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 February 5, 2001 to be assured of consideration. 

## Internal Revenue Service (IRS) 

*OMB Number:*                     1545-1452.                 

*Regulation Project Number:*                     FI-43-94 Final.                 

*Type of Review:*                     Extension.                 

*Title:*                     Regulations Under Section 1258 of the Internal Revenue Code of 1986; Netting Rule for Certain Conversion Transactions.                 

*Description:*                     Section 1258 recharacterizes capital gains from conversion transactions as ordinary income to the extent of the time value element. This regulation provides that certain gains and losses may be netted for purposes of determining the amount of gain recharacterized.                 

*Respondents:*                     Business or other for-profit, Not-for-profit institutions.                 

*Estimated Number of Recordkeepers:*                     50,000.                 

*Estimated Burden Hours Per Recordkeeper:*                     6 minutes.                 

*Estimated Total Recordkeeping Burden:*                     5,000 hours.                 

*OMB Number:*                     1545-1706.                 

*Revenue Procedure Number:*                     Revenue Procedure 2000-42.                 

*Type of Review:*                     Extension.                 

*Title:*                     Section 1503(d) Closing Agreement Requests.                 

*Description:*                     Revenue Procedure 2000-42 informs taxpayers of the information they must submit to request a closing agreement under Reg. § 1.1503-2(g)(2)(iv)(B)(2)(I) to prevent the recapture of dual consolidated losses (DCLs) upon the occurrence of certain triggering events.                 

*Respondents:*                     Business or other for-profit.                 

*Estimated Number of Respondents:*                     20.                 

*Estimated Burden Hours Per Respondent:*                     100 hours.                 

*Frequency of Response:*                     On occasion.                 

*Estimated Total Reporting Burden:*                     2,000 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 Executive Office Building, Washington, DC 20503.                

Lois K. Holland, 

Departmental Reports Management Officer.

[FR Doc. 01-149 Filed 1-3-01; 8:45 am] 

BILLING CODE 4830-01-P