[Federal Register: December 9, 2002 (Volume 67, Number 236)]
[Notices]               
[Page 73008-73009]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr09de02-142]                         


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DEPARTMENT OF THE TREASURY


Internal Revenue Service


 
Proposed Collection; Comment Request for Form 8023


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 
form 8023, Elections Under Section 338 for Corporations Making 
Qualified Stock Purchases.


DATES: Written comments should be received on or before February 7, 
2003, to be assured of consideration.


ADDRESSES: Direct all written comments to Glenn Kirkland, Internal 
Revenue Service, Room 6411, 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 Allan 
Hopkins, (202) 622-6665, or through the internet 
Allan.M.Hopkins@irs.gov), Internal Revenue Service, Room 6407, 1111 
Constitution Avenue, NW., Washington, DC 20224.


SUPPLEMENTARY INFORMATION:
    Title: Elections Under Section 338 for Corporations Making 
Qualified Stock Purchases.
    OMB Number: 1545-1428.
    Form Number: 8023.
    Abstract: Form 8023 is used by a corporation that acquires the 
stock of another corporation to elect to treat the purchase of stock as 
a purchase of the other corporation's assets. This election allows the 
acquiring corporation to depreciate these assets and claim a deduction 
on its income tax return. IRS uses form 8023 to determine if the 
election is properly made and as a check against the acquiring 
corporation's deduction for depreciation. The form is also used to 
determine if the selling corporation reports the amount of sale in its 
income.
    Current Actions: There are no changes being made to form 8023 at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Businesses or other for-profit organizations.
    Estimated Number of Respondents: 201.
    Estimated Time Per Respondent: 12 hr., 44 min.
    Estimated Total Annual Burden Hours: 2,559.
    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.




[[Page 73009]]




    Approved: November 27, 2002.
Carol Savage,
Program Analyst.
[FR Doc. 02-31054 Filed 12-6-02; 8:45 am]

BILLING CODE 4830-01-P