[Federal Register Volume 75, Number 112 (Friday, June 11, 2010)]
[Notices]
[Page 33382]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-14008]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
[FI-3-91]
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 final regulation, FI-34-91 (TD 8456), Capitalization of
Certain Policy Acquisition Expenses (Sec. Sec. 1.848-2(g)(8), 1.848-
2(h)(3) and 1.848-2(i)(4)).
DATES: Written comments should be received on or before August 10, 2010
to be assured of consideration.
ADDRESSES: Direct all written comments to Gerald J. 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 regulations should be directed to R. Joseph Durbala at
Internal Revenue Service, Room 6129, 1111 Constitution Avenue, NW.,
Washington, DC 20224, or at (202) 622-3634, or through the Internet at
[email protected].
SUPPLEMENTARY INFORMATION: Title: Capitalization of Certain Policy
Acquisition Expenses.
OMB Number: 1545-1287.
Regulation Project Number: FI-3-91 (TD 8456).
Abstract: Internal Revenue Code section 848 provides that insurance
companies' must capitalize ``specified policy acquisition expenses. In
lieu of identifying the categories of expenses that must be
capitalized, section 848 requires that a company capitalize an amount
of otherwise deductible expenses equal to specified percentages of net
premiums with respect to certain types of insurance contracts.
Insurance companies that enter into reinsurance agreements must
determine the amounts to be capitalized under those agreements
consistently. This regulation provides elections to permit the parties
to a reinsurance agreement to shift the burden of capitalization for
their mutual benefit.
Current Actions: There is no change to these existing regulation.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 2,070.
Estimated Time per Respondent: 1 hr.
Estimated Total Annual Burden Hours: 2,070.
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: June 4, 2010.
Gerald J. Shields,
IRS Reports Clearance Officer.
[FR Doc. 2010-14008 Filed 6-10-10; 8:45 am]
BILLING CODE 4830-01-P