[Federal Register Volume 75, Number 52 (Thursday, March 18, 2010)]
[Notices]
[Pages 13207-13208]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-5877]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
[INTL-362-88]
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-362-88 (TD 8618), Definition of a
Controlled Foreign Corporation, Foreign Base Company Income and Foreign
Personal Holding Company Income of a Controlled Foreign Corporation
(Sec. Sec. 1.954-1 and 1.954-2).
DATES: Written comments should be received on or before May 17, 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 the regulations should be directed to Elaine Christophe,
(202) 622-3179, or at Internal Revenue Service, Room 6129, 1111
Constitution Avenue, NW., Washington DC 20224, or through the Internet,
at [email protected].
SUPPLEMENTARY INFORMATION:
Title: Definition of a Controlled Foreign Corporation, Foreign Base
Company Income and Foreign Personal Holding Company Income of a
Controlled Foreign Corporation.
OMB Number: 1545-1068.
Regulation Project Number: INTL-362-88.
Abstract: A U.S. shareholder of a controlled foreign corporation is
subject to current U.S. taxation on the subpart F income of the foreign
corporation, which consists of several categories of income. The
election and recordkeeping requirements in the regulation are necessary
to exclude certain high-taxed or active business income from subpart F
income or to include certain income in the appropriate category of
subpart F
[[Page 13208]]
income. The record-keeping and election procedures allow the U.S.
shareholders and the IRS to know the amount of the controlled foreign
corporation's subpart F income.
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 Respondents/Recordkeepers: 50,500.
Estimated Time per Respondent/Recordkeeper: 1 hour.
Estimated Total Annual Reporting/Recordkeeping Hours: 50,417.
The following paragraph applies to all of the collections of
1information 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: March 5, 2010.
R. Joseph Durbala,
IRS Tax Supervisory Analyst.
[FR Doc. 2010-5877 Filed 3-17-10; 8:45 am]
BILLING CODE 4830-01-P