[Federal Register Volume 61, Number 111 (Friday, June 7, 1996)]
[Notices]
[Page 29167]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-14314]



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DEPARTMENT OF THE TREASURY
Internal Revenue Service


Proposed Collection; Comment Request for Regulation CO-111-90

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 and temporary regulation, CO-111-90 (TD 8515), Revision 
of Section 338 Consistency Rules. (Regulation Secs. 1.338-1, 1.338(b)-
1, 1.338(h)(10)-1.)

DATES: Written comments should be received on or before August 6, 1996 
to be assured of consideration.

ADDRESSES: Direct all written comments to Garrick R. Shear, Internal 
Revenue Service, room 5571, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the information collection should be directed to Carol 
Savage, (202) 622-3945, Internal Revenue Service, room 5569, 1111 
Constitution Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

    Title: Revision of Section 338 Consistency Rules.
    OMB Number: 1545-1295.
    Regulation Project Number: CO-111-90 Final and Temporary.
    Abstract: Section 338 of the Internal Revenue Code provides rules 
under which a qualifying stock acquisition is treated as an asset 
acquisition (a deemed asset acquisition) when an appropriate election 
is made. The collection of information in this regulation is necessary 
to make the election, to calculate and collect the appropriate amount 
of tax liability when a qualifying stock acquisition is made, to 
determine the persons liable for such tax, and to determine the bases 
of assets acquired in the deemed asset acquisition.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of OMB approval.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 45.
    Estimated Time Per Respondent: 34 minutes.
    Estimated Total Annual Burden Hours: 25 hours.

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 of operation, maintenance, and 
purchase of services to provide information.

    Approved: June 3, 1996.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 96-14314 Filed 6-6-96; 8:45 am]
BILLING CODE 4830-01-U