4916 Federal Register / Vol. 70, No. 19 / Monday, January 31, 2005 / Notices 

FOR FURTHER INFORMATION CONTACT:

Requests for additional information or 

copies of the regulations should be 

directed to Larnice Mack at Internal 

Revenue Service, room 6512, 1111 

Constitution Avenue, NW., Washington, 

DC 20224, or at (202)622–3179, or 

through the Internet at 

(Larnice.Mack@irs.gov).

SUPPLEMENTARY INFORMATION: 

Title: Certain Transfers of Property to 

Regulated Investment Companies (RICs) 

and Real Estate Investment Trusts 

(REITs). 

OMB Number: 1545–1672. Regulation 

Project Number: REG–142299–01 and 

REG–209135–88. 

Abstract: The regulation applies with 

respect to the net built-in gain of C 

corporation property that becomes 

property 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 property of 

a C corporation to a RIC or REIT in 

certain tax-free transactions. Depending 

on the date of the transfer of property 

or qualification as a RIC or REIT, the 

regulation provides that either (1) the C 

corporation will recognize gain as if it 

had sold the property at fair market 

value unless the RIC or REIT elects 

section 1374 treatment or (2) the RIC or 

REIT will be subject to section 1374 

treatment with respect to the net 

recognized built-in-gain, unless the C 

corporation elects deemed sale 

treatment. The regulation provides that 

a section 1374 election is made by filing 

a statement, signed by an official 

authorized to sign the income tax return 

of the RIC or REIT and attached to the 

RIC’s or REIT’s Federal income tax 

return for the taxable year in which the 

property of the C corporation becomes 

the property of the RIC or REIT. The 

regulation provides that a deemed sale 

election is made by filing a statement, 

signed by an official authorized to sign 

the income tax return of the C 

corporation and attached to the C 

corporation’s Federal income tax return 

for the taxable year in which the 

deemed sale occurs. 

Current Actions: There are no changes 

being made to this existing regulation. 

Type of Review: Extension of 

currently approved collection. 

Affected Public: Business or other forprofit organizations. 

Estimated Number of Respondents:

140. 

Estimated Time Per Respondent: 30 

minutes. 

Estimated Total Annual Burden 

Hours: 70. 

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: January 21, 2005. 

Paul Finger, 

IRS Reports Clearance Officer.

[FR Doc. 05–1738 Filed 1–28–05; 8:45 am] 

BILLING CODE 4830–01–P

DEPARTMENT OF THE TREASURY

Internal Revenue Service 

Proposed Collection; Comment 

Request for Form 8849

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, Pub. 

L. 104–13 (44 U.S.C. 3506(c)(2)(A)). 

Currently, the IRS is soliciting 

comments concerning Form 8849,Claim 

for Refund of Excise Taxes.

DATES: Written comments should be 

received on or before April 1, 2005 to 

be assured of consideration.

ADDRESSES: Direct all written comments 

to Paul Finger, Internal Revenue 

Service, room 65165, 1111 Constitution 

Avenue, NW., Washington, DC 20224.

FOR FURTHER INFORMATION CONTACT:

Requests for additional information or 

copies of the form and instructions 

should be directed to Allan Hopkins, at 

(202) 622–6665, or at Internal Revenue 

Service, room 6516, 1111 Constitution 

Avenue, NW., Washington, DC 20224, 

or through the internet, at 

Allan.M.Hopkins@irs.gov.

SUPPLEMENTARY INFORMATION: 

Title: Claim for Refund of Excise 

Taxes. 

OMB Number: 1545–1420. 

Form Number: 8849. 

Abstract: Sections 6402, 6404, 

sections 301.6402–2, 301.6404–1, and 

301.6404–3 of the regulations allow for 

refunds of taxes (except income taxes) 

or refund, abatement, or credit or 

interest, penalties, and additions to tax 

in the event of errors or certain actions 

by the IRS. Form 8849 is used by 

taxpayers to claim refunds of excise 

taxes. 

Current Actions: There are no changes 

being made to the form at this time. 

Type of Review: Extension of a 

currently approved collection. 

Affected Public: Business or other forprofit organizations, individuals or 

households, and not-for-profit 

institutions, farms, and Federal, state, 

local or tribal governments. 

Estimated Number of Respondents:

125,292. 

Estimated Time Per Respondent: 14 

hours, 56 minutes. 

Estimated Total Annual Burden 

Hours: 1,871,713. 

