Federal Register / Vol. 74, No. 52 / Thursday, March 19, 2009 / Notices 11815 

treatment for transfers of securities 

pursuant to a securities lending 

agreement. The agreement must be in 

writing and is used by the taxpayer, in 

a tax audit situation, to justify 

nonrecognition treatment of gain or loss 

on the exchange of the securities. 

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, individuals, and 

not-for-profit institutions. 

Estimated Number of Respondents: 

11,742. 

Estimated Time Per Respondent: 50 

minutes. 

Estimated Total Annual Burden 

Hours: 9,781. 

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: March 9, 2009. 

R. Joseph Durbala, 

IRS Reports Clearance Officer. 

[FR Doc. E9–5949 Filed 3–18–09; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

[FI–7–94; FI–36–92] 

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 existing 

final regulations, FI–7–94 (TD 8718; TD 

8538) and FI–36–92 (TD 8476), 

Arbitrage Restrictions on Tax-Exempt 

Bonds (Sec. Sec. 1.148–2, 1.148–3, 

1.148–4, 1.148–7, and 1.148–11). 

DATES: Written comments should be 

received on or before May 18, 2009 to 

be assured of consideration. 

ADDRESSES: Direct all written comments 

to Glenn P. Kirkland, Internal Revenue 

Service, room 6129, 1111 Constitution 

Avenue, NW., Washington, DC 20224. 

FOR FURTHER INFORMATION CONTACT: 

Requests for additional information or 

copies of regulations should be directed 

to R. Joseph Durbala, at (202) 622–3634, 

or at Internal Revenue Service, room 

6129, 1111 Constitution Avenue, NW., 

Washington, DC 20224, or through the 

Internet, at RJoseph.Durbala@irs.gov. 

SUPPLEMENTARY INFORMATION: 

Title: Arbitrage Restrictions on TaxExempt Bonds. 

OMB Number: 1545–1347. 

Regulation Project Numbers: FI–36– 

92; FI–7–94. 

Abstract: Section 148 of the Internal 

Revenue Code requires issuers of taxexempt bonds to rebate certain arbitrage 

profits earned on nonpurpose 

investments acquired with the bond 

proceeds. Under FI–36–92, issuers are 

required to file a Form 8038–T and 

remit the rebate. 

Issuers are also required to keep 

records of certain interest rate hedges so 

that the hedges are taken into account 

in determining arbitrage profits. Under 

FI–7–94, the scope of interest rate 

hedging transactions covered by the 

arbitrage regulations was broadened by 

requiring that hedges entered into prior 

to the sale date of the bonds are covered 

as well. 

Current Actions: There is no change to 

these existing regulations. 

Type of Review: Extension of a 

currently approved collection. 

Affected Public: State, local or Tribal 

governments. 

Estimated Number of Respondents: 

3,100. 

Estimated Time per Respondent: 14 

hr., 34 min. 

Estimated Total Annual Burden 

Hours: 42,050. 

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 

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: March 3, 2009. 

R. Joseph Durbala, 

IRS Reports Clearance Officer. 

[FR Doc. E9–5963 Filed 3–18–09; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

[IA–14–91] 

Proposed Collection; Comment 

Request for Regulation Project 

AGENCY: Internal Revenue Service (IRS), 

Treasury. 


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