[Federal Register Volume 63, Number 233 (Friday, December 4, 1998)]
[Notices]
[Page 67171]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-32226]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request For Form 1065-B and Schedule
K-1
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, Public Law 104-13 (44 U.S.C.
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning
Form 1065-B, U.S. Return of Income for Electing Large Partnerships, and
Schedule K-1, Partner's Share of Income (Loss) From an Electing Large
Partnership.
DATES: Written comments should be received on or before February 2,
1999 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 Carol Savage,
(202) 622-3945, Internal Revenue Service, room 5569, 1111 Constitution
Avenue NW., Washington, DC 20224.
SUPPLEMENTARY INFORMATION:
Title: Form 1065-B, U.S. Return of Income for Electing Large
Partnerships, and Schedule K-1, Partner's Share of Income (Loss) From
an Electing Large Partnership.
OMB Number: 1545-1626.
Form Number: Form 1065-B and Schedule K-1.
Abstract: Internal Revenue Code Section 6031 and Regulation section
1.6031-1 requires partnerships to file a return. Internal Revenue Code
sections 771-777, enacted by the Taxpayer Relief Act of 1997, allow
large partnerships to elect to file a simplified return which requires
fewer items to be reported to partners. Form 1065-B is used for this
purpose.
Current Actions: There are no changes being made to the form at
this time.
Affected Public: Business or other for-profit organizations, and
farms.
Estimated Number of Respondents: 100.
Estimated Time Per Respondent: Varies.
Estimated Total Annual Burden Hours: 432,563.
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.
Approved: November 24, 1998.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 98-32226 Filed 12-3-98; 8:45 am]
BILLING CODE 4830-01-U
