97-26465. Submission to OMB for Review; Comment Request

[Federal Register Volume 62, Number 194 (Tuesday, October 7, 1997)]
[Notices]
[Pages 52376-52377]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-26465]


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DEPARTMENT OF THE TREASURY


Submission to OMB for Review; Comment Request

September 29, 1997.
    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, 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.

Internal Revenue Service (IRS)

    OMB Number: 1545-0052.
    Form Number: IRS Forms 990-PF and 4720.
    Type of Review: Extension.
    Title: Return of Private Foundation or Section 4947(a)(1) Nonexempt 
Charitable Trust Treated as a Private Foundation (990-PF); and Return 
of Certain Excise Taxes on Charities and Other Persons Under Chapters 
41 and 42 of the Internal Revenue Code (4720).
    Description: Internal Revenue Code (IRC) section 6033 requires all 
private foundations, including section 4947(a)(1) trusts treated as 
private foundations, to file an annual information return. Section 
53.4940-1(a) of the Income Tax Regulations requires that the tax on net 
investment income be reported on the return filed under section 6033. 
Form 990-PF is used for this purpose. Section 6011 requires a report of 
taxes under Chapter 42 of the Code for prohibited acts by private 
foundations and certain related parties. Form 4720 is used by 
foundations and/or persons to report prohibited activities in detail 
and pay the tax on them.
    Respondents: Not-for-profit institutions.
    Estimated Number of Respondents/Recordkeepers: 52,214.
    Estimated Burden Hours Per Respondent/Recordkeeper:

[[Page 52377]]



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                                                    Learning about                      Copying, assembling, and
             Form                 Recordkeeping     the law or the     Preparing the    sending the form to the 
                                                         form              form                   IRS           
----------------------------------------------------------------------------------------------------------------
990-PF........................  140 hr., 52 min..  27 hr., 35 min..  32 hr., 2 min...  16 min.                  
4720..........................  39 hr., 42 min...  16 hr., 1 min...  22 hr., 57 min..  1 hr., 37 min.           
----------------------------------------------------------------------------------------------------------------

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 10,533,927 hours.

    OMB Number: 1545-0393.
    Form Number: IRS Letter 109C.
    Type of Review: Extension.
    Title: Return Requesting Refund Unlocatable or Not Filed; Send 
Copy.
    Description: The code requires tax returns to be filed. It also 
authorizes IRS to refund any overpayment of tax. If a taxpayer 
inquiries about their non-receipt of refund and no return is found, 
this letter is sent requesting the taxpayer file another return.
    Respondents: Business of other for-profit, Individuals or 
households, Not-for-profit institutions.
    Estimated Number of Respondents: 18,223.
    Estimated Burden Hours Per Respondent: 5 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 1,513.

    OMB Number: 1545-1282.
    Form Number: Revision.
    Type of Review: Extension.
    Title: Enhanced Oil Recover Credit.
    Description: The enhanced oil recovery (EOR) credit is 15% of 
qualified costs paid or incurred during the year. The purpose is to get 
more oil from the wells. The IRS uses the information on the form to 
ensure that the credit is correctly computed.
    Respondents: Business or other for-profit, Individuals or 
households.
    Estimated Number of Respondents/Recordkeepers: 10,000.
    Estimated Burden Hours Per Respondent/Recordkeeping:

Recordkeeping--5 hr., 59 min.
Learning about the law or the form--1 hr., 0 min.
Preparing and sending the form to the IRS--1 hr., 8 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 81,100 hours.
    OMB Number: 1545-1444.
    Form Number: IRS Form 8844.
    Type of Review: Revision.
    Title: Empowerment Zone Employment Credit.
    Description: Employers who hire employees who live and work in one 
of the 9 designated empowerment zones can receive a tax credit for the 
first $15,000 of wages paid to each employee. The credit is applicable 
from the date of designation through the year 2004.
    Respondents: Business or other for-profit, Individuals or 
households, Not-for-profit institutions, Farms.
    Estimated Number of Respondents/Recordkeepers: 30,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--8 hr., 37 min.
Learning about the law or the form--1 hr., 35 min.
Preparing and sending the form to the IRS--1 hr., 48 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 360,000 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. 97-26465 Filed 10-6-97; 8:45 am]
BILLING CODE 4830-01-P