[Federal Register Volume 66, Number 3 (Thursday, January 4, 2001)]
[Notices]
[Page 853]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 01-149]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

December 27, 2000.
    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.

DATES: Written comments should be received on or before February 5, 
2001 to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-1452.
    Regulation Project Number: FI-43-94 Final.
    Type of Review: Extension.
    Title: Regulations Under Section 1258 of the Internal Revenue Code 
of 1986; Netting Rule for Certain Conversion Transactions.
    Description: Section 1258 recharacterizes capital gains from 
conversion transactions as ordinary income to the extent of the time 
value element. This regulation provides that certain gains and losses 
may be netted for purposes of determining the amount of gain 
recharacterized.
    Respondents: Business or other for-profit, Not-for-profit 
institutions.
    Estimated Number of Recordkeepers: 50,000.
    Estimated Burden Hours Per Recordkeeper: 6 minutes.
    Estimated Total Recordkeeping Burden: 5,000 hours.
    OMB Number: 1545-1706.
    Revenue Procedure Number: Revenue Procedure 2000-42.
    Type of Review: Extension.
    Title: Section 1503(d) Closing Agreement Requests.
    Description: Revenue Procedure 2000-42 informs taxpayers of the 
information they must submit to request a closing agreement under Reg. 
Sec. 1.1503-2(g)(2)(iv)(B)(2)(I) to prevent the recapture of dual 
consolidated losses (DCLs) upon the occurrence of certain triggering 
events.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 20.
    Estimated Burden Hours Per Respondent: 100 hours.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 2,000 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 Executive Office Building, 
Washington, DC 20503.

Lois K. Holland,
Departmental Reports Management Officer.
[FR Doc. 01-149 Filed 1-3-01; 8:45 am]
BILLING CODE 4830-01-P