[Federal Register Volume 75, Number 191 (Monday, October 4, 2010)]
[Notices]
[Pages 61241-61242]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-24755]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 8838
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 8838, Consent To Extend the Time To Assess Tax Under Section 367--
Gain Recognition Agreement.
DATES: Written comments should be received on or before December 3,
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 copies of the form and
instructions 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: Consent To Extend the Time To Assess Tax Under Section 367--
Gain Recognition Agreement.
[[Page 61242]]
OMB Number: 1545-1395.
Form Number: 8838.
Abstract: Form 8838 is used to extend the statute of limitations
for U.S. persons who transfer stock or securities to a foreign
corporation. The form is filed when the transferor makes a gain
recognition agreement. This agreement allows the transferor to defer
the payment of tax on the transfer. The IRS uses Form 8838 so that it
may assess tax against the transferor after the expiration of the
original statute of limitations.
Current Actions: There are no changes being made to the Form 8838
at this time.
Type of Review: Extension of a current approval.
Affected Public: Business or other for-profit organizations and
individuals.
Estimated Number of Respondents: 666.
Estimated Time per Respondent: 8 hrs., 14 min.
Estimated Total Annual Burden Hours: 5,482.
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: September 28, 2010.
R. Joseph Durbala,
IRS Tax Analyst.
[FR Doc. 2010-24755 Filed 10-1-10; 8:45 am]
BILLING CODE 4830-01-P