Federal Register / Vol. 63, No. 137 / Friday, July 17, 1998 / Notices 38695

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: Information Returns Required of

United States Persons With Respect To

Certain Foreign Corporations. OMB Number: 1545–1317.

Regulation Project Number: INTL–79–

91.

Abstract: This regulation amends the

existing regulations under sections

6035, 6038, and 6046 of the Internal

Revenue Code. The regulation amends

and liberalizes certain requirements

regarding the format in which

information must be provided for

purposes of Form 5471, Information

Return of U.S. Persons With Respect to

Certain Foreign Corporations. The

regulation provides that financial

statement information must be

expressed in U.S. dollars translated

according to U.S. generally accepted

accounting principles and permits

functional currency reporting of certain

items.

Current Actions: There is no change to

this existing regulation. Type of Review: Extension of a

currently approved collection. Affected Public: Individuals and

business or other for-profit

organizations. The burden for the collection of

information is reflected in the burden

for Form 5471, Information Return of

U.S. Persons With Respect to Certain

Foreign Corporations. 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: July 10, 1998.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 98–19033 Filed 7–16–98; 8:45 am]

BILLING CODE 4830–01–U

DEPARTMENT OF THE TREASURY

Internal Revenue Service

[EE–43–92]

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, EE–43–92 (TD

8619), Direct Rollovers and 20-Percent

Withholding Upon Eligible Rollover

Distributions From Qualified Plans

(§§ 1.401(a)(31)-1, 1.402(c)-2, 1.402(f)-1,

1.403(b)-2, and 31.3405(c)-1).

DATES: Written comments should be

received on or before September 15,

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: Direct Rollovers and 20-Percent

Withholding Upon Eligible Rollover

Distributions From Qualified Plans.

OMB Number: 1545–1341.

Regulation Project Number: EE–43–

92.

Abstract: This regulation implements

the provisions of the Unemployment

Compensation Amendments of 1992

(Pub. L. 102–318), which impose

mandatory 20 percent income tax

withholding upon the taxable portion of

certain distributions from a qualified

pension plan or a tax-sheltered annuity

that can be rolled over tax-free to

another eligible retirement plan unless

such amounts are transferred directly to

such other plan in a ‘‘direct rollover’’

transaction. These provisions also

require qualified pension plans and taxsheltered annuities to offer their

participants the option to elect to make

‘‘direct rollovers’’ of their distributions

and to provide distributees with a

written explanation of the tax laws

regarding their distributions and their

option to elect such a rollover.

Current Actions: There is no change to

this existing regulation.

Type of Review: Extension of a

currently approved collection.

Affected Public: Individuals, business

or other for-profit organizations, not-forprofit institutions, and Federal, state,

local or tribal governments.

Estimated Number of Respondents:

10,323,926.

Estimated Time Per Respondent: 13

minutes.

Estimated Total Annual Burden

Hours: 2,129,669.

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
38696 Federal Register / Vol. 63, No. 137 / Friday, July 17, 1998 / Notices

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: July 10, 1998.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 98–19034 Filed 7–16–98; 8:45 am]

BILLING CODE 4830–01–U

DEPARTMENT OF THE TREASURY

Internal Revenue Service

[PS–50–92]

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, PS–50–92 (TD

8521), Rules To Carry Out the Purposes

of Section 42 and for Correcting

Administrative Errors and Omissions

(§ 1.42–13).

DATES: Written comments should be

received on or before September 15,

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: Rules To Carry Out the Purposes

of Section 42 and for Correcting

Administrative Errors and Omissions.

OMB Number: 1545–1357.

Regulation Project Number: PS–50–

92.

Abstract: This regulation concerns the

Secretary of the Treasury’s authority to

provide guidance necessary or

appropriate to carry out the purposes of

Internal Revenue Code section 42, the

low-income housing credit. The

regulation also allows State and local

housing credit agencies to correct

administrative errors and omissions

made in connection with allocations of

low-income housing credit dollar

amounts and recordkeeping within a

reasonable period after their discovery.

Current Actions: There is no change

to this existing regulation.

Type of Review: Extension of a

currently approved collection.

Affected Public: Individuals, business

or other for-profit organizations, not-forprofit institutions, and state, local or

tribal governments.

Estimated Number of Respondents:

85.

Estimated Time Per Respondent: 1

hour, 30 minutes.

Estimated Total Annual Burden

Hours: 128.

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: July 9, 1998.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 98–19035 Filed 7–16–98; 8:45 am]

BILLING CODE 4830–01–U

UNITED STATES INFORMATION

AGENCY

Art Objects; Importation for Exhibition:

Impressionists in Winter: Effects de

Neige

AGENCY: United States Information

Agency.

SUBJECT: Culturally significant objects

imported for exhibition determinations.

SUMMARY: Notice is hereby given of the

following determinations: Pursuant to

the authority vested in me by the Act of

October 19, 1965 (79 Stat. 985, 22 U.S.C.

2459), Executive Order 12047 of March

27, 1978 (43 FR 133359, March 29,

1978), and Delegation Order No. 85–5 of

June 27, 1985 (50 FR 27393, July 2,

1985).

ACTION: I hereby determine that the

objects to be included in the exhibit,

‘‘Impressionists in Winter: Effects de

Neige’’ imported from abroad for the

temporary exhibition without profit

within the United States, are of cultural

significance. These objects are imported

pursuant to a loan agreement with the

foreign lenders. I also determine that the

exhibition or display of the listed

exhibit objects at The Phillips

Collection, Washington, DC from on or

about September 19, 1998 through

January 3, 1999, and The Fine Arts

Museum of San Francisco (Yerba Buena

Gardens, Center for the Arts), San

Francisco, CA from on or about January

30, 1999 to May 2, 1999 is in the

national interest. Public Notice of these

determinations is ordered to be

published in the Federal Register.

FOR FURTHER INFORMATION CONTACT:

Paul Manning, Assistant General

Counsel, Office of the General Counsel,

202/619–5997, and the address is Room

700, U.S. Information Agency, 301 4th

Street SW, Washington, DC 20547–0001.

Dated: July 13, 1998.

Les Jin,

General Counsel.

[FR Doc. 98–19127 Filed 7–16–98; 8:45 am]

BILLING CODE 8230–01–M