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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                               ( print page 22805)                            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 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment).                    

# DATES:

Written comments should be received on or before July 13, 2009 to be assured of consideration.

# ADDRESSES:

Direct all written comments to R. Joseph Durbala, 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 Carolyn N. Brown, (202) 622-6688, Internal Revenue Service, room 6129, 1111 Constitution Avenue, NW., Washington, DC 20224, or through the Internet at                         *Carolyn.N.Brown@irs.gov.*

# SUPPLEMENTARY INFORMATION:

*Title:*                     Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment).                

*OMB Number:*                     1545-0046.                

*Form Number:*                     982.                

*Abstract:*Internal Revenue Code section 108 allows taxpayers to exclude from gross income amounts attributable to discharge of indebtedness in title 11 cases, insolvency, or a qualified farm indebtedness. Code section 1081(b) allows corporations to exclude from gross income amounts attributable to certain transfers of property. The data is used to verify adjustments to basis of property and reduction of tax attributes.                

*Current Actions:*                     Form 982 was revised due to qualified individuals of the Midwestern disasters (Pub. L. 110-343). This revision resulted in an additional 4 code references and 2 line items.                

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

*Affected Public:*                     Businesses or other for-profit organizations, individuals or households, farms, Federal government and state, local or tribal government.                

*Estimated Number of Responses:*                     667.                

*Estimated Time per Response:*                     12 hrs., 2 min.                

*Estimated Total Annual Burden Hours:*                     8,031.                

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: April 28, 2009.

R. Joseph Durbala,

IRS Reports Clearance Officer.

[FR Doc. E9-11216 Filed 5-13-09; 8:45 am]

BILLING CODE 4830-01-P