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 

Federal Register / Vol. 70, No. 19 / Monday, January 31, 2005 / Notices 4917

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: January 19, 2005. 

Paul Finger, 

IRS Reports Clearance Officer.

[FR Doc. 05–1739 Filed 1–28–05; 8:45 am] 

BILLING CODE 4830–01–P

DEPARTMENT OF THE TREASURY

Internal Revenue Service 

[REG–120168–97] 

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, Pub. 

L. 104–13 (44 U.S.C. 3506(c)(2)(A)). 

Currently, the IRS is soliciting 

comments concerning an existing final 

regulation, REG–120168–97 (TD 8798), 

Preparer Due Diligence Requirements 

for Determining Earned Income Credit 

Eligibility.

DATES: Written comments should be 

received on or before April 1, 2005, to 

be assured of consideration.

ADDRESSES: Direct all written comments 

to Paul Finger, Internal Revenue 

Service, room 6416, 1111 Constitution 

Avenue, NW., Washington, DC 20224.

FOR FURTHER INFORMATION CONTACT:

Requests for additional information or 

copies of the regulation should be 

directed to Allan Hopkins, at (202) 622–

6665, or at Internal Revenue Service, 

room 6516, 1111 Constitution Avenue, 

NW., Washington, DC 20224, or through 

the Internet, at 

Allan.M.Hopkins@irs.gov.

SUPPLEMENTARY INFORMATION: 

Title: Preparer Due Diligence 

Requirements for Determining Earned 

Income Credit Eligibility. 

OMB Number: 1545–1570. 

Regulation Project Number: REG–

120168–97. 

Abstract: Income tax return preparers 

who satisfy the due diligence 

requirements in this regulation will 

avoid the imposition of the penalty 

section 6695(g) of the Internal Revenue 

Code for returns or claims for refund 

due after December 31, 1997. The due 

diligence requirements include 

soliciting the information necessary to 

determine a taxpayer’s eligibility for, 

and amount of, the Earned Income Tax 

Credit and the retention of this 

information. 

Current Actions: There are no changes 

being made to this existing regulation. 

Type of Review: Extension of a 

currently approved collection. 

Affected Public: Business or other forprofit. 

Estimated Number of Respondents:

100,000. 

Estimated Time Per Respondent: 5 

hours, 4 minutes. 

Estimated Total Annual Burden 

Hours: 507,136. 

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: January 21, 2005. 

Paul Finger, 

IRS Reports Clearance Officer.

[FR Doc. 05–1740 Filed 1–28–05; 8:45 am] 

BILLING CODE 4830–01–P

DEPARTMENT OF THE TREASURY

Internal Revenue Service 

Open Meeting of the Earned Income 

Tax Credit Committee of the Taxpayer 

Advocacy Panel

AGENCY: Internal Revenue Service (IRS), 

Treasury.

ACTION: Notice.

SUMMARY: An open meeting of the 

Earned Income Tax Credit Committee of 

the Taxpayer Advocacy Panel will be 

conducted (via teleconference). The 

Committee will be discussing issues 

pertaining to the IRS administration of 

the Earned Income Tax Credit.

DATES: The meeting will be held 

Thursday, February 17, 2005.

FOR FURTHER INFORMATION CONTACT:

Audrey Y. Jenkins at 1–888–912–1227 

(toll-free), or 718–488–2085 (non tollfree).

SUPPLEMENTARY INFORMATION: Notice is 

hereby given pursuant to Section 

10(a)(2) of the Federal Advisory 

Committee Act, 5 U.S.C. App. (1988) 

that an open meeting of the Earned 

Income Tax Credit Committee of the 

Taxpayer Advocacy Panel will be held 

Thursday, February 17, 2005 from 2 

p.m. to 3:30 p.m. ET via a telephone 

conference call. The public is invited to 

make oral comments. Individual 

comments will be limited to 5 minutes. 

Due to limited conference lines, 

notification of intent to participate in 

the telephone conference call meeting 

must be made in advance by contacting 

Audrey Y. Jenkins. To confirm 

attendance or for more information, Ms. 

Jenkins may be reached at 1–888–912–

1227 or (718) 488–2085. If you would 

like a written statement to be 

considered, send written comments to 

Audrey Y. Jenkins, TAP Office, 10 

MetroTech Center, 625 Fulton Street, 

Brooklyn, NY 11201 or post your 

comments to the Web site: 

www.improveirs.org. The agenda will 

include various IRS issues.