IRS Submits Regs for OMB Review

The IRS also submitted final regs (T.D. 8845) on valuing prior gifts for purposes of determining estate and gift tax liability and on the period of limitations for assessing and collecting gift tax, and final regs (T.D. 8853) under section 7701(l) that recharacterize for tax purposes financing arrangements involving fast-pay stock. (For a summary of T.D. 8845, see Tax Notes, Dec. 6, 1999, p. 1253; for the full text, see Doc 1999-38226 (28 original pages). For a summary of T.D. 8853, see Tax Notes, Jan. 17, 2000, p. 336; for the full text, see Doc 2000-1418 (9 original pages) or 2000 TNT 6-4 .)

To obtain copies of the submissions, call Garrick Shear at (202) 622-3869. Address comments, which are due by January 18, 2002, to Garrick Shear, Internal Revenue Service, Room 5244, 1111 Constitution Ave., NW, Washington, DC 20224; and Alexander T. Hunt, Office of Management and Budget, Room 10202, New Executive Office Building, Washington, DC 20503.

[2] DATES: Written comments should be received on or before January 18, 2002 to be assured of consideration. Internal Revenue Service (IRS)

[3] OMB Number: 1545-1628.

[4] Regulation Project Number: REG- 118620-97 Final.

[5] Type of Review: Extension.

[6] Title: Communications Excise Tax; Prepaid Telephone Cards.

[7] Description: Carriers must keep certain information documenting their sales of prepaid telephone cards to other carriers to avoid responsibility for collecting tax. The regulations provide rules for the application of the communications excise tax to prepaid telephone cards.

[8] Respondents: Business or other for-profit.

[9] Estimated Number of Respondents/Recordkeepers: 104. Estimated Burden Hours Per

[10] Respondent/Recordkeeper: 20 minutes.

[11] Frequency of Response: On occasion. Estimated Total Reporting/

[12] Recordkeeping Burden: 34 hours.

[13] OMB Number: 1545-1637.

[14] Regulation Project Number: REG-106177-98 Final.

[15] Type of Review: Extension.

[16] Title: Adequate Disclosure of Gifts.

[17] Description: The information requested in regulation section 301.6501(c)-1(f)(2) that must be provided on a gift tax return is necessary to give the IRS a complete and accurate description of the transfer in order to begin the running of the statute of limitations on the gift. Prior to the expiration of the statute of limitations, a gift tax may be assessed and the value may be adjusted in order to determine the value of prior taxable gifts for estate and gift tax purposes.

[18] Respondents: Individuals or households.

[19] Estimated Number of Respondents: 1.

[20] Estimated Burden Hours Per Respondent: 1 hour.

[21] Frequency of Response: On occasion.

[22] Estimated Total Reporting Burden: 1 hour.

[23] OMB Number: 1545-1642.

[24] Regulation Project Number: REG-104072-97 Final.

[25] Type of Review: Extension.

[26] Title: Recharacterizing Financing Arrangements Involving Fast-Pay Stock.

[27] Description: Section 1.7701(1)-3 recharacterizes fast-pay arrangements. Certain participants in such arrangements must file a statement that includes the name of the corporation that issued the fast-pay stock, and (to the extent the filing taxpayer knows or has reason to know) the terms of the fast-pay stock, the date on which it was issued, and the names and taxpayer identification numbers of any shareholders of any class of stock that is not traded on an established securities market.

[28] Respondents: Business or other for-profit.

[29] Estimated Number of Respondents: 50.

[30] Estimated Burden Hours Per Respondent: 1 hour.

[31] Frequency of Response: Annually.

[32] Estimated Total Reporting Burden: 50 hours.

[33] Clearance Officer:

George Freeland,

Alexander T. Hunt,