[Federal Register Volume 63, Number 190 (Thursday, October 1, 1998)]
[Notices]
[Pages 52791-52793]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-26286]
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DEPARTMENT OF THE TREASURY
Submission to OMB for Review; Comment Request
September 23, 1998.
The Department of the Treasury has submitted the following public
information collection requirement(s) to OMB for review and clearance
under the Paperwork Reduction Act of 1995, Public Law 104-13. Copies of
the submission(s) may be obtained by calling the Treasury Bureau
Clearance Officer listed. Comments regarding this information
collection should be addressed to the OMB reviewer listed and to the
Treasury Department Clearance Officer, Department of the Treasury, Room
2110, 1425 New York Avenue, NW., Washington, DC 20220.
DATES: Written comments should be received on or before November 2,
1998 to be assured of consideration.
Internal Revenue Service (IRS)
OMB Number: 1545-0128.
Form Number: IRS Form 1120-L.
Type of Review: Revision.
Title: U.S. Life Insurance Company Income Tax Return.
Description: Life Insurance companies are required to file an
annual return of income and compute and pay the tax due. The data is
used to insure that companies have correctly reported taxable income
and paid the correct tax.
Respondents: Business or other for-profit.
Estimated Number of Respondents/Recordkeepers: 2,440.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--87 hr., 32 min.
Learning about the law or the form--25 hr., 52 min.
Preparing the form--42 hr., 25 min.
Copying, assembling, and sending the form to the IRS--4 hr., 1 min.
Frequence of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 390,058 hours.
OMB Number: 1545-0990.
Form Number: IRS Form 8610.
Type of Review: Extension.
Title: Annual Low-Income Housing Credit Agencies Report.
[[Page 52792]]
Description: Form 8610 is used by state and local low-income
housing credit agencies to transmit of Form 8609 to the IRS.
Respondents: State, Local or Tribal Government.
Estimated Number of Respondents/Recordkeepers: 50
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--5 hr., 44 min.
Learning about the law or the form--1 hr., 0 min.
Preparing and sending the form to the IRS--1 hr., 8 min.
Frequence of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 394 hours.
OMB Number: 1545-1324.
Regulation Project Number: CO-88-90 Final.
Type of Review: Extension.
Title: Limitation on Net Operating Loss Carryforwards and Certain
Built-In Losses Following Ownership Change; Special Rule for Value of a
Loss Corporation Under the Jurisdiction of a Court in a Title 11 Case.
Description: This information serves as evidence of an election to
apply section 382(l)(6) in lieu of section 382(l)(5) and an election to
apply the provisions of the regulations retroactively. It is required
by the Internal Revenue Service to assure that the proper amount of
carryover attributes are used by a loss corporation following specified
types of ownership changes.
Respondents: Business or other for-profit.
Estimated Number of Respondents: 3,250.
Estimated Burden Hours Per Respondent: 15 minutes.
Frequency of Response: On occasion.
Estimated Total Reporting Burden: 813 hours.
OMB Number: 1545-1336.
Form Number: IRS Forms 9455 and 9456.
Type of Review: Extension.
Title: IRS Taxpayer Education Programs (9455); and IRS Taxpayer
Education Programs 2nd Notice (9456).
Description: The data collection will be used to estimate the
number of individuals who teach IRS' Educational programs, and the
number of students who are exposed to the Understanding Taxes High
School, UT-8th Grade, UT-Post Secondary, and the Small Business Tax
Education Programs during the course of a year. It will also be used to
justify the continued use of these programs. This effort is in line
with IRS initiatives on reducing taxpayer burden and Compliance 2000
initiatives to encourage voluntary compliance with the tax laws.
Respondents: State, Local or Tribal Government.
Estimated Number of Respondents: 120,800.
Estimated Burden Hours Per Respondent: 10 minutes.
Frequency of Response: Annually.
Estimated Total Reporting Burden: 20,137 hours.
OMB Number: 1545-1351.
Form Number: None.
Type of Review: Extension.
Title: SOI Corporate Survey.
