Document Headings

                    Document headings vary by document type but may contain                    the following:                  
                -                       the agency or agencies that issued and signed a document                    
                -                       the number of the CFR title and the number of each part                      the document amends, proposes to amend, or is directly                      related to                    
                -                       the agency docket number / agency internal file number                    
                -                       the RIN which identifies each regulatory action listed in                      the Unified Agenda of Federal Regulatory and Deregulatory                      Actions                    

                    See the                                          Document Drafting Handbook                                        for more details.                  

###### Department of the Treasury

# DATES:

Written comments should be received on or before May 22, 2000 to be assured of consideration. 

## Internal Revenue Service (IRS) 

*OMB Number:*                     1545-1672.                 

*Regulation Project Number:*                     REG-209135-88 NPRM and Temporary.                 

*Type of Review:*                     Extension.                 

*Title:*                     Certain Asset Transfers to Regulated Investment Companies (RICs) and Real Estate Investment Trusts (REITs).                 

*Description:*                     The regulation applies with respect to the net built-in gain of C corporation assets that become assets of a Regulated Investment Company (RIC) or Real Estate Investment Trust (REIT) by the qualification of a C corporation as a RIC or REIT or by the transfer of assets of a C corporation to a RIC or REIT in a carryover basis transaction. The regulation generally requires the corporation to recognize gain as if it had sold the assets at fair market value and immediately liquidated. The regulations permit the transferee RIC or REIT to elect, in lieu of liquidation treatment, to be subject to the rules of section 1374 of the Internal Revenue Code and the regulations thereunder. In order to obtain the benefit of a section 1374 election, the taxpayer is required to make a statement indicating that it elects to be subject to the rules of section 1374 and the regulations thereunder.                 

*Estimated Number of Respondents:*                     100.                 

*Estimated Burden Hours Per Respondent:*                     30 minutes.                 

*Frequency of Response:*                     Other (once).                 

*Estimated Total Reporting Burden:*                     50 hours.                 

*Clearance Officer:*                     Garrick Shear, Internal Revenue Service, Room 5244, 1111 Constitution Avenue, NW, Washington, DC 20224.                 

*OMB Reviewer:*                     Alexander T. Hunt, (202) 395-7860, Office of Management and Budget, Room 10202, New                           ( print page 21235)                        Executive Office Building, Washington, DC 20503.                 

Lois K. Holland, 

Departmental Reports Management Officer. 

[FR Doc. 00-9871 Filed 4-19-00; 8:45 am] 

BILLING CODE 4830-01-P