[Federal Register Volume 63, Number 123 (Friday, June 26, 1998)]
[Notices]
[Pages 34963-34964]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-16845]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service
[INTL-939-86]


Proposed Collection; Comment Request for Regulation Project

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 an 
existing notice of proposed rulemaking, INTL-939-86, Insurance Income 
of a Controlled Foreign Corporation for Taxable Years Beginning After 
December 31, 1986 (Secs. 1.953-2(e)(3)(iii), 1.953-4(b), 1.953-5(a), 
1.953-6(a), 1.953-7(c)(8), and 1.6046-1).

DATES: Written comments should be received on or before August 25, 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 regulation should be directed to Carol Savage, (202) 622-
3945, Internal Revenue Service, room 5569, 1111 Constitution Avenue 
NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

    Title: Insurance Income of a Controlled Foreign Corporation for 
Taxable Years Beginning After December 31, 1986.

[[Page 34964]]

    OMB Number: 1545-1142.
    Regulation Project Number: INTL-939-86.
    Abstract: This regulation relates to the definition and computation 
of the insurance income of a controlled foreign corporation, and it 
also contains rules applicable to certain captive insurance companies. 
The information collection is required by the IRS in order for 
taxpayers to elect to locate risks with respect to moveable property by 
reference to the location of the property in a prior period; to 
allocate investment income to a particular category of insurance 
income; to allocate deductions to a particular category of insurance 
income; to determine the amount of those items, such as reserves, which 
are computed with reference to an insurance company's annual statement; 
to elect to have related person insurance income treated as income 
effectively connected with the conduct of a United States trade or 
business; and to collect the information required by Code section 6046 
relating to controlled foreign corporations as defined in Code section 
953(c).
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents/Recordkeepers: 500.
    Estimated Time Per Respondent/Recordkeeper: 28 hr., 12 min.
    Estimated Total Annual Burden Hours: 14,100.
    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 16, 1998.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 98-16845 Filed 6-25-98; 8:45 am]
BILLING CODE 4830-01-P