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[Federal Register Volume 63, Number 77 (Wednesday, April 22, 1998)]
[Notices]
[Pages 20001-20002]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-10708]

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DEPARTMENT OF THE TREASURY

Internal Revenue Service

Proposed Collection; Comment Request for Form 8594

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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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, Pub. L. 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning 
Form 8594, Asset Acquisition Statement.

[[Page 20002]]

DATES: Written comments should be received on or before June 22, 1998 
to be assured of consideration.

ADDRESSES: Direct all written comments to Garrick R. Shear, Internal 
Revenue Service, room 5571, 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 Martha R. 
Brinson, (202) 622-3869, Internal Revenue Service, room 5571, 1111 
Constitution Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Asset Acquisition Statement.
    OMB Number: 1545-1021.
    Form Number: 8594.
    Abstract: Internal Revenue Code section 1060 requires reporting to 
the IRS by the buyer and seller of the total consideration paid for 
assets in an applicable asset acquisition. The information required to 
be reported includes the amount allocated to goodwill or going concern 
value. Form 8594 is used to report this information.
    Current Actions: New temporary regulations under Code sections 1060 
and 338 clarified the rules for allocating assets acquired after 
February 13, 1997. As a result, Class V is being added to line 4 of 
Part II and to line 7 of Part III on Form 8594. Class V will consist of 
goodwill and going concern value (these were previously included in 
Class IV).
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, 
individuals or households, and farms.
    Estimated Number of Respondents: 20,000.
    Estimated Time Per Respondent: 11 hr., 38 min.
    Estimated Total Annual Burden Hours: 232,600.
    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: April 15, 1998.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 98-10708 Filed 4-21-98; 8:45 am]
BILLING CODE 4830-01-P
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