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Daily Rules, Proposed Rules, and Notices of the Federal Government

DEPARTMENT OF THE TREASURY

Internal Revenue Service

Proposed Collection; Comment Request for Regulation Project

AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
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 Corporations; Consolidated Returns-Special Rules Relating To Dispositions and Deconsolidations of Subsidiary Stock (SSSS 1.337(d)-2 and 1.1502-20).
DATES: Written comments should be received on or before January 15, 2013 to be assured of consideration.
ADDRESSES: Direct all written comments to Yvette 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 Martha R. Brinson at Internal Revenue Service, Room 6129, 1111Constitution Avenue NW., Washington, DC 20224, or at (202) 622-3869, or through the Internet atMartha.R.Brinson@irs.gov.
SUPPLEMENTARY INFORMATION:

Title:Corporations; Consolidated Returns—Special Rules Relating To Dispositions and Deconsolidations of Subsidiary Stock.

OMB Number:1545-1160.

Regulation Project Number:CO-93-90.

Abstract:This regulation prevents elimination of corporate-level tax because of the operation of the consolidated returns investment adjustment rules. Statements are required for dispositions of a subsidiary's stock for which losses are claimed, for basis reductions within 2 years of the stock's deconsolidation, and for elections by the common parent to retain the net operating losses of a disposed subsidiary.

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:3,000.

Estimated Time per Respondent:2 hours.

Estimated Total Annual Burden Hours:6,000.

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 thecollection of information displays a valid OMB control number.Books or records relating to a collection of information must beretained as long as their contents may become material in theadministration of any internal revenue law. Generally, taxreturns and tax return information are confidential, as requiredby 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 OMBapproval. 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 thefunctions 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 tobe collected; (d) ways to minimize the burden of the collectionof 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 andcosts of operation, maintenance, and purchase of services toprovide information.

Approved: November 6, 2012. Yvette Lawrence, IRS Reports Clearance Officer.