22642 Federal Register / Vol. 66, No. 87 / Friday, May 4, 2001 / Notices

DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG–209446–82]

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, REG–209446–

82 (TD 8852), Passthrough of Items of an

S Corporation to its Shareholders

(§ 1.1366–1).

DATES: Written comments should be

received on or before July 3, 2001 to be

assured of consideration.

ADDRESSES: Direct all written comments

to Garrick R. Shear, Internal Revenue

Service, room 5244, 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

5242, 1111 Constitution Avenue, NW.,

Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

Title: Passthrough of Items of an S

Corporation to its Shareholders.

OMB Number: 1545–1613.

Regulation Project Number: REG–

209446–82.

Abstract: Section 1366 requires

shareholders of an S corporation to take

into account their pro rata share of

separately stated items of the S

corporation and nonseparately

computed income or loss. Section

1.1366–1 of the regulation provides that

an S corporation must report, and a

shareholder is required to take into

account in the shareholder’s return, the

shareholder’s pro rata share, whether or

not distributed, of the S corporation’s

items of income, loss, deduction, or

credit.

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, and individuals or

households.

This reporting requirement is

reflected in the burden of Form 1040,

U.S. Individual Income Tax Return, and

Form 1120S, U.S. Income Tax Return for

an S Corporation.

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: April 26, 2001.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 01–11294 Filed 5–3–01; 8:45 am]

BILLING CODE 4830–01–P