2652 Federal Register / Vol. 74, No. 10 / Thursday, January 15, 2009 / Notices 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

[FI–81–86] 

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, FI–81–86 (TD 

8513), Bad Debt reserves of Banks 

(§ 1.585–8). 

DATES: Written comments should be 

received on or before March 16, 2009 to 

be assured of consideration. 

ADDRESSES: Direct all written comments 

to R. Joseph Durbala, Internal Revenue 

Service, Room 6129, 1111 Constitution 

Avenue NW., Washington, DC 20224. 

FOR FURTHER INFORMATION CONTACT: 

Requests for additional information or 

copies of the regulations should be 

directed to Allan Hopkins at Internal 

Revenue Service, Room 6129, 1111 

Constitution Avenue, NW., Washington, 

DC 20224, or at (202) 622–6665, or 

through the internet at 

Allan.M.Hopkins@irs.gov. 

SUPPLEMENTARY INFORMATION: 

Title: Bad Debt Reserves of Banks. 

OMB Number: 1545–1290. 

Regulation Project Number: FI–81–86. 

Abstract: Section 585(c) of the 

Internal Revenue Code requires large 

banks to change from reserve method of 

accounting to the specific charge off 

method of accounting for bad debts. 

Section 1.585–8 of the regulation 

contains reporting requirements in cases 

in which large banks elect (1) to include 

in income an amount greater than that 

prescribed by the Code; (2) to use the 

elective cut-off method of accounting: or 

(3) to revoke any elections previously 

made. 

Current Actions: There is no change to 

these existing regulations. 

Type of Review: Extension of 

currently approved collection. 

Affected Public: Business or other forprofit organizations. 

Estimated Number of Respondents: 

2,500. 

Estimated Time per Respondent: 15 

min. 

Estimated Total Annual Burden 

Hours: 625. 

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: December 15, 2008. 

R. Joseph Durbala, 

IRS Reports Clearance Officer. 

[FR Doc. E9–760 Filed 1–14–09; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

[FI–27–89; FI–61–91] 

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 regulations, FI–27–89 (TD 

8366), Real Estate Mortgage Conduits; 

Reporting Requirements and Other 

Administrative Matters, and FI–61–91 

(TD 8431), Allocation of Allocable 

Investment Expense; Original Issue 

Discount Reporting Requirements 

(§§ 1.67–3, 1.860D–4, 1.860F–4, 1.6049– 

4 and 1.6049–7). 

DATES: Written comments should be 

received on or before March 16, 2009 to 

be assured of consideration. 

ADDRESSES: Direct all written comments 

to R. Joseph Durbala, Internal Revenue 

Service, Room 6129, 1111 Constitution 

Avenue, NW., Washington, DC 20224. 

FOR FURTHER INFORMATION CONTACT: 

Requests for additional information or 

copies of this regulation should be 

directed to Allan Hopkins, at (202) 622– 

6665, or at Internal Revenue Service, 

Room 6129, 1111 Constitution Avenue, 

NW., Washington, DC 20224, or through 

the Internet, at 

Allan.M.Hopkins@irs.gov. 

SUPPLEMENTARY INFORMATION: 

Title: FI–27–89, Real Estate Mortgage 

Investment Conduits; Reporting 

Requirements and Other Administrative 

Matters, and FI–61–91, Allocation of 

Allocable Investment Expense; Original 

Issue Discount Reporting Requirements. 

OMB Number: 1545–1018. 

Regulation Project Number: FI–27–89 

and FI–61–91. 

Abstract: The regulations prescribe 

the manner in which an entity elects to 

be taxed as a real estate mortgage 

investment conduit (REMIC) and the 

filing requirements for REMICs and 

certain brokers. 

Current Actions: There is no change to 

these existing regulations. 

Type of Review: Extension of a 

currently approved collection. 

Affected Public: Business or other forprofit organizations. 

Estimated Number of Respondents: 

655. 

Estimated Time per Respondent: 1 

hour, 30 minutes. 

Estimated Total Annual Burden 

Hours: 978. 

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. 


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