[Federal Register Volume 75, Number 189 (Thursday, September 30, 2010)]
[Notices]
[Pages 60507-60508]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-24500]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG-246256-96]


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-246256-96 (TD 8978), Excise Taxes on 
Excess Benefit Transactions (Sec.  53.4958-6).

DATES: Written comments should be received on or before November 29, 
2010 to be assured of consideration.

ADDRESSES: Direct all written comments to Gerald Shields, Internal 
Revenue Service, room 6129, 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 
Internal Revenue Service, room 6129, 1111 Constitution Avenue, NW., 
Washington, DC 20224, or at (202) 622-6665, or through the Internet at 
<a href="/cdn-cgi/l/email-protection#2869444449460665066047584341465b68415a5b064f475e"><span class="__cf_email__" data-cfemail="37765b5b5659197a197f58475c5e5944775e454419505841">[email protected]</span></a>.

SUPPLEMENTARY INFORMATION: 
    Title: Excise Taxes on Excess Benefit Transactions.
    OMB Number: 1545-1623. Regulation Project Number: REG-246256-96.
    Abstract: This regulation relates to the excise taxes on excess 
benefit transactions under section 4958 of the Internal Revenue Code 
and affects certain tax-exempt organizations described in Code sections 
501(c)(3) and (4). The collection of information entails obtaining and 
relying on appropriate comparability data and documenting the basis of 
an organization's determination that compensation is reasonable, or a 
property transfer (or transfer of the right to use property) a fair 
market value.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Not-for-profit institutions.
    Estimated Number of Respondents: 150,427.
    Estimated Time per Respondent: 6 hours, 3 minutes.
    Estimated Total Annual Burden Hours: 910,083.
    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

[[Page 60508]]

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: August 24, 2010.
Gerald Shields,
Supervisory Tax Analyst.
[FR Doc. 2010-24500 Filed 9-29-10; 8:45 am]
BILLING CODE 4830-01-P


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