arrangement and whether each eligible participant is 
sharing the costs and benefits of intangible development on an arm's 
length basis. INTL-401-88 relates to the pricing of transfers of 
tangible property, intangible property, or services between related 
parties to ensure that taxpayers clearly reflect income and to prevent 
the avoidance of taxes with respect to such transactions.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 1,000.
    Estimated Time Per Respondent: 7 hours, 51 minutes.
    Estimated Total Annual Burden Hours: 7,850.
    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 13, 1997.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 97-4189 Filed 2-19-97; 8:45 am]
BILLING CODE 4830-01-U