39638 Federal Register / Vol. 63, No. 141 /Thursday, July 23, 1998 / Notices

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–276–76 (TD

8586), Treatment of Gain From

Disposition of Certain Natural Resource

Recapture Property (§§ 1.1254–1(c)(3)

and 1.1254–5(d)(2)).

DATES: Written comments should be

received on or before September 21,

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: Treatment of Gain From

Disposition of Certain Natural Resource

Recapture Property.

OMB Number: 1545–1352.

Regulation Project Number: PS–276–

76.

Abstract: This regulation prescribes

rules for determining the tax treatment

of gain from the disposition of natural

resource recapture property in

accordance with Internal Revenue Code

section 1254. Gain is treated as ordinary

income in an amount equal to the

intangible drilling and development

costs and depletion deductions taken

with respect to the property. The

information that taxpayers are required

to retain will be used by the IRS to

determine whether a taxpayer has

properly characterized gain on the

disposition of section 1254 property.

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.

Estimated Number of Respondents:

400.

Estimated Time Per Respondent: 5

hours.

Estimated Total Annual Burden

Hours: 2,000.

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 20, 1998.

Garrick R. Shear,

IRS Reports Clearance Officer

[FR Doc. 98–19684 Filed 7–22–98; 8:45 am]

BILLING CODE 4830–01–U

DEPARTMENT OF THE TREASURY

Internal Revenue Service

[CO–88–90]

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, Pub.

L. 104–13 (44 U.S.C. 3506(c)(2)(A)).

Currently, the IRS is soliciting

comments concerning an existing final

regulation, CO–88–90 (TD 8530),

Limitation on Net Operating Loss

Carryforwards and Certain Built-In

Losses Following Ownership Change;

Special Rule for Value of a Loss

Corporation Under the Jurisdiction of a

Court in a Title 11 Case (§ 1.382–9).

DATES: Written comments should be

received on or before September 21,

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: Limitation on Net Operating

Loss Carryforwards and Certain Built-In

Losses Following Ownership Change;

Special Rule for Value of a Loss

Corporation Under the Jurisdiction of a

Court in a Title 11 Case.

OMB Number: 1545–1324.

Regulation Project Number: CO–88–

90.

Abstract: This regulation provides

guidance on determining the value of a

loss corporation following an ownership

change to which section 382(l)(6) if the

Internal Revenue Code applies. Under

Code sections 382 and 383, the value of

the loss corporation, together with

certain other factors, determines the rate

at which certain pre-change tax

attributes may be used to offset postchange income and tax liability.

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.

Estimated Number of Respondents:

3,250.

Estimated Time Per Respondent: 15

minutes.

Estimated Total Annual Burden

Hours: 813.

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
Federal Register / Vol. 63, No. 141 /Thursday, July 23, 1998 / Notices 39639

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 17, 1998.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 98–19685 Filed 7–22–98; 8:45 am]

BILLING CODE 4830–01–P

DEPARTMENT OF THE TREASURY

Internal Revenue Service

Proposed Collection; Comment

Request for the Statistics of Income

(SOI) Corporate Survey

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, Pub.

L. 104–13 (44 U.S.C. 3506(c)(2)(A)).

Currently, the IRS is soliciting

comments concerning the Statistics of

Income (SOI) Corporate Survey.

DATES: Written comments should be

received on or before September 21,

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 survey should be directed

to Carol Savage, (202) 622–3945,

Internal Revenue Service, room 5569,

1111 Constitution Avenue NW.,

Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

Title: Statistics of Income (SOI)

Corporate Survey.

OMB Number: 1545–1351.

Abstract: The SOI Corporate Survey is

a yearly self-administered mail survey

sent to a small select group of the very

largest U.S. corporations. The survey is

voluntary and requests specific line

item tax return data. The survey data are

used to supplement the SOI corporate

files in order to produce corporate

advance tax data estimates. Advance tax

data has been requested by the Bureau

of Economic Analysis in the Department

of the Commerce, the Office of Tax

Analysis in the Department of the

Treasury, and the Joint Committee on

Taxation in the U.S. Congress for tax

analysis purposes.

Current Actions: There are no changes

being made to the survey at this time.

Type of Review: Extension of a

currently approved collection.

Affected Public: Business or other forprofit organizations.

Estimated Number of Respondents:

100.

Estimated Time Per Respondent: 30

minutes.

Estimated Total Annual Burden

Hours: 50.

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 17, 1998.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 98–19686 Filed 7–22–98; 8:45 am]

BILLING CODE 4830–01–P

DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG–208985–89]

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, Pub.

L. 104–13 (44 U.S.C. 3506(c)(2)(A)).

Currently, the IRS is soliciting

comments concerning an existing notice

of proposed rulemaking, REG–208985–

89, Taxable Year of Certain Foreign

Corporations Beginning After July 10,

1989 (§§ 1.563–3, 1.898–3 and 1.898–4).

DATES: Written comments should be

received on or before September 21,

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: Taxable Year of Certain Foreign

Corporations Beginning After July 10,

1989.

OMB Number: 1545–1355.

Regulation Project Number: REG–

208985–89 (formerly INTL–848–89).

Abstract: This regulation provides

guidance concerning Internal Revenue

Code section 898, which seeks to

eliminate the deferral of income and,

therefore, the understatement in

income, by United States shareholders