80 FR 70293 - Proposed Collection; Comment Request for Revenue Procedure 2002-67

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 80, Issue 219 (November 13, 2015)

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 Revenue Procedure 2002-67, Settlement of Section 351 Contingent Liability Tax Shelter Cases.

[Federal Register Volume 80, Number 219 (Friday, November 13, 2015)]
[Notices]
[Pages 70293-70294]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-28906]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Revenue Procedure 2002-
67

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)). Currently, the IRS is soliciting comments concerning 
Revenue Procedure 2002-67, Settlement of Section 351 Contingent 
Liability Tax Shelter Cases.

DATES: Written comments should be received on or before January 12, 
2016 to be assured of consideration.

ADDRESSES: Direct all written comments to Michael A. Joplin, Internal 
Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of revenue procedure should be directed to Sara Covington, at 
Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., 
Washington, DC 20224, or through the internet, at 
[email protected].

SUPPLEMENTARY INFORMATION: 

[[Page 70294]]

    Title: Settlement of Section 351 Contingent Liability Tax Shelter 
Cases.
    OMB Number: 1545-1801.
    Revenue Procedure Number: Revenue Procedure 2002-67.
    Abstract: Revenue Procedure 2002-67 prescribes procedures for 
taxpayers who elect to participate in a settlement initiative aimed at 
resolving tax shelter cases involving contingent liability transactions 
that are the same or similar to those described in Notice 2001-17 
(``contingent liability transaction''). There are two resolution 
methodologies: A fixed concession procedure and a fast track dispute 
resolution procedure that includes binding arbitration.
    Current Actions: There are no changes being made to the revenue 
procedure at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations and 
individuals.
    Estimated Number of Respondents: 150.
    Estimated Average Time per Respondent: 50 hours.
    Estimated Total Annual Burden Hours: 7,500.
    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: November 3, 2015.
Michael A. Joplin,
IRS Supervisory Tax Analyst.
[FR Doc. 2015-28906 Filed 11-12-15; 8:45 am]
 BILLING CODE 4830-01-P