Proposed Collection; Comment Request For Regulation Project

DEPARTMENT OF THE TREASURY

Internal Revenue Service

[CO-49-88]

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 final regulation, CO-49-88 (TD 8546), Limitations on Corporate

Net Operating Loss (sec. 1.382-6).

DATES: Written comments should be received on or before May 3, 1999 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 regulation should be directed to Martha R. Brinson, (202)

622-3869, 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.

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

Internal Revenue 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 this existing regulation.

Type of Review: Extension of a currently approved collection.

Affected Public: Business or other for-profit organizations.

Estimated Number of Respondents: 2,000.

Estimated Time Per Respondent: 0.1 hr.

Estimated Total Annual Burden Hours: 200.

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

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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: February 18, 1999.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 99-5275 Filed 3-2-99; 8:45 am]

BILLING CODE 4830-01-P