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###### Department of the Treasury

###### Internal Revenue Service

# 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 subchapter S subsidiaries.

# DATES:

Written comments should be received on or before December 8, 2014 to be assured of consideration.

# ADDRESSES:

Direct all written comments Christie Preston, Internal Revenue Service, room 6129, 1111 Constitution Avenue NW., Washington, DC 20224.

# FOR FURTHER INFORMATION CONTACT:

                        Requests for additional information or copies of this regulation should be directed to Allan Hopkins, Internal Revenue Service, room 6129, 1111 Constitution Avenue NW., Washington, DC 20224, or through the internet at                         *Allan.M.Hopkins@irs.gov.*

# SUPPLEMENTARY INFORMATION:

*Title:*                     Subchapter S Subsidiaries.                

*OMB Number:*                     1545-1590.                

*Regulation Project Number:*                     REG-251698-96.                

*Abstract:*                     This regulation relates to the treatment of corporate subsidiaries of S corporations and interprets the rules added to the Internal Revenue Code by section 1308 of the Small Business Job Protection Act of 1996. The collection of information required in the regulation is necessary for a taxpayer to obtain, retain, or terminate S corporation treatment.                

*Current Actions:*                     There is no change to this existing regulation.                

*Type of Review:*                     Extension of a currently approved collection.                

*Affected Public:*                     Businesses or other for-profit organizations, individuals, and farms.                

*Estimated Number of Respondents:*                     10,660.                

*Estimated Time per Respondent:*                     57 minutes.                

*Estimated Total Annual Reporting Burden Hours:*                     10,110.                

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                           ( print page 60896)                        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: October 2, 2014.

Christie Preston,

IRS Reports Clearance Officer.

[FR Doc. 2014-24072 Filed 10-7-14; 8:45 am]

BILLING CODE 4830-01-P