Proposed Collection; Comment Request for Regulation Project

DEPARTMENT OF THE TREASURY

Internal Revenue Service

[CO-24-96]

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 an

existing regulation, CO-24-96 (TD 8677), Consolidated Returns--

Limitations on the Use of Certain Losses and Deductions (Sec. 1.1502-

21T(b)).

DATES: Written comments should be received on or before February 4,

1997 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 5569, 1111

Constitution Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

Title: Consolidated Returns--Limitations on the Use of Certain

Losses and Deductions.

OMB Number: 1545-1237.

Regulation Project Number: CO-24-96.

Abstract: Section 1.1502-21T(b)(3) of the regulation contains a

collection of information which permits a consolidated group of

corporations to elect to relinquish a carryback period with respect to

a consolidated net operating loss. The common parent of the group must

file a statement evidencing the election with the income tax return of

the group. The statement is required to assure that an election to

relinquish a carryback period is properly documented.

Current Actions: There is no change to this existing regulation.

Type of Review: Extension of OMB approval.

Affected Public: Business or other for-profit organizations.

Estimated Number of Respondents: 6,000.

Estimated Time Per Respondent: 10 minutes.

Estimated Total Annual Burden Hours: 1,000.

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 start-up costs and costs of operation,

maintenance, and purchase of services to provide information.

Approved: December 2, 1996.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 96-31131 Filed 12-5-96; 8:45 am]

BILLING CODE 4830-01-U