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6304 Federal Register / Vol. 62, No. 28 / Tuesday, February 11, 1997 / Notices[INTL–15–91]Proposed Collection; CommentRequest for Regulation ProjectAGENCY: Internal Revenue Service (IRS),Treasury.ACTION: Notice and request forcomments.SUMMARY: The Department of theTreasury, as part of its continuing effortto reduce paperwork and respondentburden, invites the general public andother Federal agencies to take thisopportunity to comment on proposedand/or continuing informationcollections, as required by thePaperwork Reduction Act of 1995,Public Law 104–13 (44 U.S.C.3506(c)(2)(A)). Currently, the IRS issoliciting comments concerning anexisting notice of proposed rulemaking,INTL–15–91, Taxation of Gain or Lossfrom Certain Nonfunctional CurrencyTransactions (Section 988 Transactions)(§ 1.988–5).DATES: Written comments should bereceived on or before April 14, 1997 tobe assured of consideration.ADDRESSES: Direct all written commentsto Garrick R. Shear, Internal RevenueService, room 5571, 1111 ConstitutionAvenue NW., Washington, DC 20224.FOR FURTHER INFORMATION CONTACT:Requests for additional information orcopies of the information collectionshould be directed to Carol Savage,(202) 622–3945, Internal RevenueService, room 5569, 1111 ConstitutionAvenue NW., Washington, DC 20224.SUPPLEMENTARY INFORMATION:Title: Taxation of Gain or Loss fromCertain Nonfunctional CurrencyTransactions (Section 988 Transactions).OMB Number: 1545–1312.Regulation Project Number: INTL–15–91.Abstract: This regulation providesthat if a taxpayer identifies a hedge anda dividend, rent, or royalty payment asa hedged qualified payment, then thetaxpayer may integrate suchtransactions. The regulation also allowstaxpayers to elect a mark to marketmethod of accounting for foreigncurrency gains and losses.Current Actions: There is no change tothis existing regulation.Type of Review: Extension of OMBapproval.Affected Public: Individuals orhouseholds, and business or other forprofitorganizations.Estimated Number of Respondents:1,500.Estimated Time Per Respondent: 40minutes.Estimated Total Annual BurdenHours: 1,000.The following paragraph applies to allof the collections of information coveredby this notice:An agency may not conduct orsponsor, and a person is not required torespond to, a collection of informationunless the collection of informationdisplays a valid OMB control number.Books or records relating to acollection of information must beretained as long as their contents maybecome material in the administrationof any internal revenue law. Generally,tax returns and tax return informationare confidential, as required by 26U.S.C. 6103.Request for CommentsComments submitted in response tothis notice will be summarized and/orincluded in the request for OMBapproval. All comments will become amatter of public record. Comments areinvited on: (a) Whether the collection ofinformation is necessary for the properperformance of the functions of theagency, including whether theinformation shall have practical utility;(b) the accuracy of the agency’s estimateof the burden of the collection ofinformation; (c) ways to enhance thequality, utility, and clarity of theinformation to be collected; (d) ways tominimize the burden of the collection ofinformation on respondents, includingthrough the use of automated collectiontechniques or other forms of informationtechnology; and (e) estimates of capitalor start-up costs and costs of operation,maintenance, and purchase of servicesto provide information.Approved: February 5, 1997.Garrick R. Shear,IRS Reports Clearance Officer.[FR Doc. 97–3401 Filed 2–10–97; 8:45 am]BILLING CODE 4830–01–U[LR–27–83; LR–54–85]Proposed Collection; CommentRequest for Regulation ProjectAGENCY: Internal Revenue Service (IRS),Treasury.ACTION: Notice and request forcomments.SUMMARY: The Department of theTreasury, as part of its continuing effortto reduce paperwork and respondentburden, invites the general public andother Federal agencies to take thisopportunity to comment on proposedand/or continuing informationcollections, as required by thePaperwork Reduction Act of 1995,Public Law 104–13 (44 U.S.C.3506(c)(2)(A)). Currently, the IRS issoliciting comments concerning existingtemporary regulations, LR–27–83 (TD7882), Floor Stocks Credits or Refundsand Consumer Credits or Refunds WithRespect to Certain Tax-RepealedArticles; Excise Tax on Heavy Trucks(§ 145.4051–1) and LR–54–85 (TD 8050),Excise Tax on Heavy Trucks, TruckTrailers and Semitrailers, and Tractors;Reporting and RecordkeepingRequirements (§ 145.4052–1).DATES: Written comments should bereceived on or before April 14, 1997 tobe assured of consideration.ADDRESSES: Direct all written commentsto Garrick R. Shear, Internal RevenueService, room 5571, 1111 ConstitutionAvenue NW., Washington, DC 20224.FOR FURTHER INFORMATION CONTACT:Requests for additional information orcopies of the information collectionshould be directed to Carol Savage,(202) 622–3945, Internal RevenueService, room 5569, 1111 ConstitutionAvenue NW., Washington, DC 20224.SUPPLEMENTARY INFORMATION:Title: (LR–27–83) Floor Stocks Creditsor Refunds and Consumer Credits orRefunds With Respect to Certain Tax-Repealed Articles; Excise Tax on HeavyTrucks, and (LR–54–85) Excise Tax onHeavy Trucks, Truck Trailers andSemitrailers, and Tractors; Reportingand Recordkeeping Requirements.OMB Number: 1545–0745.Regulation Project Number: LR–27–83; LR–54–85.Abstract: LR–27–83 requires sellers oftrucks, trailers and semitrailers, andtractors to maintain records of the grossvehicle weights of articles sold to verifytaxability. LR–54–85 requires that if thesale is to be treated as exempt, the sellerand the purchaser must be registeredand the purchaser must give the sellera resale certificate.Current Actions: There is no change tothese existing regulations.Type of Review: Extension of OMBapproval.Affected Public: Business or other forprofitorganizations.Estimated Number of Respondents:4,100.Estimated Time Per Respondent: 1hour, 1 minute.Estimated Total Annual BurdenHours: 4,140.The following paragraph applies to allof the collections of information coveredby this notice:An agency may not conduct orsponsor, and a person is not required torespond to, a collection of informationunless the collection of information