[Federal Register Volume 76, Number 108 (Monday, June 6, 2011)]
[Notices]
[Pages 32403-32404]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-13891]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Agency Information Collection Activities: Submissions and 
Approvals

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)). The IRS is soliciting comments concerning information 
collection requirements related to Domestic Reinvestment Plans and 
Other Guidance under Section 965.

DATES: Written comments should be received on or before August 5, 2011 
to be assured of consideration.

ADDRESSES: Direct all written comments to Yvette B. Lawrence, Internal 
Revenue Service, Room 6129, 1111 Constitution Avenue, NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the regulations should be directed to Joel Goldberger at 
Internal Revenue Service, Room 6129, 1111 Constitution Avenue, NW., 
Washington, DC 20224, or at (202) 927-9368, or through the Internet at 
[email protected]).

SUPPLEMENTARY INFORMATION:
    Title: Domestic Reinvestment and Other Guidance under Section 965.
    OMB Number: 1545-1926.
    Regulation Project Number: Notice 2005-10, as modified by Notice 
2005-38.
    Abstract: Notice 2005-10 provides guidance concerning new section 
965 of the Internal Revenue Code (Code). It sets forth general 
principles and specific

[[Page 32404]]

guidance on domestic reinvestment plans and on investments in the 
United States described in section 965(b)(4)(B). The Treasury 
Department and the Internal Revenue Service (IRS) intend to issue 
additional notices providing guidance concerning section 965, including 
rules relating to the foreign tax credit and expense allocation, rules 
for adjusting the calculation of the base period amounts to take into 
account mergers, acquisitions and spin-offs, and rules regarding 
controlled groups. The Treasury Department and the IRS expect to issue 
regulations that incorporate the guidance provided in this and the 
subsequent notices. Notice 2005-38 primarily addresses the limitations, 
described in section 965(b)(1), (2), and (3), on the amount of 
dividends that a corporation that is a U.S. shareholder of a controlled 
foreign corporation may treat as eligible for the dividends received 
deduction under section 965(a) (DRD or section 965(a) DRD), including 
the effects of certain transactions on such limitations.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 25,000.
    Estimated Time per Respondent: 150 hours.
    Estimated Total Annual Burden Hours: 3,750,000.
    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: May 18, 2011.
Yvette B. Lawrence,
IRS Reports Clearance Officer.
[FR Doc. 2011-13891 Filed 6-3-11; 8:45 am]
BILLING CODE 4830-01-P