[Federal Register: June 5, 2002 (Volume 67, Number 108)]
[Notices]               
[Page 38700]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr05jn02-84]                         

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DEPARTMENT OF THE TREASURY

Internal Revenue Service

 
Proposed Collection; Comment Request for Form 8582

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 
Form 8582, Passive Activity Loss Limitations.

DATES: Written comments should be received on or before August 5, 2002 
to be assured of consideration.

ADDRESSES: Direct all written comments to Glenn P. Kirkland, Shear, 
Internal Revenue Service, room 6411, 1111 Constitution Avenue NW., 
Washington, DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to Carol Savage, 
(202) 622-3945, or through the Internet (CAROL.A.SAVAGE@irs.gov.), 
Internal Revenue Service, room 6407, 1111 Constitution Avenue NW., 
Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Passive Activity Loss Limitations.
    OMB Number: 1545-1008.
    Form Number: 8582.
    Abstract: Under Internal Revenue Code section 469, losses from 
passive activities, to the extent that they exceed income from passive 
activities, cannot be deducted against nonpassive income. Form 8582 is 
used to figure the passive activity loss allowed and the loss to be 
reported on the tax returns.
    Current Actions: There are no changes being made to the form at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, 
individuals, and farms.
    Estimated Number of Respondents: 3,622.282.
    Estimated Time Per Respondent: 4 hours, 46 minutes.
    Estimated Total Annual Burden Hours: 17,254,834.
    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: May 30, 2002.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. 02-14081 Filed 6-4-02; 8:45 am]
BILLING CODE 4830-01-P