Federal Register: October 29, 2009 (Volume 74, Number 208)
DOCID: fr29oc09-133 FR Doc E9-26014
DEPARTMENT OF THE TREASURY
Internal Revenue Service
CO ID: [CO-46-94]
NOTICE: NOTICES
DOCID: fr29oc09-133
DOCUMENT ACTION: Notice and request for comments.
SUBJECT CATEGORY:
Proposed Collection; Comment Request for Regulation Project
DATES: Written comments should be received on or before December 28, 2009 to be assured of consideration.
DOCUMENT 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 10413 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning an existing final regulation, CO4694 (TD 8594), Losses on Small Business Stock (Sec. 1.244(e)1.
SUMMARY:
Agency Information Collection Activities; Proposals, Submissions, and Approvals
SUPPLEMENTAL INFORMATION
Title: Losses on Small Business Stock.
OMB Number: 15451447.
Regulation Project Number: CO4694.
Abstract: Section 1.1244(e)1(b) of the regulation requires that a taxpayer claiming an ordinary loss with respect to section 1244 stock must have records sufficient to establish that the taxpayer satisfies the requirements of section 1244 and is entitled to the loss. The records are necessary to enable the Service examiner to verify that the stock qualifies as section 1244 stock and to determine whether the taxpayer is entitled to the loss.
Current Actions: There is no change to this existing regulation.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals or households, and business or other forprofit organizations.
Estimated Number of Respondents: 10,000.
Estimated Time per Respondent: 12 minutes.
Estimated Total Annual Burden Hours: 2,000.
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 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 startup costs and costs of
operation, maintenance, and purchase of services to provide information.
Approved: October 21, 2009.
R. Joseph Durbala,
IRS Supervisory Tax Analyst.
[FR Doc. E926014 Filed 102809; 8:45 am]
BILLING CODE 483001P
FOR FURTHER INFORMATION CONTACT
Requests for additional information or copies of the regulation should be directed to R. Joseph Durbala, at (202) 6223634, or at Internal Revenue Service, room 6129, 1111 Constitution Avenue, NW., Washington, DC 20224, or through the Internet, at RJoseph.Durbala@irs.gov.