[Federal Register Volume 63, Number 111 (Wednesday, June 10, 1998)]
[Notices]
[Pages 31833-31834]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-15342]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Notice 89-102

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 
Notice 89-102, Treatment of Acquisition of Certain Financial 
Institutions; Tax

[[Page 31834]]

Consequences of Federal Financial Assistance.

DATES: Written comments should be received on or before August 10, 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 notice should be directed to Carol Savage, (202) 622-
3945, Internal Revenue Service, room 5569, 1111 Constitution Avenue 
NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Treatment of Acquisition of Certain Financial Institutions; 
Tax Consequences of Federal Financial Assistance.
    OMB Number: 1545-1141.
    Notice Number: Notice 89-102.
    Abstract: Section 597 of the Internal Revenue Code provides that 
the Secretary of the Treasury shall provide guidance concerning the tax 
consequences of Federal financial assistance received by certain 
financial institutions. Notice 89-102 provides that qualifying 
financial institutions that receive Federal financial assistance prior 
to a planned sale of their assets or their stock to another institution 
may elect to defer payment of any net tax liability attributable to the 
assistance. Such financial institutions must file a statement 
describing the assistance received, the date of receipt, and any 
amounts deferred.
    Current Actions: There are no changes being made to the notice at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 250.
    Estimated Time Per Respondent: 30 minutes.
    Estimated Total Annual Burden Hours: 125.
    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: June 3, 1998.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 98-15342 Filed 6-9-98; 8:45 am]
BILLING CODE 4830-01-U