[Federal Register Volume 62, Number 213 (Tuesday, November 4, 1997)]
[Notices]
[Pages 59756-59757]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-29170]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 3520
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, Pub. L. 104-13 (44 U.S.C.
3506(c)(2)(A)).
Currently, the IRS is soliciting comments concerning Form 3520,
Annual Return To Report Transactions With Foreign Trusts and Receipt of
Certain Foreign Gifts.
DATES: Written comments should be received on or before January 5, 1998
to be assured of consideration.
ADDRESSES: Direct all written comments to Garrick R. Shear, Internal
Revenue Service, room 5571, 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 Martha R.
Brinson, (202) 622-3869, Internal Revenue Service, room 5571, 1111
Constitution Avenue NW., Washington, DC 20224.
SUPPLEMENTARY INFORMATION:
Title: Annual Return To Report Transactions With Foreign Trusts and
Receipt of Certain Foreign Gifts.
OMB Number: 1545-0159.
Form Number: Form 3520.
Abstract: Form 3520 is filed by U.S. persons who create a foreign
trust, transfer property to a foreign trust, receive a distribution
from a foreign trust, or receive large gifts from a foreign source. IRS
uses the form to identify U.S. persons who have transactions that may
trigger a taxable event in the future.
Current Actions: The following changes were made:
Form 3520 was revised to reflect the expanded reporting
requirements added to Code sections 6048 and 6039F by the Small
Business Job Protection Act for foreign trusts that have a U.S.
grantor, transferor, or executor. The revised form is divided into four
parts:
Part I of the form reflects the expanded reporting requirements for
U.S. persons who directly or indirectly transfer money or property to a
foreign trust. This includes a transfer by reason of death of a U.S.
citizen or resident, if any portion of a foreign trust was included in
the gross estate of the decedent.
Part II of the form is used to report the annual income information
required for U.S. persons that are treated as owners 3 of any portion
of a foreign trust for U.S. income tax purposes under Code sections 671
through 679.
Part III of the form is used by U.S. beneficiaries of a foreign
trust to report any distributions they received from the foreign trust
after August 20, 1996.
Part IV of the form is used by any U.S. person to report large
gifts or bequests received after August 20, 1996, from foreign sources.
Type of Review: Revision of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 2,000.
Estimated Time Per Respondent: 61 hr., 46 min.
Estimated Total Annual Burden Hours: 123,520.
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.
[[Page 59757]]
Approved: October 28, 1997.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 97-29170 Filed 11-3-97; 8:45 am]
BILLING CODE 4830-01-U
