Agency Information Collection Activities; Comment Request

DEPARTMENT OF THE TREASURY

Agency Information Collection Activities; Comment Request

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. Currently, the IRS is soliciting

comments concerning an existing final regulation, CO-49-88, Limitations

on Corporate Net Operating Loss.

DATES: Written comments should be received on or before April 1, 1996

to be assured of consideration.

ADDRESSES: Direct all written comments to Garrick R. Shear, Internal

Revenue Service, room 5571, 1111 Constitution Avenue NW., Washington,

DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or

copies of the information collection should be directed to Carol

Savage, (202) 622-3945, Internal Revenue Service, room 5571, 1111

Constitution Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

Title: Limitations on Corporate Net Operating Loss

OMB Number: 1545-1381.

Regulation Project Number: CO-49-88 Final.

Abstract: This regulation provides rules for the allocation of a

loss corporation's taxable income or net operating loss between the

periods before and after an ownership change under section 382 of the

Code, including an election to make the allocation based on a closing

of the books as of the change date.

Current Actions: There is no change to the collection of

information in this existing regulation.

Type of Review: Extension of OMB approval.

Affected Public: Business or other for-profit organizations.

Estimated Number of Respondents: 2,000.

Estimated Time Per Respondent: 6 minutes.

Estimated Total Annual Burden Hours: 200.

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. Written comments should

address the accuracy of the burden estimates and ways to minimize

burden including the use of automated collection techniques or the use

of other forms of information technology, as well as other relevant

aspects of the information collection request.

Approved: January 23, 1996.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 96-1968 Filed 1-31-96; 8:45 am]

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