[Federal Register Volume 76, Number 44 (Monday, March 7, 2011)]
[Notices]
[Pages 12415-12416]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-5003]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
[REG-142299-01 & REG-209135-88]
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
existing final regulations, REG-142299-01 and REG-209135-88, Certain
Transfers of Property to Regulated Investment Companies (RICs) and Real
Estate Investment Trusts (REITs).
DATES: Written comments should be received on or before May 6, 2011 to
be assured of consideration.
ADDRESSES: Direct all written comments to Allan Hopkins, 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 Ralph Terry at Internal
Revenue Service, room 6129, 1111 Constitution Avenue, NW., Washington,
DC 20224, or at (202)622-8144, or through the Internet at
[email protected].
SUPPLEMENTARY INFORMATION:
Title: Certain Transfers of Property to Regulated Investment
Companies (RICs) and Real Estate Investment Trusts (REITs).
OMB Number: 1545-1672.
Regulation Project Number: REG-142299-01 and REG-209135-88.
Abstract: The regulation applies with respect to the net built-in
gain of C corporation property that becomes property of a Regulated
Investment Company (RIC) or Real Estate Investment Trust (REIT) by the
qualification of a C corporation as a RIC or REIT or by the transfer of
property of a C corporation to a RIC or REIT in certain tax-free
transactions. Depending on the date of the transfer of property or
qualification as a RIC or REIT, the regulation provides that either (1)
the C corporation will recognize gain as if it
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had sold the property at fair market value unless the RIC or REIT
elects section 1374 treatment or (2) the RIC or REIT will be subject to
section 1374 treatment with respect to the net recognized built-in-
gain, unless the C corporation elects deemed sale treatment. The
regulation provides that a section 1374 election is made by filing a
statement, signed by an official authorized to sign the income tax
return of the RIC or REIT and attached to the RIC's or REIT's Federal
income tax return for the taxable year in which the property of the C
corporation becomes the property of the RIC or REIT. The regulation
provides that a deemed sale election is made by filing a statement,
signed by an official authorized to sign the income tax return of the C
corporation and attached to the C corporation's Federal income tax
return for the taxable year in which the deemed sale occurs.
Current Actions: There are no changes being made to this existing
regulation.
Type of Review: Extension of currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 140.
Estimated Time per Respondent: 30 minutes.
Estimated Total Annual Burden Hours: 70.
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: March 1, 2011.
Allan Hopkins,
Tax Analyst.
[FR Doc. 2011-5003 Filed 3-4-11; 8:45 am]
BILLING CODE 4830-01-P