94-25327. Public Information Collection Requirements Submitted to OMB for Review

[Federal Register Volume 59, Number 197 (Thursday, October 13, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-25327]


[[Page Unknown]]

[Federal Register: October 13, 1994]


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DEPARTMENT OF THE TREASURY
 

Public Information Collection Requirements Submitted to OMB for 
Review

October 6, 1994.
    The Department of Treasury has submitted the following public 
information collection requirement(s) to OMB for review and clearance 
under the Paperwork Reduction Act of 1980, Public Law 96-511. 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 Office, Department of the Treasury, Room 
2110, 1425 New York Avenue, NW., Washington, DC 20220.

Internal Revenue Service (IRS)

    OMB Number: 1545-0217.
    Form Number: IRS Form 5735 and Schedule P (Form 5735).
    Type of Review: Revision.
    Title: Possessions Corporation Tax Credit Allowed Under Section 936 
(Form 5735); Allocation of Income and Expenses Under Section 936(h)(5) 
(Schedule P).
    Description: Form 5735 is used to compute the possessions tax 
credit under Section 936. Schedule P is used by corporations that elect 
to share the income or expenses with their affiliates. Each form 
provides the IRS with information to determine if the corporations have 
correctly computed the tax credit and the cost-sharing or profit-split 
method.
    Respondents: Businesses or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 1,371.
    Estimated Burden Hours Per Respondent/Recordkeeper: 

------------------------------------------------------------------------
                                  Form 5735              Schedule P     
------------------------------------------------------------------------
Recordkeeping.............  19 hr., 8 min........  10 hr., 2 min.       
Learning about the law or   2 hr., 53 min........  1 hr., 56 min.       
 the form.                                                              
Preparing the form........  3 hr., 19 min........  4 hr., 2 min.        
Copying, assembling, and    0 min................  32 min.              
 sending the form to the                                                
 IRS.                                                                   
------------------------------------------------------------------------

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 29,459 hours.

    OMB Number: 1545-1142.
    Regulation ID Number: INTL-0939-86 NPRM.
    Type of Review: Extension.
    Title: Insurance Income of a Controlled Foreign Corporation for 
Taxable Years beginning after December 31, 1986.
    Description: The information is required to determine the location 
of moveable property; allocate income and deductions to the proper 
category of insurance income, determine those amounts for computing 
taxable income that are derived from an insurance company annual 
statement, and permit a CFC to elect to treat related person insurance 
income as income effectively connected with the conduct of a U.S. trade 
or business. The respondents will be businesses or other for-profit 
institutions.
    Respondents: Businesses or other for-profit.
    Estimated Number of Respondents: 1.
    Estimated Burden Hours Per Respondent: 1 hour.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 1 hour.

    OMB Number: 1545-1160.
    Regulation ID Number: CO-93-90 Final.
    Type of Review: Extension.
    Title: Corporations; Consolidated Returns--Special Rules Relating 
to Dispositions and Deconsolidations of Subsidiary Stock.
    Description: These regulations prevent elimination of corporate-
level tax because of the operation of the consolidated returns 
investment adjustment rules. Statements are required for dispositions 
of a subsidiary's stock for which losses are claimed, for basis 
reductions within 2 years of the stock's deconsolidation, and for 
elections by the common parent to retain the NOL's of a disposed 
subsidiary.
    Respondents: Businesses or other for-profit.
    Estimated Number of Respondents: 3,000.
    Estimated Burden Hours Per Respondent: 2 hours.
    Frequency of Response: Other (One Time).
    Estimated Total Reporting Burden: 6,000 hours.
    Clearance Officer: Garrick Shear [phone], Internal Revenue 
Service, Room 5571, 1111 Constitution Avenue, N.W., Washington, DC 
20224.
    OMB Reviewer: Milo Sunderhauf [phone], Office of Management 
and Budget, Room 10226, New Executive Office Building, Washington, DC 
20503.
Lois K. Holland,
Departmental Reports Management Officer.
[FR Doc. 94-25327 Filed 10-12-94; 8:45 am]
BILLING CODE 4830-01-M