SECTION 5. PAPERWORK

REDUCTION ACT

The collections of information contained in this Notice have been reviewed and approved by the Office of Management and Budget in accordance with the Paperwork Reduction Act (44 U.S.C. 3507) under control number 1545-1586. 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 control number.

The collections of information contained in this Notice are in Sections 2 and 3. The information is required to determine if gain and income from property

transferred to foreign partnerships is correctly taxed to U.S. transferors. The information will be used for the purpose described in the preceding sentence. The collections of information are required to obtain a benefit. The likely respondents are businesses or other for-profit institutions, individuals, and not-for-profit institutions.

The estimated total annual reporting and/or recordkeeping burden is 250 hours.

The estimated annual burden per respondent/recordkeeper varies from 0.25 hours to 1.0 hours, with an average burden of 0.5 hours. The estimated number or respondents and/or recordkeepers is 500. The estimated frequency of responses (used for reporting requirements only) is once per year.

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.

DRAFTING INFORMATION

The principal author of this notice is Robert Lorence of the Office of Associate Chief Counsel (International). For further information regarding this notice, contact Mr. Lorence at (202) 622-3860 (not a tollfree call).

26 CFR 601.105: Examination of returns and claims for refund, credits or abatement; determination of correct tax liability. (Also Part I, Section 6001; 1.6001–1.)

Rev. Proc. 98–25

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