[Federal Register Volume 63, Number 13 (Wednesday, January 21, 1998)]
[Notices]
[Page 3185]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-1285]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Revenue Procedure 98-15

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, Public Law 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning 
Revenue Procedure 98-15, Reduced Interest Election for Deferred Estate 
Tax.

DATES: Written comments should be received on or before March 23, 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 revenue procedure should be directed to Carol Savage, 
(202) 622-3945, Internal Revenue Service, room 5569, 1111 Constitution 
Avenue, NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

    Title: Reduced Interest Election for Deferred Estate Tax.
    OMB Number: 1545-1585.
    Revenue Procedure Number: Revenue Procedure 98-15.
    Abstract: Revenue Procedure 98-15 provides procedures for making an 
election under section 503 of the Taxpayer Relief Act of 1997 to reduce 
the rate of interest on estate taxes deferred under section 6166 of the 
Internal Revenue Code and to eliminate the deduction for interest paid 
on the deferred estate taxes.
    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: Individuals or households.
    Estimated Number of Respondents: 6,600.
    Estimated Time Per Respondent: 30 minutes.
    Estimated Total Annual Burden Hours: 3,300.
    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 13, 1998.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 98-1285 Filed 1-20-98; 8:45 am]
BILLING CODE 4830-01-U