You are on page 1of 1

Federal Register / Vol. 66, No.

143 / Wednesday, July 25, 2001 / Notices 38781

DEPARTMENT OF THE TREASURY The following paragraph applies to all Public Law 104–13(44 U.S.C.
of the collections of information covered 3506(c)(2)(A)). Currently, the IRS is
Internal Revenue Service by this notice: soliciting comments concerning an
An agency may not conduct or existing final regulation, PS–276–76 (TD
Proposed Collection; Comment sponsor, and a person is not required to 8586), Treatment of Gain From
Request for Form 5074 respond to, a collection of information Disposition of Certain Natural Resource
AGENCY: Internal Revenue Service (IRS),
unless the collection of information Recapture Property (Sections 1.1254–
Treasury. displays a valid OMB control number. 1(c)(3) and 1.1254–5(d)(2)).
Books or records relating to a collection DATES: Written comments should be
ACTION: Notice and request for
of information must be retained as long received on or before September 24,
comments. as their contents may become material 2001 to be assured of consideration.
SUMMARY: The Department of the in the administration of any internal
ADDRESSES: Direct all written comments
Treasury, as part of its continuing effort revenue law. Generally, tax returns and
to Garrick R. Shear, Internal Revenue
to reduce paperwork and respondent tax return information are confidential,
Service, room 5244, 1111 Constitution
burden, invites the general public and as required by 26 U.S.C. 6103.
Avenue NW., Washington, DC 20224.
other Federal agencies to take this Request for Comments FOR FURTHER INFORMATION CONTACT:
opportunity to comment on proposed Requests for additional information or
Comments submitted in response to
and/or continuing information copies of the regulation should be
this notice will be summarized and/or
collections, as required by the directed to Martha Brinson (202) 622–
included in the request for OMB
Paperwork Reduction Act of 1995, 3869, Internal Revenue Service, room
approval. All comments will become a
Public Law 104–13 (44 U.S.C. 5244, 1111 Constitution Avenue NW.,
matter of public record. Comments are
3506(c)(2)(A)). Currently, the IRS is Washington, DC 20224.
invited on: (a) Whether the collection of
soliciting comments concerning Form
information is necessary for the proper SUPPLEMENTARY INFORMATION:
5074, Allocation of Individual Income performance of the functions of the Title: Treatment of Gain From
Tax to Guam or the Commonwealth of agency, including whether the Disposition of Certain Natural Resource
the Northern Mariana Islands (CNMI). information shall have practical utility; Recapture Property.
DATES: Written comments should be (b) the accuracy of the agency’s estimate OMB Number: 1545–1352.
received on or before September 24, of the burden of the collection of Regulation Project Number: PS–276–
2001 to be assured of consideration. information; (c) ways to enhance the 76
ADDRESSES: Direct all written comments quality, utility, and clarity of the Abstract: This regulation prescribes
to Garrick R. Shear, Internal Revenue information to be collected; (d) ways to rules for determining the tax treatment
Service, room 5244, 1111 Constitution minimize the burden of the collection of of gain from the disposition of natural
Avenue NW., Washington, DC 20224. information on respondents, including resource recapture property in
FOR FURTHER INFORMATION CONTACT: through the use of automated collection accordance with Internal Revenue Code
Requests for additional information or techniques or other forms of information section 1254. Gain is treated as ordinary
copies of the form and instructions technology; and (e) estimates of capital income in an amount equal to the
should be directed to Martha R. Brinson, or start-up costs and costs of operation, intangible drilling and development
(202) 622–3869, Internal Revenue maintenance, and purchase of services costs and depletion deductions taken
Service, room 5244, 1111 Constitution to provide information. with respect to the property. The
Avenue NW., Washington, DC 20224. Approved: July 16, 2001. information that taxpayers are required
SUPPLEMENTARY INFORMATION: Garrick R. Shear, to retain will be used by the IRS to
Title: Allocation of Individual Income determine whether a taxpayer has
IRS Reports Clearance Officer.
Tax to Guam or the Commonwealth of properly characterized gain on the
[FR Doc. 01–18419 Filed 7–24–01; 8:45 am]
the Northern Mariana Islands (CNMI). disposition of section 1254 property.
BILLING CODE 4830–01–P
OMB Number: 1545–0803 Current Actions: There is no change to
Form Number: Form 5074. this existing regulation.
Abstract: Form 5074 is used by U.S. Type of Review: Extension of OMB
DEPARTMENT OF THE TREASURY
citizens or residents as an attachment to approval.
Form 1040 when they have $50,000 or Internal Revenue Service Affected Public: Individuals and
more in adjusted gross income from U.S. business or other for-profit
sources and $5,000 or more in gross [PS–276–76] organizations.
income from Guam or the Estimated Number of Respondents:
Proposed Collection; Comment 400.
Commonwealth of the Northern Mariana Request for Regulation Project
Islands (CNMI). The data is used by IRS Estimated Time Per Respondent: 5
to allocate income tax due to Guam or AGENCY: Internal Revenue Service (IRS), hours.
the CNMI as required by 26 U.S.C. 7654. Treasury. Estimated Total Annual Burden
Current Actions: There are no changes ACTION: Notice and request for Hours: 2,000.
being made to the form at this time. comments. The following paragraph applies to all
Type of Review: Extension of a current of the collections of information covered
OMB approval. SUMMARY: The Department of the by this notice:
Affected Public: Individuals or Treasury, as part of its continuing effort An agency may not conduct or
households. to reduce paperwork and respondent sponsor, and a person is not required to
Estimated Number of Respondents: burden, invites the general public and respond to, a collection of information
50. other Federal agencies to take this unless the collection of information
Estimated Time Per Respondent: 4 opportunity to comment on proposed displays a valid OMB control number.
hrs., 11 min. and/or continuing information Books or records relating to a collection
Estimated Total Annual Burden collections, as required by the of information must be retained as long
Hours: 209. Paperwork Reduction Act of 1995, as their contents may become material

VerDate 11<MAY>2000 19:09 Jul 24, 2001 Jkt 194001 PO 00000 Frm 00154 Fmt 4703 Sfmt 4703 E:\FR\FM\25JYN1.SGM pfrm04 PsN: 25JYN1