40154 Federal Register / Vol. 63, No. 143 / Monday, July 27, 1998 / Notices

directed to Carol Savage, (202) 622–

3945, Internal Revenue Service, room

5569, 1111 Constitution Avenue NW.,

Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

Title: Earnings and Profits of Foreign

Corporations.

OMB Number: 1545–1318.

Regulation Project Number: REG–

209545–92 (formerly INTL–18–92).

Abstract: This regulation modifies the

computation of earnings and profits of

foreign corporations by allowing them

to account for inventory costs using

capitalization methods used for

financial accounting purposes rather

than the uniform capitalization rules

required by Internal Revenue Code

section 263A. The regulation also

permits reliance on financial accounting

conventions in computing depreciation

for foreign corporations deriving less

than 20 percent of gross income from

U.S. sources and maintaining assets

with financial book bases not materially

different from tax bases. Use of these

simplified rules may result in an

accounting method change which

would ordinarily require the filing of

Form 3115, Application for Change in

Accounting Method. However, the

regulation waives any Form 3115 filing

requirements if certain conditions are

met.

Current Actions: There is no change to

this existing regulation.

Type of Review: Extension of a

currently approved collection.

Affected Public: Business or other forprofit organizations.

The burden for the collection of

information is reflected in the burden

for Form 3115, Application for Change

in Accounting Method.

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 20, 1998.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 98–20026 Filed 7–24–98; 8:45 am]

BILLING CODE 4830–01–P

DEPARTMENT OF THE TREASURY

Office of Thrift Supervision

[AC–22: OTS No. 7195]

Peoples Savings Bank, Bordentown,

New Jersey; Approval of Conversion

Application

Notice is hereby given that on July 16,

1998, the Director, Corporate Activities,

Office of Thrift Supervision, or her

designee, acting pursuant to delegated

authority, approved the application of

Peoples Savings Bank, Bordentown,

New Jersey, to convert to the stock form

of organization. Copies of the

application are available for inspection

at the Dissemination Branch, Office of

Thrift Supervision, 1700 G Street, NW,

Washington, DC 20552, and the

Northeast Regional Office, Office of

Thrift Supervision, 10 Exchange Place,

18th Floor, Jersey City, New Jersey

07302.

Dated: July 22, 1998.

By the Office of Thrift Supervision.

Nadine Y. Washington,

Corporate Secretary.

[FR Doc. 98–19994 Filed 7–24–98; 8:45 am]

BILLING CODE 6720–01–M