Federal Register / Vol. 73, No. 23 / Monday, February 4, 2008 / Notices 6561 

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 Form 

1028, Application for Recognition of 

Exemption Under Section 521 of the 

Internal Revenue Code. 

DATES: Written comments should be 

received on or before April 4, 2008 to 

be assured of consideration. 

ADDRESSES: Direct all written comments 

to Glenn P. Kirkland, Internal Revenue 

Service, room 6129, 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 R. Joseph Durbala 

at the Internal Revenue Service, room 

6129, 1111 Constitution Avenue, NW., 

Washington, DC 20224, or at (202) 622–

3634, or through the internet at 

RJoseph.Durbala@irs.gov. 

SUPPLEMENTARY INFORMATION: 

Title: Application for Recognition of 

Exemption Under Section 521 of the 

Internal Revenue Code. 

OMB Number: 1545–0058. 

Form Number: 1028. 

Abstract: Farmers’ cooperatives must 

file Form 1028 to apply for exemption 

from Federal income tax as being 

organizations described in Internal 

Revenue Code section 521. The 

information on Form 1028 provides the 

basis for determining whether the 

applicants are exempt. 

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. 

Estimated Number of Respondents: 

50. 

Estimated Time per Respondent: 50 

hours, 54 minutes. 

Estimated Total Annual Burden 

Hours: 2,545. 

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 25, 2008. 

Glenn P. Kirkland, 

IRS Reports Clearance Officer. 

[FR Doc. E8–2012 Filed 2–1–08; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

[TD 9328] 

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, 

Public Law 104–13 (44 U.S.C. 

3506(c)(2)(A)). Currently, the IRS is 

soliciting comments concerning an 

existing final regulation, TD 9328, Safe 

Harbor for Valuation Under Section 475. 

DATES: Written comments should be 

received on or before April 4, 2008, to 

be assured of consideration. 

ADDRESSES: Direct all written comments 

to Glenn P. Kirkland, Internal Revenue 

Service, Room 6129, 1111 Constitution 

Avenue NW., Washington, DC 20224. 

FOR FURTHER INFORMATION CONTACT: 

Requests for additional information or 

copies of the regulations should be 

directed to R. Joseph Durbala, at Internal 

Revenue Service, Room 6129, 1111 

Constitution Avenue NW., Washington, 

DC 20224, or at (202) 622–3634, or 

through the Internet at 

RJoseph.Durbala@irs.gov. 

SUPPLEMENTARY INFORMATION: 

Title: Safe Harbor for Valuation Under 

Section 475. 

OMB Number: 1545–1945. 

Regulation Project Number: TD 9328. 

Abstract: This document sets forth an 

elective safe harbor that permits dealers 

in securities and dealers in commodities 

to elect to use the values of positions 

reported on certain financial statements 

as the fair market values of those 

positions for purposes of section 475 of 

the Internal Revenue Code (Code). This 

safe harbor is intended to reduce the 

compliance burden on taxpayers and to 

improve the administrability of the 

valuation requirement of section 475 for 

the IRS. 

Current Actions: There is no change to 

this existing regulation. 

Type of Review: Extension of 

currently approved collection. 

Affected Public: Business or other forprofit organizations. 

Estimated Number of Respondents: 

12,308. 

Estimated Average Time per 

Respondent: 4 hours. 

Estimated Total Annual Burden 

Hours: 49,232. 

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 


ebenthall on PRODPC61 with NOTICES
6562 Federal Register / Vol. 73, No. 23 / Monday, February 4, 2008 / Notices 

technology; and (e) estimates of capital 

or start-up costs and costs of operation, 

maintenance, and purchase of services 

to provide information. 

Approved: January 24, 2008. 

Glenn P. Kirkland, 

IRS Reports Clearance Officer. 

[FR Doc. E8–2017 Filed 2–1–08; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

Proposed Collection; Comment 

Request for Form CT–1 

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, 

Public Law 104–13 (44 U.S.C. 

3506(c)(2)(A)). Currently, the IRS is 

soliciting comments concerning Form 

CT–1, Employer’s Annual Railroad 

Retirement Tax Return. 

DATES: Written comments should be 

received on or before April 4, 2008, to 

be assured of consideration. 

ADDRESSES: Direct all written comments 

to Glenn P. Kirkland, Internal Revenue 

Service, Room 6129, 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 R. Joseph Durbala, 

(202) 622–3634, Internal Revenue 

Service, room 6129, 1111 Constitution 

Avenue, NW., Washington, DC 20224, 

or through the Internet at 

RJoseph.Durbala@irs.gov. 

SUPPLEMENTARY INFORMATION:

Title: Employer’s Annual Railroad 

Retirement Tax Return. 

OMB Number: 1545–0001. 

Form Number: Form CT–1. 

Abstract: Railroad employers are 

required to file an annual return to 

report employer and employee Railroad 

Retirement Tax Act (RRTA) taxes. Form 

CT–1 is used for this purpose. The IRS 

uses the information to insure that the 

employer has paid the correct tax. 

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: Businesses or other 

for-profit organizations, not-for-profit 

institutions, and state, local or tribal 

governments. 

Estimated Number of Respondents: 

2,817. 

Estimated Time per Respondent: 21 

hours, 19 minutes. 

Estimated Total Annual Burden 

Hours: 46,359. 

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 25, 2008. 

Glenn P. Kirkland, 

IRS Reports Clearance Officer. 

[FR Doc. E8–2018 Filed 2–1–08; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

[LR–218–78] 

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, 

Public Law 104–13 (44 U.S.C. 

3506(c)(2)(A)). Currently, the IRS is 

soliciting comments concerning an 

existing final regulation, LR–218–78 (TD 

8096), Product Liability Losses and 

Accumulations for Product Liability 

Losses (Section 1.172–13). 

DATES: Written comments should be 

received on or before April 4, 2008, to 

be assured of consideration. 

ADDRESSES: Direct all written comments 

to Glenn P. Kirkland, Internal Revenue 

Service, Room 6129, 1111 Constitution 

Avenue, NW., Washington, DC 20224. 

FOR FURTHER INFORMATION CONTACT: 

Requests for additional information or 

copies of the regulations should be 

directed to R. Joseph Durbala, at Internal 

Revenue Service, Room 6129, 1111 

Constitution Avenue, NW., Washington, 

DC 20224, or at (202) 622–3634, or 

through the Internet at 

RJoseph.Durbala@irs.gov. 

SUPPLEMENTARY INFORMATION: 

Title: Product Liability Losses and 

Accumulations for Product Liability 

Losses. 

OMB Number: 1545–0863. Regulation 

Project Number: LR–218–78 (TD 8096). 

Abstract: Generally, a taxpayer who 

sustains a product liability loss must 

carry the loss back 10 years. However, 

a taxpayer may elect to have such loss 

treated as a regular net operating loss 

under section 172. The election is made 

by attaching a statement to the tax 

return. This statement will enable the 

IRS to monitor compliance with the 

statutory requirements. 

Current Actions: There is no change to 

this existing regulation. 

Type of Review: Extension of 

currently approved collection. 

Affected Public: Business or other forprofit organizations. 

Estimated Number of Respondents: 

5,000. 

Estimated Average Time per 

Respondent: 30 minutes. 

Estimated Total Annual Burden 

Hours: 2,500. 

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 


ebenthall on PRODPC61 with NOTICES