The Department of Treasury has submitted the following public information collection requirement(s) to OMB for review and clearance under the Paperwork Reduction Act of 1995, Public Law 104-13. Copies of the submission(s) may be obtained by calling the Treasury Bureau Clearance Officer listed. Comments regarding this information collection should be addressed to the OMB reviewer listed and to the Treasury Department Clearance Officer, Department of the Treasury, Room 2110, 1425 New York Avenue, NW., Washington, DC 20220.
Written comments should be received on or before May 22, 2000 to be assured of consideration.
Internal Revenue Service (IRS)
OMB Number: 1545-1672.
Regulation Project Number: REG-209135-88 NPRM and Temporary.
Type of Review: Extension.
Title: Certain Asset Transfers to Regulated Investment Companies (RICs) and Real Estate Investment Trusts (REITs).
Description: The regulation applies with respect to the net built-in gain of C corporation assets that become assets 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 assets of a C corporation to a RIC or REIT in a carryover basis transaction. The regulation generally requires the corporation to recognize gain as if it had sold the assets at fair market value and immediately liquidated. The regulations permit the transferee RIC or REIT to elect, in lieu of liquidation treatment, to be subject to the rules of section 1374 of the Internal Revenue Code and the regulations thereunder. In order to obtain the benefit of a section 1374 election, the taxpayer is required to make a statement indicating that it elects to be subject to the rules of section 1374 and the regulations thereunder.
Estimated Number of Respondents: 100.
Estimated Burden Hours Per Respondent: 30 minutes.
Frequency of Response: Other (once).
Estimated Total Reporting Burden: 50 hours.
Clearance Officer: Garrick Shear, Internal Revenue Service, Room 5244, 1111 Constitution Avenue, NW, Washington, DC 20224.
OMB Reviewer: Alexander T. Hunt, (202) 395-7860, Office of Management and Budget, Room 10202, New Start Printed Page 21235Executive Office Building, Washington, DC 20503.Start Signature
Lois K. Holland,
Departmental Reports Management Officer.
[FR Doc. 00-9871 Filed 4-19-00; 8:45 am]
BILLING CODE 4830-01-P