96-31019. Submission to OMB for Review; Comment Request  

  • [Federal Register Volume 61, Number 236 (Friday, December 6, 1996)]
    [Notices]
    [Pages 64787-64788]
    From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
    [FR Doc No: 96-31019]
    
    
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    DEPARTMENT OF THE TREASURY
    
    
    Submission to OMB for Review; Comment Request
    
    November 20, 1996.
        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: 1545-0168.
        Form Number: IRS Form 4361.
        Type of Review: Extension.
        Title: Application for Exemption From Self-Employment Tax for Use 
    by Ministers, Members of Religious Orders and Christian Science 
    Practitioners.
        Description: Form 4361 is used by ministers, members of religious 
    orders, or Christian Science Practitioners to file for an exemption 
    from self-employment tax on certain earnings and to certify that they 
    have informed the church or order that they are opposed to the 
    acceptance of certain public insurance benefits.
        Respondents: Individuals or households.
        Estimated Number of Respondents/Recordkeepers: 10,270.
        Estimated Burden Hours Per Respondent/Recordkeeper: Recordkeeping--
    7 min.; Learning about the law or the form--20 min.; Preparing the 
    form--16 min.; Copying, assembling, and sending the form to the IRS--17 
    min.
        Frequency of Response: Other (one-time).
        Estimated Total Reporting/Recordkeeping Burden: 10,270 hours.
        OMB Number: 1545-0499.
        Form Number: IRS Form 5305-SEP.
        Type of Review: Extension.
        Title: Simplified Employee Pension-Individual Retirement Accounts 
    Contribution Agreement.
        Description: This form is used by an employer to make an agreement 
    to provide benefits to all employees under a Simplified Employee 
    Pension (SEP) described in section 408(k). This form is not to be filed 
    with the IRS but is to be retained in the employer's records as proof 
    of establishing a SEP and justifying a deduction for contributions in 
    the SEP. The data is used to verify the deduction.
        Respondents: Business or other for-profit.
        Estimated Number of Respondents/Recordkeepers: 100,000.
        Estimated Burden Hours Per Respondent/Recordkeeper: Recordkeeping--
    1 hr., 40 min.; Learning about the law or the form--1 hr., 35 min.; 
    Preparing the form--1 hr., 41 min.
        Frequency of Response: On occasion.
        Estimated Total Reporting/Recordkeeping Burden: 495,000 hours.
        OMB Number: 1545-0913.
        Regulation Project Number: FI-165-84 NPRM.
        Type of Review: Extension.
        Title: Below-Market Loans.
        Description: Section 7872 recharacterizes a below-market loan as a 
    market rate loan and an additional transfer by the lender to the 
    borrower equal to the amount of imputed interest. The regulation 
    requires both the lender and the borrower to attach a statement to 
    their respective income tax returns for years in which they have either 
    imputed income or claim imputed deductions under section 7872.
        Respondents: Business or other for-profit, Individuals or 
    households.
        Estimated Number of Respondents: 1,631,202.
        Estimated Burden Hours Per Respondent: 18 minutes.
        Frequency of Response: Annually.
        Estimated Total Reporting Burden: 481,722 hours.
        OMB Number: 1545-1002.
        Form Number: IRS Form 8621.
        Type of Review: Extension.
        Title: Return by Shareholder of a Passive Foreign Investment 
    Company or Qualified Electing Fund.
        Description: Form 8621 is filed by a U.S. person who owns stock in 
    a foreign investment company. The form is used to report income, make 
    an election to extend the time for payment of tax, and to pay an 
    additional tax and interest amount. The IRS uses Form 8621 to determine 
    if these shareholders have correctly reported amounts of income, made 
    the election correctly, and have correctly computed the additional tax 
    and interest amount.
        Respondents: Business or other for-profit, Individuals or 
    households.
        Estimated Number of Respondents/Recordkeepers: 2,000.
        Estimated Burden Hours Per Respondent/Recordkeeper: Recordkeeping--
    12 hr., 12 min.; Learning about the law or the form--3 hr., 41 min.; 
    Preparing and sending the form to the IRS--4 hr., 2 min.
        Frequency of Response: Annually.
        Estimated Total Reporting/Recordkeeping Burden: 39,840 hours.
        OMB Number: 1545-1191.
        Regulation Project Number: INTL-868-89 Final.
        Type of Review: Extension.
        Title: Information with Respect to Certain Foreign-Owned 
    Corporations.
        Description: The regulations require record maintenance, annual 
    information filing, and the authorization of the U.S. corporation to 
    act as an agent for IRS summons purposes. These requirements will allow 
    IRS international examiners to better audit the tax returns of U.S. 
    corporations engaged in crossborder transactions with a related party.
        Respondents: Business or other for-profit, individuals or 
    households.
        Estimated Number of Recordkeepers: 63,000.
        Estimated Burden Hours Per Recordkeeper: 10 hours.
    
    [[Page 64788]]
    
        Frequency of Response: Annually.
        Estimated Total Recordkeeping Burden: 630,000 hours.
        OMB Number: 1545-1210.
        Form Number: IRS Form 8379.
        Type of Review: Revision.
        Title: Injured Spouse Claim and Allocation.
        Description: A non-obligated spouse may file Form 8379 to request 
    the non-obligated spouse's share of a joint income tax refund that 
    would otherwise be applied to the past-due obligation owed to a state 
    or federal agency by the other spouse.
        Respondents: Individuals or households.
        Estimated Number of Respondents/Recordkeepers: 200,000.
        Estimated Burden Hours Per Respondent/Recordkeeper: Recordkeeping--
    13 min.; Learning about the law or the form--8 min.; Preparing the 
    form--56 min.; Copying, assembling, and sending the form to the IRS--31 
    min.
        Frequency of Response: On occasion.
        Estimated Total Reporting/Recordkeeping Burden: 362,000 hours.
        Clearance Officer: Garrick Shear (202) 622-3869, Internal Revenue 
    Service, Room 5571, 1111 Constitution Avenue, N.W., 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. 96-31019 Filed 12-5-96; 8:45 am]
    BILLING CODE 4830-01-P
    
    
    

Document Information

Published:
12/06/1996
Department:
Treasury Department
Entry Type:
Notice
Document Number:
96-31019
Pages:
64787-64788 (2 pages)
PDF File:
96-31019.pdf