Agency Information Collection Activities; Proposals, Submissions, and Approvals:

Federal Register: August 23, 2010 (Volume 75, Number 162)

Notices

Page 51881-51882

From the Federal Register Online via GPO Access [wais.access.gpo.gov]

DOCID:fr23au10-152

DEPARTMENT OF THE TREASURY

Internal Revenue Service

INTL-79-91; (T.D. 8573)

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-79-91(T.D. 8573), Information Returns

Required of United States Persons With Respect To Certain Foreign

Corporations (Sec. Sec. 1.6035-1, 1.6038-2 and 1.6046-1).

DATES: Written comments should be received on or before October 22, 2010 to be assured of consideration.

ADDRESSES: Direct all written comments to Gerald Shields, 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 Joel Goldberger, at

(202) 927-9368, or at Internal Revenue Service, room 6129, 1111

Constitution Avenue, NW., Washington, DC 20224, or through the

Internet, at Joel.P.Goldberger@irs.gov.

SUPPLEMENTARY INFORMATION:

Title: Information Returns Required of United States Persons with

Respect To Certain Foreign Corporations.

OMB Number: 1545-1317.

Regulation Project Number: INTL-79-91. (T.D. 8573)

Abstract: This regulation amends the existing regulations under sections 6035, 6038, and 6046 of the Internal Revenue Code. The regulation amends and liberalizes certain requirements regarding the format in which information must be provided for purposes of Form 5471,

Information Return of U.S. Persons with Respect to Certain Foreign

Corporations. The regulation provides that financial statement information must be expressed in U.S. dollars translated according to

U.S. generally accepted accounting principles and permits functional reporting of certain items.

Current Actions: There is no change to this existing regulation.

Type of Review: Extension of a currently approved collection.

Affected Public: Individuals and business or other for-profit organizations.

The burden for the collection of information is reflected in the burden for Form 5471, Information Return of U.S. Persons with Respect to Certain Foreign Corporations.

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

Page 51882

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: August 3, 2010.

Gerald Shields,

IRS Supervisory Tax Analyst.

FR Doc. 2010-20893 Filed 8-20-10; 8:45 am

BILLING CODE 4830-01-P