[Federal Register Volume 65, Number 191 (Monday, October 2, 2000)]
[Notices]
[Page 58843]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-25097]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 8869

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 
Form 8869, Qualified Subchapter S Subsidiary Election.

DATES: Written comments should be received on or before December 1, 
2000 to be assured of consideration.

ADDRESSES: Direct all written comments to Garrick R. Shear, Internal 
Revenue Service, room 5244, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to Faye Bruce, 
(202) 622-6665, Internal Revenue Service, room 5244, 1111 Constitution 
Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:   
    Title: Qualified Subchapter S Subsidiary Election.
    OMB Number: 1545-1700.
    Form Number: 8869.
    Abstract: Effective for tax years beginning after December 31, 
1996, Internal Revenue Code section 1361(b)(3) allows an S corporation 
to own a corporate subsidiary, but only if it is wholly owned. To do 
so, the parent S corporation must elect to treat the wholly owned 
subsidiary as a qualified subchapter S subsidiary (QSub). Form 8869 is 
used to make this election.
    Current Actions: There are no changes being made to the form at 
this time.
    Affected Public: Businesses or other for-profit organizations.
    Estimated Number of Respondents: 5,000.
    Estimated Time Per Respondent: 8 hrs., 9 mins.
    Estimated Total Annual Burden Hours: 40,750.
    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: September 20, 2000.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 00-25097 Filed 9-29-00; 8:45 am]
BILLING CODE 4830-01-P