[Federal Register Volume 75, Number 114 (Tuesday, June 15, 2010)]
[Notices]
[Pages 33886-33887]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-14412]


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DEPARTMENT OF THE TREASURY

 Internal Revenue Service

[INTL-50-86]


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, INTL-50-86 (TD 8110), Sanctions on Issuers 
and Holders of Registration-Required Obligations Not in Registered Form 
(Sec. Sec.  1.65-12 and 1.1287-1).

DATES: Written comments should be received on or before August 16, 2010 
to be assured of consideration.

ADDRESSES: Direct all written comments to Gerald Shields, Internal 
Revenue

[[Page 33887]]

Service, room 6129, 1111 Constitution Avenue, NW., Washington, DC 
20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the information collection should be directed to Allan 
Hopkins, at (202) 622-6665, or at Internal Revenue Service, room 6129, 
1111 Constitution Avenue, NW., Washington, DC 20224, or through the 
Internet, at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Sanctions on Issuers and Holders of Registration-Required 
Obligations Not in Registered Form.
    OMB Number: 1545-0786.
    Regulation Project Number: INTL-50-86.
    Abstract: Sections 165(j) and 1287(a) of the Internal Revenue Code 
provide that persons holding registration-required obligations in 
bearer form are subject to certain penalties. These sections also 
provide that certain persons may be exempted from these penalties if 
they comply with reporting requirements with respect to ownership, 
transfers, and payments on the obligations. The reporting requirements 
in this regulation are necessary to ensure that persons holding 
registration-required obligations in bearer form properly report 
interest income and gain on disposition of the obligations.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of OMB approval.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Responses: 750,000.
    Estimated Time per Response: 3 minutes.
    Estimated Total Annual Burden Hours: 39,742.
    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 9, 2010.
Gerald Shields,
IRS Reports Clearance Officer.
[FR Doc. 2010-14412 Filed 6-14-10; 8:45 am]
BILLING CODE 4830-01-P