[Federal Register Volume 62, Number 250 (Wednesday, December 31, 1997)]
[Notices]
[Pages 68354-68355]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-34026]
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DEPARTMENT OF THE TREASURY
Submission to OMB for Review; Comment Request
December 22, 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: 1545-1224.
Regulation Project Number: INTL-112-88 Final.
Type of Review: Extension.
Title: Allocation and Apportionment of Deduction for State Income
Taxes.
Description: The reporting requirements affect those taxpayers
claiming foreign tax credits and that elect to use an alternative
method of allocating and apportioning deductions for state income
taxes. This information will be used by the IRS to estimate the
resources to be required in auditing income tax returns, and should
facilitate the completion of audits.
Respondents: Business or other for-profit.
Estimated Number of Respondents: 1,000.
Estimated Burden Hours Per Respondent: 1 hour.
Frequency of Response: Annually.
Estimated Total Reporting Burden: 1,000 hours.
OMB Number: 1545-1291.
Regulation Project Number: PS-78-91 Final.
[[Page 68355]]
Type of Review: Extension
Title: Procedure for Monitoring Compliance with Low-Income Housing
Credit Requirements.
Description: The regulations require state allocation plans to
provide a procedure for State and local housing credit agencies to
monitor for compliance with the requirements of section 42 and report
and noncompliance to the Internal Revenue Service.
Respondents: Business or other for-profit, Individuals or
households, Not-for-profit institutions, State, Local or Tribal
Government.
Estimated Number of Respondents/Recordkeepers: 5,000.
Estimated Burden Hours Per Respondent/Recordkeeper: 3 hours, 45
minutes.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 18,750 hours.
OMB Number: 1545-1299.
Regulation Project Number: IA-54-90 Final.
Type of Review: Revision.
Title: Settlement Funds.
Description: The reporting requirements affect taxpayers that are
qualified settlement funds; they will be required to file income tax
returns, estimated tax returns, and withholding tax returns. The
information will facilitate taxpayer examinations.
Respondents: Individuals or households, Business or other for-
profit, Not-for-profit institutions, Farms, Federal Government, State,
Local or Tribal Government.
Estimated Number of Respondents: 1,500.
Estimated Burden Hours Per Respondent: 2 hours, 22 minutes.
Frequency of Response: Annually.
Estimated Total Reporting Burden: 3,542 hours.
OMB Number: 1545-1448.
Regulation Project Number: EE-81-88 Final.
Type of Review: Extension.
Title: Deductions for Transfers of Property.
Description: These regulations concerns the Secretary's authority
to require the filing of an information return under Code section 6041
and expand the requirement to furnish forms to certain corporate
service providers.
Respondents: Individuals or households, Business or other for-
profit, Not-for-profit institutions, Farms.
Estimated Number of Respondents: 1.
Estimated Burden Hours Per Respondent: 1 hour.
Frequency of Response: Annually.
Estimated Total Reporting Burden: 1 hour.
OMB Number: 1545-1452.
Regulation Project Number: FI-43-94 Final.
Type of Review: Extension.
Title: Regulation Under Section 1258 of the Internal Revenue Code
of 1986; Netting Rule for Certain Conversion Transactions.
Description: Section 1258 recharacterizes capital gains from
conversion transactions as ordinary income to the extent of the time
value element. This regulation provides that certain gains and losses
may be netted for purposes of determining the amount of gain
recharacterized.
Respondents: Business or other for-profit, Not-for-profit
institutions.
Estimated Number of Recordkeepers: 50,000.
Estimated Burden Hours Per Recordkeeper: 6 minutes.
Estimated Total Recordkeeping Burden: 5,000 hours.
OMB Number: 1545-1562.
Revenue Procedure Number: Revenue Procedure 97-48.
Type of Review: Extension.
Title: Automatic Relief for Late S Corporation Elections.
Description: The revenue procedure only applies to the following
two situations:
(1) A corporation intends to be an S corporation, the corporation
and its shareholders reported their income consistent with S
corporation status for the taxable year the S corporation election
should have been made and for every subsequent year, and the
corporation did not receive notification from the Service regarding any
problem with the S corporation status within 6 months of the date on
which the Form 1120S for the first year was timely filed; and
(2) For periods prior to January 1, 1997, a corporation intends to
be an S corporation; however, due to a late S corporation election the
corporation was not permitted to be an A corporation for the first
taxable year specified in the election (because late S corporation
election relief was not available during this period), the corporation
for all succeeding years, and all relevant taxable years for both the
corporation and all of its shareholders are open.
Respondents: Business or other for-profit.
Estimated Number of Respondents: 100.
Estimated Burden Hours Per Respondent: 1 hour.
Frequency of Response: Other (once).
Estimated Total Reporting Burden: 100 hours.
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. 97-34026 Filed 12-30-97; 8:45 am]
BILLING CODE 4830-01-P