[Federal Register Volume 61, Number 125 (Thursday, June 27, 1996)]
[Proposed Rules]
[Pages 33407-33409]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-16377]


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[[Page 33408]]


DEPARTMENT OF THE TREASURY
26 CFR Part 301

[IA-29-96]
RIN 1545-AU42


Extensions of Time To Make Elections

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice of proposed rulemaking by cross-reference to temporary 
regulations and notice of public hearing.

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SUMMARY: In the Rules and Regulations section of this issue of the 
Federal Register, the IRS is issuing temporary regulations relating to 
extensions of time for making certain elections under the Internal 
Revenue Code (Code). The regulations provide the standards that the 
Commissioner will use to grant taxpayers extensions of time for making 
these elections. The text of those temporary regulations also serves as 
the text of these proposed regulations. This document also provides 
notice of a public hearing on these proposed regulations.

DATES: Written comments must be received by September 25, 1996. 
Outlines of oral comments to be presented at the public hearing 
scheduled for Wednesday, October 30, 1996, at 10 a.m. must be received 
by October 9, 1996.

ADDRESSES: Send submissions to: CC:DOM:CORP:R (IA-29-96), room 5226, 
Internal Revenue Service, POB 7604, Ben Franklin Station, Washington, 
DC 20044. In the alternative, submissions may be delivered between the 
hours of 8 a.m. and 5 p.m. to: CC:DOM:CORP:R (IA-29-96), Courier's 
Desk, Internal Revenue Service, 1111 Constitution Avenue NW, 
Washington, DC. The public hearing will be held in the IRS Classroom 
(room 2617), Internal Revenue Building, 1111 Constitution Avenue NW, 
Washington, DC.

FOR FURTHER INFORMATION CONTACT: Concerning the regulations, Robert A. 
Testoff of the Office of Assistant Chief Counsel (Income Tax & 
Accounting) at (202) 622-4960; concerning submissions and the hearing, 
Christina Vasquez of the Regulations Unit, (202) 622-7190 (not toll-
free numbers).

SUPPLEMENTARY INFORMATION:

Paperwork Reduction Act

    The collection of information contained in this notice of proposed 
rulemaking has been submitted to the Office of Management and Budget 
(OMB) for review in accordance with the Paperwork Reduction Act of 1995 
(44 U.S.C. 3507).
    Comments on the collection of information should be sent to the 
Office of Management and Budget, Attn: Desk Officer for the Department 
of the Treasury, Office of Information and Regulatory Affairs, 
Washington, DC 20503, with copies to the Internal Revenue Service, 
Attn: IRS Reports Clearance Officer, T:FP, Washington, DC 20224. 
Comments on the collection of information should be received by August 
26, 1996.
    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 control number.
    The collection of information is in Secs. 301.9100-2T and 301.9100-
3T. This information is required for a taxpayer to obtain an extension 
of time to make an election. This information will be used by the IRS 
to determine whether to grant an extension of time to make an election. 
The likely respondents are businesses or other for-profit institutions, 
small businesses or organizations, nonprofit institutions, individuals 
or households, and farms.
    Books or records relating to the 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.
    Estimated total annual reporting burden: 5,000 hours.
    Estimated annual burden per respondent: 10 hours.
    Estimated number of respondents: 500.
    Estimated annual frequency of responses: Occasional.

Background

    Temporary regulations in the Rules and Regulations section of this 
issue of the Federal Register amend 26 CFR part 301. The temporary 
regulations contain rules relating to extensions of time for making 
certain elections.
    The text of those temporary regulations also serves as the text of 
these proposed regulations. The preamble to the temporary regulations 
explains the temporary regulations.

Special Analyses

    It has been determined that this notice of proposed rulemaking is 
not a significant regulatory action as defined in EO 12866. Therefore, 
a regulatory assessment is not required. It has also been determined 
that section 553(b) of the Administrative Procedure Act (5 U.S.C. 
chapter 5) and the Regulatory Flexibility Act (5 U.S.C. chapter 6) do 
not apply to these regulations, and, therefore, a Regulatory 
Flexibility Analysis is not required. Pursuant to section 7805(f) of 
the Internal Revenue Code, this notice of proposed rulemaking will be 
submitted to the Chief Counsel for Advocacy of the Small Business 
Administration for comment on its impact on small businesses.

Comments and Public Hearing

    Before these proposed regulations are adopted as final regulations, 
consideration will be given to any written comments (a signed original 
and eight (8) copies) that are submitted timely to the IRS. All 
comments will be available for public inspection and copying.
    A public hearing has been scheduled for Wednesday, October 30, 
1996, at 10 a.m. in the IRS Classroom (room 2617), Internal Revenue 
Building, 1111 Constitution Avenue NW, Washington, DC. Because of 
access restrictions, visitors will not be admitted beyond the building 
lobby more than 15 minutes before the hearing starts.
    The rules of Sec. 601.601(a)(3) apply to the hearing.
    Persons that have submitted written comments by September 25, 1996 
and want to present oral comments at the hearing must submit, by 
October 9, 1996, an outline of the topics to be discussed and the time 
to be devoted to each topic (signed original and eight (8) copies). A 
period of 10 minutes will be allotted to each person for making 
comments.
    An agenda showing the scheduling of the speakers will be prepared 
after the deadline for receiving outlines has passed. Copies of the 
agenda will be available free of charge at the hearing.

Drafting Information

    The principal author of the temporary regulations is Robert A. 
Testoff of the Office of Assistant Chief Counsel (Income Tax and 
Accounting). However, other personnel from the IRS and Treasury 
Department participated in their development.

List of Subjects in 26 CFR Part 301

    Employment taxes, Estate taxes, Excise taxes, Gift taxes, Income 
taxes, Penalties, Reporting and recordkeeping requirements.

Proposed Amendments to the Regulations

    Accordingly, 26 CFR part 301 is proposed to be amended as follows:

PART 301--PROCEDURE AND ADMINISTRATION

    Paragraph 1. The authority citation for part 301 is amended by 
removing the entries for Secs. 301.9100-1T through

[[Page 33409]]

301.9100-3T and adding entries in numerical order to read as follows:

    Authority: 26 U.S.C. 7805 * * *
    Section 301.9100-1 also issued under 26 U.S.C. 6081;
    Section 301.9100-2 also issued under 26 U.S.C. 6081;
    Section 301.9100-3 also issued under 26 U.S.C. 6081; * * *

    Par. 2. Sections 301.9100-1 and 301.9100-1T through 301.9100-3T are 
removed.
    Par. 3. Sections 301.9100-1 through 301.9100-3 are added to read as 
follows:


Sec. 301.9100-1  Extensions of time to make elections.


Sec. 301.9100-2  Automatic extensions.


Sec. 301.9100-3  Other extensions.

    [The text of these above proposed sections are the same as the text 
of Secs. 301.9100-1T through 301.9100-3T published elsewhere in this 
issue of the Federal Register.]
Margaret Milner Richardson,
Commissioner of Internal Revenue.
[FR Doc. 96-16377 Filed 6-26-96; 8:45 am]
BILLING CODE 4830-01-U