[Federal Register Volume 66, Number 126 (Friday, June 29, 2001)]
[Notices]
[Pages 34736-34737]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-16405]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG-118966-97]


Proposed Collection; Comment Request for Regulation Project

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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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-118966-97, Information Reporting With 
Respect to Certain Foreign Partnerships and Certain Foreign 
Corporations (Secs. 1.6038-2, 1.6038-3, 1.6038B-1, and 1.6038B-2).

DATES: Written comments should be received on or before August 28, 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 Martha Brinson (202) 
622-3869, Internal Revenue Service, room 5244, 1111 Constitution Avenue 
NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Information Reporting With Respect to Certain Foreign 
Partnerships and Certain Foreign Corporations.
    OMB Number: 1545-1617.
    Regulation Project Number: REG-118966-97.
    Abstract: Section 6038 requires certain U.S. persons who own 
interests in certain foreign partnerships or certain foreign 
corporations to annually report information to the IRS. This regulation 
provides reporting rules to identify foreign partnerships and foreign 
corporations which are controlled by U.S. persons.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of OMB approval.
    Affected Public: Individuals or households, and business or other 
for-profit organizations.

[[Page 34737]]

    Estimated Number of Respondents: 500.
    Estimated Time Per Respondent: 30 minutes.
    Estimated Total Annual Burden Hours: 250.
    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: June 21, 2001.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 01-16405 Filed 6-28-01; 8:45 am]
BILLING CODE 4830-01-P