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

63290 Federal Register / Vol. 65, No. 205 / Monday, October 23, 2000 / Notices

they must submit to request a closing

agreement under regulation section

1.1503–2(g)(2)(iv)(B)(2)(i) to prevent the

recapture of dual consolidated losses

upon the occurrence of certain

triggering events.

Current Actions: There are no changes

being made to the revenue procedure at

this time.

Type of Review: Extension of a

currently approved collection.

Affected Public: Business or other forprofit organizations.

Estimated Number of Respondents:

20.

Estimated Time Per Respondent: 100

hours.

Estimated Total Annual Burden

Hours: 2,000.

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. 00–27180 Filed 10–20–00; 8:45 am]

BILLING CODE 4830–01–P