6694 Federal Register / Vol. 65, No. 28 / Thursday, February 10, 2000 / Notices

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–116–90, Allocation of Charitable

Contributions (§ 1.861–8).

DATES: Written comments should be

received on or before April 10, 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 this regulation should be

directed to Faye Bruce, (202) 622–6665,

Internal Revenue Service, room 5244,

1111 Constitution Avenue NW.,

Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

Title: Allocation of Charitable

Contributions.

OMB Number: 1545–1240.

Regulation Project Number: INTL–

116–90.

Abstract: Section 1.861–8(e) of the

regulation provides guidance

concerning the allocation and

apportionment of deductions for

charitable contributions. It would

require a taxpayer to allocate a

deduction for charitable contributions

solely to United States source gross

income or solely to foreign source gross

income in certain cases. The required

records will be used on audit to verify

the United States allocation of these

deductions.

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:

500.

Estimated Time Per Respondent: 1

hour.

Estimated Total Annual Burden

Hours: 500 hours.

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: January 19, 2000.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 00–2998 Filed 2–9–00; 8:45 am]

BILLING CODE 4830–01–U

DEPARTMENT OF THE TREASURY

Internal Revenue Service

[INTL–485–89]

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, INTL–485–89

(TD 8400), Taxation of Gain or Loss

from Certain Nonfunctional Currency

Transactions (Section 988 Transactions)

(Sections 1.988–0 through 1.988–5).

DATES: Written comments should be

received on or before April 10, 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 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: Taxation of Gain or Loss from

Certain Nonfunctional Currency

Transactions (Section 988 Transactions).

OMB Number: 1545–1131.

Regulation Project Number: INTL–

485–89.

Abstract: Internal Revenue Code

sections 988(c)(1) (D) and (E) allow

taxpayers to make elections concerning

the taxation of exchange gain or loss on

certain foreign currency denominated

transactions. In addition, Code sections

988(a)(1)(B) and 988(d) require

taxpayers to identify transactions which

generate capital gain or loss or which

are hedges of other transactions. This

regulation provides guidance on making

the elections and complying with the

identification rules.

Current Actions: There is no change to

this existing regulation.

Type of Review: Extension of a

currently approved collection.

Affected Public: Individuals or

households and business or other forprofit organizations.

Estimated Number of Respondents:

5,000.

Estimated Time Per Respondent: 40

minutes.

Estimated Total Annual Burden

Hours: 3,333.

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:

Federal Register / Vol. 65, No. 28 / Thursday, February 10, 2000 / Notices 6695

(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: January 21, 2000.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 00–2999 Filed 2–9–00; 8:45 am]

BILLING CODE 4830–01–U

DEPARTMENT OF THE TREASURY

Internal Revenue Service

Proposed Collection; Comment

Request for Revenue Ruling 2000–8

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 Ruling 2000–8, Negative

Elections in Section 401(k) Plans.

DATES: Written comments should be

received on or before April 10, 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 ruling should be

directed to Carol Savage, (202) 622–

3945, Internal Revenue Service, room

5242, 1111 Constitution Avenue NW.,

Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

Title: Negative Elections in Section

401(k) Plans.

OMB Number: 1545–1605.

Revenue Ruling Number: Revenue

Ruling 2000–8.

Abstract: Revenue Ruling 2000–8

describes certain criteria that must be

met before an employee’s compensation

can be contributed to an employer’s

section 401(k) plan in the absence of an

affirmative election by the employee.

Generally, before an employer can

automatically include its employees in

the employer’s section 401(k) plan, the

employees must be notified by the

employer that they can elect out and

they must be given a reasonable period

of time in which to do so.

Current Actions: There are no changes

being made to this revenue ruling at this

time.

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:

1,500.

Estimated Time Per Respondent: 1

hour, 10 minutes.

Estimated Total Annual Burden

Hours: 1,750.

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: January 31, 2000.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 00–3000 Filed 2–9–00; 8:45 am]

BILLING CODE 4830–01–U