Federal Register / Vol. 74, No. 104 / Tuesday, June 2, 2009 / Notices 26477 

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 18, 2009. 

R. Joseph Durbala, 

IRS Reports Clearance Officer. 

[FR Doc. E9–12684 Filed 6–1–09; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

[INTL–485–89] 

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, INTL–485–89 

(TD 8400), Taxation of Gain or Loss 

from Certain Nonfunctional Currency 

Transactions (Section 988 Transactions) 

(Sections 1.988–0 through 1.988–5). 

DATES: Written comments should be 

received on or before August 3, 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 regulation should be 

directed to Carolyn N. Brown, (202) 

622–6688, or at 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: Taxation of Gain or Loss from 

Certain Nonfunctional Currency 

Transactions (Section 988 Transactions). 

OMB Number: 1545–1131. 

Regulation Project Number: INTL– 

485–89. 

Abstract: Internal Revenue Code 

sections 988(c)(1)(D) and (E) allow 

taxpayers to make elections concerning 

the taxation of exchange gain or loss on 

certain foreign currency denominated 

transactions. In addition, Code sections 

988(a)(1)(B) and 988(d) require 

taxpayers to identify transactions which 

generate capital gain or loss or which 

are hedges of other transactions. This 

regulation provides guidance on making 

the elections and complying with the 

identification rules. 

Current Actions: There is no change to 

this existing regulation. 

Type of Review: Extension of a 

currently approved collection. 

Affected Public: Individuals or 

households and businesses or other forprofit organizations. 

Estimated Number of Respondents: 

5,000. 

Estimated Time per Respondent: 40 

minutes. 

Estimated Total Annual Burden 

Hours: 3,333. 

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 18, 2009. 

R. Joseph Durbala, 

IRS Reports Clearance Officer. 

[FR Doc. E9–12687 Filed 6–1–09; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

Proposed Collection; Comment 

Request for Form 1066 and Schedule 

Q (Form 1066) 

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 

1066, U.S. Real Estate Mortgage 

Investment Conduit (REMIC) Income 

Tax Return and Schedule Q (Form 

1066), Quarterly Notice to Residual 

Interest Holder of REMIC Taxable 

Income or Net Loss Allocation. 

DATES: Written comments should be 

received on or before August 3, 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: Form 1066, U.S. Real Estate 

Mortgage Investment Conduit (REMIC) 

Income Tax Return and Schedule Q 

(Form 1066), Quarterly Notice to 

Residual Interest Holder of REMIC 

Taxable Income or Net Loss Allocation. 

OMB Number: 1545–1014. 

Form Number: Form 1066 and 

Schedule Q (Form 1066). 

Abstract: Form 1066 and Schedule Q 

(Form 1066) are used by a real estate