[Federal Register Volume 75, Number 38 (Friday, February 26, 2010)]
[Notices]
[Pages 9026-9027]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-3934]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
[REG-209682-94]
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
final regulation, REG-209682-94 (TD 8847), Adjustments Following Sales
of Partnership Interests, (Sec. Sec. 1.732-1 and 1.743-1).
DATES: Written comments should be received on or before April 27, 2010
to be assured of consideration.
ADDRESSES: Direct all written comments to R. Joseph Durbala, Internal
Revenue Service, room 6129, 1111 Constitution Avenue, NW., Washington,
DC 20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of regulations should be directed to Dawn Bidne, at Internal
Revenue Service, room 6129, 1111 Constitution Avenue, NW., Washington,
DC 20224, or at (202) 622-3933, or through the Internet at
[email protected].
SUPPLEMENTARY INFORMATION:
Title: Adjustments Following Sales of Partnership Interests.
OMB Number: 1545-1588.
Regulation Project Number: REG-209682-94.
Abstract: Partnerships, with a section 754 election in effect, are
required to adjust the basis of partnership property following certain
transfers of partnership interests. This regulation relates to the
optional adjustments to the basis of partnership property following
certain transfers of partnership interests under section 743, the
calculation of gain or loss under section 751(a) following the sale or
exchange of a partnership interest, the allocation of basis adjustments
among partnership assets under section 755, the allocation of a
partner's basis in its partnership interest to properties distributed
to the partner by the partnership under section 732(c), and the
computation of a partner's proportionate share of the adjusted basis of
depreciable property (or depreciable real property) under section 1017.
Current Actions: There are no changes being made to the regulation
at this time.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents/Recordkeepers: 226,000.
Estimated Time per Respondent/Recordkeeper: 4 hrs.
Estimated Total Annual Burden Hours: 904,000.
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
[[Page 9027]]
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: February 1, 2010.
R. Joseph Durbala,
IRS Supervisory Tax Analyst.
[FR Doc. 2010-3934 Filed 2-25-10; 8:45 am]
BILLING CODE 4830-01-P