[Federal Register Volume 64, Number 239 (Tuesday, December 14, 1999)]
[Notices]
[Pages 69817-69818]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-32401]
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DEPARTMENT OF THE TREASURY
[CO-68-87; CO-69-87; CO-18-90]
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 CO-68-87 and CO-69-87(TD 8352), Final
Regulations Under Sections 382 and 383 of the Internal Revenue Code of
1986; Pre-change Attributes, and CO-18-90 (TD 8531), Final Regulations
Under Section 382 of the Internal Revenue Code of 1986; Limitations on
Corporate Net Operating Loss Carryforwards (Secs. 1.382-4 and 1.382-
2T).
DATES: Written comments should be received on or before February 14,
2000 to be assured of consideration.
ADDRESSES: Direct all written comments to Garrick R. Shear, Internal
Revenue Service, room 5244, 1111 Constitution Avenue NW., Washington,
DC 20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the regulations should be directed to Carol Savage, (202)
622-3945, Internal Revenue Service, room
[[Page 69818]]
5242, 1111 Constitution Avenue NW., Washington, DC 20224.
SUPPLEMENTARY INFORMATION:
Title: CO-68-87 and CO-69-87(TD 8352), Final Regulations Under
Sections 382 and 383 of the Internal Revenue Code of 1986; Pre-change
Attributes, and CO-18-90 (TD 8531), Final Regulations Under Section 382
of the Internal Revenue Code of 1986; Limitations on Corporate Net
Operating Loss Carryforwards.
OMB Number: 1545-1120.
Regulation Project Number: CO-68-87; CO-69-87; CO-18-90.
Abstract: (CO-68-87 and CO-69-87) These regulations require
reporting by a corporation after it undergoes an ``ownership change''
under Code sections 382 and 383. Corporations required to report under
these regulations include those with capital loss carryovers and excess
credits. (CO-18-90) These regulations provide rules for the treatment
of options under Code section 382 for purposes of determining whether a
corporation undergoes an ownership change. The regulation allows for
certain elections for corporations whose stock is subject to options.
Current Actions: There is no change to these existing regulations.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 75,150.
Estimated Time Per Respondent: 2 hours, 56 minutes.
Estimated Total Annual Burden Hours: 220,575.
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: December 7, 1999.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 99-32401 Filed 12-13-99; 8:45 am]
BILLING CODE 4830-01-U