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[Federal Register Volume 74, Number 98 (Friday, May 22, 2009)]
[Notices]
[Pages 24075-24076]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-12144]

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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG-131478-02]

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 NPRM and Temporary, REG-131478-02 Guidance Under Section 1502; 
Suspension of Losses on Certain Stock Disposition.

DATES: Written comments should be received on or before July 21, 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 regulations should be directed to Carolyn N. Brown, at (202) 
622-6688, or at Internal Revenue Service, room 6129, 1111 Constitution 
Avenue NW., Washington, DC 20224, or through the Internet, at 
[email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Guidance Under Section 1502; Suspension of Losses on Certain 
Stock Disposition.
    OMB Number: 1545-1828.
    Regulation Project Number: REG-131478-02 (NPRM).

[[Page 24076]]

    Abstract: The information in Sec.  1.1502-35T(c) is necessary to 
ensure that a consolidated group does not obtain more than one tax 
benefit from both the utilization of a loss from the disposition of 
stock and the utilization of a loss or deduction with respect to 
another asset that reflects the same economic loss; to allow the 
taxpayer to make an election under Sec.  1.1502-35T(c)(5) that would 
benefit the taxpayer; the election in Sec.  1.1502-35T(f) provides 
taxpayers the choice in the case of a worthless subsidiary to utilize a 
worthless stock deduction or absorb the subsidiary's losses; and Sec.  
1.1502-35T(g)(3) applies to ensure that taxpayers do not circumvent the 
loss suspension rule of Sec.  1.1502-35T(c) by deconsolidating a 
subsidiary and then re-importing to the group losses of such 
subsidiary.
    Current Actions: There is no change to these existing regulations.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 7,500.
    Estimated Time per Respondent: 2 hours.
    Estimated Total Annual Burden Hours: 15,000.
    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: May 19, 2009.
R. Joseph Durbala,
IRS Reports Clearance Officer.
[FR Doc. E9-12144 Filed 5-21-09; 8:45 am]
BILLING CODE 4830-01-P
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