[Federal Register: December 15, 2003 (Volume 68, Number 240)]
[Notices]
[Page 69771-69772]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr15de03-106]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
[REG-115795-97]
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, Pub. L. 104-13 (44 U.S.C.
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning an
existing final regulation, REG-115795-97 (TD 8870), General Rules for
Making and Maintaining Qualified Electing Fund Elections (Sec. Sec.
1.1295-1 and 1.1295-3).
DATES: Written comments should be received on or before February 13,
2004 to be assured of consideration.
ADDRESSES: Direct all written comments to R. Joseph Durbala, Internal
Revenue Service, room 6411, 1111 Constitution Avenue NW., Washington,
DC 20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the regulation should be directed to Larnice Mack (202) 622-3179, or through the Internet (Larnice.Mack@irs.gov), Internal Revenue
Service, room 6407, 1111 Constitution Avenue NW., Washington, DC 20224.
SUPPLEMENTARY INFORMATION:
Title: General Rules for Making and Maintaining Qualified Electing
Fund Elections.
OMB Number: 1545-1555.
Regulation Project Number: REG-115795-97.
Abstract: This regulation provides guidance to a passive foreign
investment company (PFIC) shareholder that makes the election under
Code section 1295 to treat the PFIC as a qualified electing fund (QEF),
and for PFIC shareholders that wish to make a section 1295 election
that will apply on a retroactive basis. Guidance is also provided on
revoking such elections.
Current Actions: There is no change to this existing regulation.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals or households, business or other for-
profit
[[Page 69772]]
organization, and not-for-profit institutions.
Estimated Number of Respondents: 1,290.
Estimated Time Per Respondent: 29 minutes.
Estimated Total Annual Burden Hours: 623.
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: December 4, 2003.
R. Joseph Durbala,
IRS Reports Clearance Officer.
[FR Doc. 03-30897 Filed 12-12-03; 8:45 am]
BILLING CODE 4830-01-P