Federal Register / Vol. 65, No. 222 / Thursday, November 16, 2000 / Notices 69371

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 regulation should be

directed to Martha R. Brinson, (202)

622–3869, Internal Revenue Service,

room 5244, 1111 Constitution Avenue

NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

Title: Allocation and Apportionment

of Deduction for State Income Taxes.

OMB Number: 1545–1224

Regulation Project Number: INTL–

112–88

Abstract: This regulation provides

guidance on when and how the

deduction for state income taxes is to be

allocated and apportioned between

gross income from sources within and

without the United States in order to

determine the amount of taxable income

from those sources. The reporting

requirements in the regulation affect

those taxpayers claiming foreign tax

credits who elect to use an alternative

method from that described in the

regulation to allocate and apportion

deductions for state income taxes.

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.

Estimated Number of Respondents:

1,000.

Estimated Time Per Respondent: 1 hr.

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: November 1, 2000.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 00–29273 Filed 11–15–00; 8:45 am]

BILLING CODE 4830–01–U

DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG–251698–96]

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, REG–251698–

96 (TD 8869), Subchapter S Subsidiaries

(§§ 1.1361–3, 1.1361–5, and 1.1362–8).

DATES: Written comments should be

received on or before January 16, 2001

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 regulation should be

directed to Carol Savage, (202) 622–

3945, Internal Revenue Service, room

5242, 1111 Constitution Avenue NW.,

Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

Title: Subchapter S Subsidiaries.

OMB Number: 1545–1590.

Regulation Project Number: REG–

251698–96.

Abstract: This regulation relates to the

treatment of corporate subsidiaries of S

corporations and interprets the rules

added to the Internal Revenue Code by

section 1308 of the Small Business Job

Protection Act of 1996. The collection of

information required in the regulation is

necessary for a taxpayer to obtain,

retain, or terminate S corporation

treatment.

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, individuals, and

farms.

Estimated Number of Respondents/

Recordkeepers: 10,660.

Estimated Time per Respondent/

Recordkeeper: 57 minutes.

Estimated Total Annual Reporting/

Recordkeeping Burden Hours: 10,110.

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: November 7, 2000.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 00–29274 Filed 11–15–00; 8:45 am]

BILLING CODE 4830–01–U