30796 Federal Register / Vol. 66, No. 110 / Thursday, June 7, 2001 / Notices

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: May 31, 2001.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 01–14400 Filed 6–6–01; 8:45 am]

BILLING CODE 4830–01–P

DEPARTMENT OF THE TREASURY

Internal Revenue Service

[INTL–941–86; INTL–656–87; INTL–704–87]

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 notice of proposed rulemaking,

INTL–941–86; INTL–656–87; and INTL–

704–87, Treatment of Shareholders of

Certain Passive Foreign Investment

Companies (§ 1.1291–1, 1.1291–2,

1.1291–3, 1.1291–6, and 1.1291–8).

DATES: Written comments should be

received on or before August 6, 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 this 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: Treatment of Shareholders of

Certain Passive Foreign Investment

Companies.

OMB Number: 1545–1304.

Regulation Project Number: INTL–

941–86; INTL–656–87; and INTL–704–

87.

Abstract: This regulation concerns the

taxation of shareholders of certain

passive foreign investment companies

(PFICs) upon payment of distributions

by such companies or upon disposition

of the stock of such companies. The

reporting requirements affect U.S.

persons that are direct and indirect

shareholders of PFICs. The information

is required by the IRS to identify PFICs

and their shareholders, administer

shareholder elections, verify amounts

reported, and track transfers of stock of

certain PFICs.

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:

2,500.

Estimated Time Per Respondent: 1

hour.

Estimated Total Annual Burden

Hours: 2,500.

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: May 31, 2001.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 01–14401 Filed 6–6–01; 8:45 am]

BILLING CODE 4830–01–P