6304 Federal Register / Vol. 62, No. 28 / Tuesday, February 11, 1997 / Notices

[INTL–15–91]

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 notice of proposed rulemaking,

INTL–15–91, Taxation of Gain or Loss

from Certain Nonfunctional Currency

Transactions (Section 988 Transactions)

(§ 1.988–5).

DATES: Written comments should be

received on or before April 14, 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: Taxation of Gain or Loss from

Certain Nonfunctional Currency

Transactions (Section 988 Transactions).

OMB Number: 1545–1312.

Regulation Project Number: INTL–15–

91.

Abstract: This regulation provides

that if a taxpayer identifies a hedge and

a dividend, rent, or royalty payment as

a hedged qualified payment, then the

taxpayer may integrate such

transactions. The regulation also allows

taxpayers to elect a mark to market

method of accounting for foreign

currency gains and losses.

Current Actions: There is no change to

this existing regulation.

Type of Review: Extension of OMB

approval.

Affected Public: Individuals or

households, and business or other forprofit organizations.

Estimated Number of Respondents:

1,500.

Estimated Time Per Respondent: 40

minutes.

Estimated Total Annual Burden

Hours: 1,000.

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 5, 1997.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 97–3401 Filed 2–10–97; 8:45 am]

BILLING CODE 4830–01–U

[LR–27–83; LR–54–85]

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 existing

temporary regulations, LR–27–83 (TD

7882), Floor Stocks Credits or Refunds

and Consumer Credits or Refunds With

Respect to Certain Tax-Repealed

Articles; Excise Tax on Heavy Trucks

(§ 145.4051–1) and LR–54–85 (TD 8050),

Excise Tax on Heavy Trucks, Truck

Trailers and Semitrailers, and Tractors;

Reporting and Recordkeeping

Requirements (§ 145.4052–1).

DATES: Written comments should be

received on or before April 14, 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: (LR–27–83) Floor Stocks Credits

or Refunds and Consumer Credits or

Refunds With Respect to Certain TaxRepealed Articles; Excise Tax on Heavy

Trucks, and (LR–54–85) Excise Tax on

Heavy Trucks, Truck Trailers and

Semitrailers, and Tractors; Reporting

and Recordkeeping Requirements.

OMB Number: 1545–0745.

Regulation Project Number: LR–27–

83; LR–54–85.

Abstract: LR–27–83 requires sellers of

trucks, trailers and semitrailers, and

tractors to maintain records of the gross

vehicle weights of articles sold to verify

taxability. LR–54–85 requires that if the

sale is to be treated as exempt, the seller

and the purchaser must be registered

and the purchaser must give the seller

a resale certificate.

Current Actions: There is no change to

these existing regulations.

Type of Review: Extension of OMB

approval.

Affected Public: Business or other forprofit organizations.

Estimated Number of Respondents:

4,100.

Estimated Time Per Respondent: 1

hour, 1 minute.

Estimated Total Annual Burden

Hours: 4,140.

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