98-28352. Submission to OMB for Review; Comment Request

[Federal Register Volume 63, Number 204 (Thursday, October 22, 1998)]
[Notices]
[Pages 56693-56694]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-28352]


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DEPARTMENT OF THE TREASURY


Submission to OMB for Review; Comment Request

October 8, 1998.
    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 1995, Pub. L. 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 23, 
1998 to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: New.
    Form Number: IRS Forms W-8BEN, W-8ECI, W-8EXP, and W-8IMY.
    Type of Review: New collection.
    Title: Certificate of Foreign Status of Beneficial Owner for United 
States Tax Withholding (W-8BEN);
    Certificate of Foreign Person's Claim for Exemption from 
Withholding on Income Effectively Connected With the Conduct of a Trade 
or Business in the United States (W-8ECI);
    Certificate of United States Tax Withholding for Foreign 
Governments and Other Foreign Organizations (W-8EXP); and
    Certificate of Foreign Intermediary, Foreign Partnership, and 
Certain U.S. Branches for United States Tax Withholding (W-8IMY)
    Description: Form W-8BEN is used for certain types of income to 
establish that the person is a foreign person, is the beneficial owner 
of the income for which Form W-8BEN is being provided and, if 
applicable, to claim a reduced rate of, or exemption from, withholding 
as a resident of a foreign country with which the United States has an 
income tax treaty. Form W-8ECI is used to establish that the person is 
a foreign person, is the beneficial owner of the income for which Form 
W-8ECI is being provided, and to claim that the income is effectively 
connected with the conduct of a trade or business within the United 
States. Form W-8EXP is used by a foreign government, internal 
organization, foreign central bank of issue, foreign tax-exempt 
organization, or foreign private foundation. The form is used by such 
persons to establish foreign status, to claim that the person is the 
beneficial owner of the income for which Form W-8EXP is given and, if 
applicable, to claims a reduced rate of, or exemption from, 
withholding. Form W-8IMY is provided to a withholding agent or payer by 
a foreign intermediary, foreign partnership, and certain U.S. branches 
to make representations regarding the status of beneficial owners or to 
transmit appropriate documentation to the withholding agent.
    Respondents: Business or other for-profit, Individuals or 
households, Not-for-profit institutions.
    Estimated Number of Respondents/Recordkeepers: 3,180,640.
    Estimated Burden Hours Per Respondent/Recordkeeper:

----------------------------------------------------------------------------------------------------------------
                                                               Learning about the law     Preparing and sending
               Form                       Recordkeeping              or the form           the form to the IRS
----------------------------------------------------------------------------------------------------------------
W-8BEN............................  5 hr., 59 min...........  2 hr., 41 min...........  2 hr., 59 min
W-8ECI............................  3 hr., 35 min...........  2 hr., 12 min...........  2 hr., 23 min
W-8EXP............................  6 hr., 56 min...........  4 hr., 37 min...........  4 hr., 41 min.

[[Page 56694]]

W-8IMY............................  7 hr., 53 min...........  3 hr., 38 min...........  5 hr., 8 min.
----------------------------------------------------------------------------------------------------------------

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 36,115,302 hours.
    OMB Number: 1545-0710.
    Form Number: IRS Forms 5500, 5500C/R and Schedules.
    Type of Review: Revision.
    Title: Annual Return/Report of Employee Benefit Plan, Return/Report 
of Employee Benefit Plan and Associated Schedules.
    Description: The forms listed in Item 7 are Annual Information 
Returns filed by Employee Benefit Plans. The IRS uses this information 
to determine if the plan appears to be operating properly as required 
under the law or whether the plan should be audited.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 901,400.
    Estimated Burden Hours Per Respondent/Recordkeeper:

--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                    Learning about the law or                                  Copying, assembling, and
           Form/schedule                     Recordkeeping                   the form                Preparing the form      sending the form to the IRS
--------------------------------------------------------------------------------------------------------------------------------------------------------
5500 (initial filers)..............  87 hr., 3 min...............  9 hr., 3 min...............  13 hr., 40 min.............  48 min.
5500 (all other filers)............  81 hr., 33 min..............  9 hr., 3 min...............  13 hr., 34 min.............  48 min.
5500-C (initial filer).............  55 hr., 33 min..............  7 hr., 23 min..............  10 hr., 29 min.............  32 min.
5500-C (all other filers)..........  45 hr., 41 min..............  7 hr., 23 min..............  10 hr., 19 min.............  32 min.
5500-R (initial filers)............  22 hr., 29 min..............  3 hr., 49 min..............  6 hr., 13 min..............  32 min.
5500-R (all other filers)..........  12 hr., 40 min..............  3 hr., 49 min..............  6 hr., 3 min...............  32 min.
Schedule A.........................  17 hr., 28 min..............  28 min.....................  1 hr., 42 min..............  16 min.
Schedule B (Part 1)................  30 hr., 37 min..............  3 hr., 16 min..............  3 hr., 55 min..............  ...........................
Schedule B (Part 2)................  15 hr., 19 min..............  1 hr., 23 min..............  1 hr., 42 min..............  ...........................
Schedule C.........................  5 hr., 16 min...............  28 min.....................  23 min.....................  ...........................
Schedule E (non-leveraged ESOP)....  1 hr., 12 min...............  12 min.....................  12 min.....................  ...........................
Schedule E (leveraged ESOP)........  10 hr., 2 min...............  1 hr., 41 min..............  1 hr., 56 min..............  ...........................
Schedule F.........................  2 hr., 52 min...............  30 min.....................  34 min.....................  ...........................
Schedule G.........................  15 hr., 4 min...............  6 min......................  21 min.....................  ...........................
Schedule P.........................  1 hr., 55 min...............  30 min.....................  33 min.....................  ...........................
Schedule SSA.......................  5 hr., 30 min...............  6 min......................  11 min.....................  ...........................
--------------------------------------------------------------------------------------------------------------------------------------------------------

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 27,704,510 hours.
    OMB Number: 1545-1083.
    Regulation Project Number: INTL-399-88 Final.
    Type of Review: Extension.
    Title: Treatment of Dual Consolidated Losses.
    Description: Section 1503(d) denies use of the losses of one 
domestic corporation by another affiliated domestic corporation where 
the loss corporation is also subject to the income tax of another 
country. The regulation allows an affiliate to make use of the loss if 
the loss has not been used in the foreign country and if an agreement 
is attached to the income tax return of the dual resident corporation 
or group, to take the loss into income upon future use of the loss in 
the foreign country. The regulation also requires separate accounting 
for a dual consolidated loss where the dual resident corporation files 
a consolidated return.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 500.
    Estimated Burden Hours Per Respondent: 2 hours, 23 minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 1,620 hours.
    Clearance Officer: Garrick Shear [phone], Internal Revenue 
Service, Room 5571, 1111 Constitution Avenue, NW, Washington, DC 20224.
    OMB Reviewer: Alexander T. Hunt [phone], Office of 
Management and Budget, Room 10226, New Executive Office Building, 
Washington, DC 20503.
Lois K. Holland,
Departmental Reports Management Officer.
[FR Doc. 98-28352 Filed 10-21-98; 8:45 am]
BILLING CODE 4830-01-P