63288 Federal Register / Vol. 65, No. 205 / Monday, October 23, 2000 / Notices

Dated: October 17, 2000.

J. Edgar Nichols,

Agency Clearance Officer, Information

Services Branch.

[FR Doc. 00–27129 Filed 10–20–00; 8:45 am]

BILLING CODE 4820–02–P

DEPARTMENT OF THE TREASURY

Customs Service

Quarterly IRS Interest Rates Used in

Calculating Interest on Overdue

Accounts and Refunds on Customs

Duties

AGENCY: Customs Service, Treasury.

ACTION: General notice.

SUMMARY: This notice advises the public

of the quarterly Internal Revenue

Service interest rates used to calculate

interest on overdue accounts

(underpayments) and refunds

(overpayments) of Customs duties. For

the quarter beginning October 1, 2000,

the interest rates for overpayments will

be 8 percent for corporations and 9

percent for non-corporations, and the

interest rate for underpayments will be

9 percent. This notice is published for

the convenience of the importing public

and Customs personnel.

EFFECTIVE DATE: October 1, 2000.

FOR FURTHER INFORMATION CONTACT:

Ronald Wyman, Accounting Services

Division, Accounts Receivable Group,

6026 Lakeside Boulevard, Indianapolis,

Indiana 46278, (317) 298–1200,

extension 1349.

SUPPLEMENTARY INFORMATION:

Background

Pursuant to 19 U.S.C. 1505 and

Treasury Decision 85–93, published in

the Federal Register on May 29, 1985

(50 FR 21832), the interest rate paid on

applicable overpayments or

underpayments of Customs duties shall

be in accordance with the Internal

Revenue Code rate established under 26

U.S.C. 6621 and 6622. Section 6621 was

amended (at paragraph (a)(1)(B) by the

Internal Revenue Service Restructuring

and Reform Act of 1998, Pub. L. 105–

206, 112 Stat. 685) to provide different

interest rates applicable to

overpayments: one for corporations and

one for non-corporations. The interest

rate applicable to underpayments is not

so bifurcated.

The interest rates are based on the

short-term Federal rate and determined

by the Internal Revenue Service (IRS) on

behalf of the Secretary of the Treasury

on a quarterly basis. The rates effective

for a quarter are determined during the

first-month period of the previous

quarter.

In Revenue Ruling 2000–42 (see,

2000–39 IRB 297, dated September 25,

2000), the IRS determined the rates of

interest for the first quarter of fiscal year

(FY) 2001 (the period of October 1–

December 31, 2000). The interest rate

paid to the Treasury for underpayments

will be the short-term Federal rate (6%)

plus three percentage points (3%) for a

total of nine percent (9%). For corporate

overpayments, the rate is the Federal

short-term rate (6%) plus two

percentage points (2%) for a total of

eight percent (8%). For overpayments

made by non-corporations, the rate is

the Federal short-term rate (6%) plus

three percentage points (3%) for a total

of nine percent (9%). These interest

rates are subject to change the second

quarter of FY–2001 (the period of

January 1–March 31, 2001).

For the convenience of the importing

public and Customs personnel the

following list of IRS interest rates used,

covering the period from before July of

1974 to date, to calculate interest on

overdue accounts and refunds of

Customs duties, is published in

summary format.

Beginning date Ending date Underpayments

(percent)

Overpayments

(percent)

Corporate overpayments

(Eff. 1–1–99)

(percent)

Prior to

070174 ...................................................................................... 063075 6 6

070175 ...................................................................................... 013176 9 9

020176 ...................................................................................... 013178 7 7

020178 ...................................................................................... 013180 6 6

020180 ...................................................................................... 013182 12 12

020182 ...................................................................................... 123182 20 20

010183 ...................................................................................... 063083 16 16

070183 ...................................................................................... 123184 11 11

010185 ...................................................................................... 063085 13 13

070185 ...................................................................................... 123185 11 11

010186 ...................................................................................... 063086 10 10

070186 ...................................................................................... 123186 9 9

010187 ...................................................................................... 093087 9 8

100187 ...................................................................................... 123187 10 9

010188 ...................................................................................... 033188 11 10

040188 ...................................................................................... 093088 10 9

100188 ...................................................................................... 033189 11 10

040189 ...................................................................................... 093089 12 11

100189 ...................................................................................... 033191 11 10

040191 ...................................................................................... 123191 10 9

010192 ...................................................................................... 033192 9 8

040192 ...................................................................................... 093092 8 7

100192 ...................................................................................... 063094 7 6

070194 ...................................................................................... 093094 8 7

100194 ...................................................................................... 033195 9 8

040195 ...................................................................................... 063095 10 9

070195 ...................................................................................... 033196 9 8

040196 ...................................................................................... 063096 8 7

070196 ...................................................................................... 033198 9 8

040198 ...................................................................................... 123198 8 7

010199 ...................................................................................... 033199 7 7 6

040199 ...................................................................................... 033100 8 8 7

Federal Register / Vol. 65, No. 205 / Monday, October 23, 2000 / Notices 63289

Beginning date Ending date Underpayments

(percent)

Overpayments

(percent)

Corporate overpayments

(Eff. 1–1–99)

(percent)

040100 ...................................................................................... 123100 9 9 8

Dated: October 15, 2000.

Raymond W. Kelly,

Commissioner of Customs.

[FR Doc. 00–27125 Filed 10–20–00; 8:45 am]

BILLING CODE 4820–02–P

DEPARTMENT OF THE TREASURY

Internal Revenue Service

[FI–43–94]

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–43–94 (TD

8649), Regulations Under Section 1258

of the Internal Revenue code of 1986;

Netting Rule for Certain Conversion

Transactions (§ 1.1258–1).

DATES: Written comments should be

received on or before December 22, 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 information collection

should be directed to Larnice Mack,

(202) 622–3179, Internal Revenue

Service, room 5244, 1111 Constitution

Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

Title: Regulations Under Section 1258

of the Internal Revenue Code of 1986;

Netting Rule for Certain Conversion

Transactions.

OMB Number: 1545–1452.

Regulation Project Number: FI–43–94.

Abstract: Internal Revenue Code

section 1258 recharacterizes capital

gains from conversion transactions as

ordinary income to the extent of the

time value element. This regulation

provides that certain gains and losses

may be netted for purposes of

determining the amount of gain

recharacterized. To be eligible for

netting relief, the taxpayer must identify

on its books and records all the

positions that are part of the conversion

transaction. This must be done before

the close of the day on which the

positions become part of the conversion

transaction.

Current Actions: There is no change to

this existing regulation.

Type of Review: Extension of a

currently approved collection.

Affected Public: Business or other forprofit organizations, and not-for-profit

institutions.

Estimated Number of Respondents:

50,000.

Estimated Time Per Respondent: 6

minutes.

Estimated Total Annual Burden

Hours: 5,000.

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: October, 12, 2000.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 00–27179 Filed 10–20–00; 8:45 am]

BILLING CODE 4830–01–U

DEPARTMENT OF THE TREASURY

Internal Revenue Service

Proposed Collection; Comment

Request for Revenue Procedure 2000–

42

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

Revenue Procedure 2000–42, Section

1503(d) Closing Agreement Requests.

DATES: Written comments should be

received on or before December 22, 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 revenue procedure should

be directed to Carol Savage, (202) 622–

3945, Internal Revenue Service, room

5242, 1111 Constitution Avenue NW.,

Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

Title: Section 1503(d) Closing

Agreement Requests.

OMB Number: 1545–1706.

Revenue Procedure Number: Revenue

Procedure 2000–42.

Abstract: Revenue Procedure 2000–42

informs taxpayers of the information