Description: This is a request to conduct a yearly survey on a
small portion of the very largest U.S. corporations. The data will be
used to improve the quality of the Statistics of Income's (SOI) advance
tax data. The survey will allow SOI to collect existing tax information
earlier than regular IRS processing currently allows. Advance tax data
has been requested by the Bureau of Economic Analysis, the Office of
Tax Analysis and the Joint Committee on Taxation for tax analysis
purposes.
Respondents: Business or other for-profit.
Estimated Number of Respondents: 100.
Estimated Burden Hours Per Respondent: 30 minutes.
Frequency of Response: Annually.
Estimated Total Reporting Burden: 50 hours.
OMB Number: 1545-1352.
Regulation Project Number: PS-276-76 Final.
Type of Review: Extension.
Title: Treatment of Gain From Disposition of Certain Natural
Resource Recapture Property.
Description: The regulations prescribe rules for determining the
tax treatment of gain from the disposition of natural resource
recapture property. Gain is treated as ordinary income in an amount
equal to the intangible drilling and development costs and depletion
deductions taken with respect to the property.
Respondents: Individuals or households, Business or other for-
profit.
Estimated Number of Respondents/Recordkeeping: 400.
Estimated Burden Hours Per Respondent/Recordkeeping: 5 hours.
Frequency of Response: On occasion.
Estimated Total Reporting/Recordkeeping Burden: 2,000 hours.
OMB Number: 1545-1355.
Regulation Project Number: REG-208985-89 Final (formerly INTL-848-
89).
Type of Review: Extension.
Title: Taxable Year of Certain Foreign Corporations Beginning After
July 10, 1989.
Description: Proposed regulations set forth the ``required year''
for ``specified foreign corporation'' for taxable years beginning after
July 10, 1989, and give guidance on which foreign corporations must
change their taxable year and how to effect the change in taxable year.
Specified foreign corporations must conform to the required year and
must state so on Form 5471.
Respondents: Business or other for-profit.
Estimated Number of Respondents: 700.
Estimated Burden Hours Per Respondent: 1 hour.
Frequency of Response: On occasion.
Estimated Total Reporting Burden: 1 hour.
OMB Number: 1545-1360.
Regulation Project Number: PS-102-88 Final.
Type of Review: Extension.
Title: Income, Gift and Estate Tax.
Description: The regulation provides guidance to individuals or
fiduciaries: (1) For making a qualified domestic trust election on the
estate tax return of a decedent whose surviving spouse is not a United
States citizen in order that the estate may obtain the marital
deduction, and (2) for filing the annual returns that such an election
may require.
Respondents: Individuals or households.
Estimated Number of Respondents: 2,300.
Estimated Burden Hours Per Respondent: 2 hours, 40 minutes.
Frequency of Response: Annually.
Estimated Total Reporting Burden: 6,150 hours.
OMB Number: 1545-1361.
Regulation Project Number: PS-89-91 Final.
Type or Review: Extension.
Title: Exports of Chemicals That Deplete the Ozone Layer; Special
Rules for Certain Medical Uses of Chemicals That Deplete the Ozone
Layer.
Description: Section 4681 imposes a tax on ozone-depleting
chemicals sold or used by a manufacturer or importer thereof. Section
4682 provides exemptions and reduced rates of tax for certain uses of
ozone-depleting chemicals. This regulation provides reporting and
recordkeeping rules.
Respondents: Business or other for-profit.
Estimated Number of Respondents/Recordkeepers: 1,305.
Estimated Burden Hours Per Respondent/Recordkeeper: 12 minutes.
Frequency of Response: On occasion.
Estimated Total Reporting/Recordkeeping Burden: 201 hours.
[[Page 52793]]
Clearance Officer: Garrick Shear, (202) 622-3869, Internal Revenue
Service, Room 5571, 1111 Constitution Avenue, NW, Washington, DC 20224.
OMB Reviewer: Alexander T. Hunt, (202) 395-7860, Office of
Management and Budget, Room 10226, New Executive Office Building,
Washington, DC 20503.
Lois K. Holland,
Departmental Reports Management Officer.
[FR Doc. 98-26286 Filed 9-30-98; 8:45 am]
BILLING CODE 4830-01-P
