[Federal Register: January 15, 2009 (Volume 74, Number 10)]
[Notices]
[Page 2651]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr15ja09-162]

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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG-209040-88]


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 notice of proposed rulemaking, REG-209040-88, Qualified
Electing Fund Elections (Sec.  1.1295).

DATES: Written comments should be received on or before March 16, 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 this regulation should be directed to Allan Hopkins, (202)
622-6665, 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: Qualified Electing Fund Elections.
    OMB Number: 1545-1514.
    Regulation Project Number: REG-209040-88.
    Abstract: This regulation permits certain shareholders to make a
special election under Internal Revenue Code section 1295 with respect
to certain preferred shares of a passive foreign investment company.
This special election operates in lieu of the regular section 1295
election and requires less annual reporting. Electing preferred
shareholders must account for dividend income under the special rules
of the regulation, rather than under the general income inclusion rules
of section 1293.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, not-
for-profit organizations, and individuals.
    Estimated Number of Respondents: 1,030.
    Estimated Time per Respondent: Varies.
    Estimated Total Annual Burden Hours: 600.
    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 16, 2008.
R. Joseph Durbala,
IRS Reports Clearance Officer.
[FR Doc. E9-756 Filed 1-14-09; 8:45 am]

BILLING CODE 4830-01-P