[Federal Register Volume 62, Number 235 (Monday, December 8, 1997)]
[Notices]
[Pages 64626-64628]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-31958]
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DEPARTMENT OF THE TREASURY
Submission to OMB for Review; Comment Request
December 1, 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, Pub. L. 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: 1545-0002.
Form Number: IRS Form CT-2.
Type of Review: Extension.
Title: Employee Representative's Quarterly Railroad Tax Return.
Description: Employee representatives file Form CT-2 quarterly to
report compensation on which railroad retirement taxes are due. IRS
uses this information to ensure that employee representatives have paid
the correct tax. Form CT-2 also transmits the tax payment.
Respondents: Individual or households.
Estimated Number of Respondents/Recordkeepers: 28.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping.............................. 26 min.
Learning about the law or the form......... 14 min.
Preparing the form......................... 31 min.
Copying, assembling and sending the form to 17 min.
the IRS.
Frequency of Response: Quarterly.
[[Page 64627]]
Estimated Total Reporting/Recordkeeping Burden: 165 hours.
OMB Number: 1545-0043.
Form Number: IRS Form 972.
Type of Review: Extension.
Title: Consent of Shareholder to Include Specific Amount of Gross
Income.
Description: Form 972 is filed by shareholders of corporations to
elect to include an amount in gross income as a dividend. The IRS uses
Form 972 as a check to see if an amended return is filed to include the
amount in income and to determine if the corporations claimed the
correct amount.
Respondents: Individual or households, Business or other for-
profit.
Estimated Number of Respondents/Recordkeepers: 400.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping.............................. 13 min.
Learning about the law or the form......... 3 min.
Preparing the form......................... 14 min.
Copying, assembling, and sending the form 31 min.
to the IRS.
Frequency of Response: On occasion.
Estimated Total Reporting/Recordkeeping Burden: 412 hours.
OMB Number: 1545-0135.
Form Number: IRS Form 1138.
Type of Review: Extension.
Title: Extension of Time for Payment of Taxes by a Corporation
Expecting a Net Operating Loss Carryback.
Description: Form 1138 is filed by corporations to request an
extension of time to pay their income taxes, including estimated taxes.
Corporations may only file for an extension when they expect a net
operating loss carryback in the tax year and want to delay the payment
of taxes from a prior tax year.
Respondents: Business or other for-profit.
Estimated Number of Respondents/Recordkeepers: 2,033.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping.......................... 3 hr., 21 min.
Learning about the law or the form..... 42 min.
Preparing and sending the form to the 47 min.
IRS.
Frequency of Response: On occasion.
Estimated Total Reporting/Recordkeeping Burden: 9,819 hours.
OMB Number: 1545-0236.
Form Number: IRS Form 11-C.
Type of Review: Extension.
Title: Occupational Tax and Registration Return for Wagering.
Description: Form 11-C is used to register persons accepting wagers
(Internal Revenue Code section 4412). IRS uses this form to register
the respondent, collect the annual stamp tax (Internal Revenue Code
section 4412), and to verify that the tax on wagers is reported on Form
730.
Respondents: Business or other-for profit, Individual or
households.
Estimated Number of Respondents/Recordkeepers: 11,500.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping.......................... 7 hr., 10 min.
Learning about the law or the form..... 34 min.
Preparing the form..................... 1 hr., 38 min.
Copying, assembling, and sending the 16 min.
form to the IRS.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 110,975 hours.
OMB Number: 1545-1143.
Form Number: IRS Form 706-GS(D-1).
Type of Review: Extension.
Title: Notification of Distribution From a Generation-Skipping
Trust.
Description: Form 706-GS(D-1) is used by trustees to notify the IRS
and distributees of information needed by distributees to computer the
Federal Generation Skipping Trust (GST) tax imposed by Internal Revenue
Code (IRC) section 2601. IRS uses the information to enforce this tax
and to verify that the tax has been properly computed.
Respondents: Individual or households.
Estimated Number of Respondents/Recordkeepers: 80,000.
Estimated Burden Hours Per Respondent/Recordkeepers:
Recordkeeping.......................... 1 hr., 33 min.
Learning about the law or the form..... 1 hr., 46 min.
Preparing the form..................... 41 min.
Coying, assembling, and sending the 20 min.
form to the IRS.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 348,000 hours.
OMB Number: 1545-1144.
Form Number: IRS Form 706-GS(D).
Type of Review: Extension.
Title: Generation-Skipping Transfer Return for Distributions.
Description: Form 706-GS(D) is used by the distributees to compute
and report the Federal Generation-Skipping Transfer (GST) tax imposed
by Internal Revenue Code (IRC) section 2601. IRS uses the information
to enforce this tax and to verify that the tax has been properly
computed.
Respondents: Individual or households.
Estimated Number of Respondents/Recordkeepers: 1,000.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping.............................. 7 min.
Learning about the law or the form......... 13 min.
Preparing the form......................... 24 min.
Copying, assembling, and sending the form 19 min.
to the IRS.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 1,030 hours.
OMB Number: 1545-1145.
Form Number: IRS Form 706-GS(T), Schedule A and Schedule B.
Type of Review: Extension.
Title: Generation-Skipping Transfer Tax Return for Terminations.
Description: Form 706-GS(T) is used by trustees to compute and
report the Federal Generation-Skipping Transfer (GST) tax imposed by
Internal Revenue Code (IRC) section 2601. IRS uses the information to
enforce this tax and to verify that the tax has been properly computed.
Respondents: Individual or households.
Estimated Number of Respondents/Recordkeepers: 100.
Estimated Burden Hours Per Respondent/Recordkeeper:
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Form 706-GS(T) Schedule A Schedule B
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Recordkeeping.................. 40 min....................... 13 min...................... 13 min.
Learning about the law or the 29 min....................... 17 min...................... 7 min.
form.
Preparing the form............. 32 min....................... 38 min...................... 20 min.
Copying, assembling, and 20 min....................... 20 min...................... 20 min.
sending the form to the IRS.
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[[Page 64628]]
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 690 hours.
OMB Number: 1545-1558.
Revenue Procedure Number: Revenue Procedure 97-43 and Revenue
Ruling 97-39.
Type of Review: Extension.
Title: Procedures for Electing Out of Exemptions Under Section
1.475(c)-1 (Revenue Procedure 97-43); and Mark to Market Accounting
Method for Dealers in Securities (Revenue Ruling 97-39).
Description: Revenue Procedure 97-43 provides taxpayers automatic
consent to change to mark-to-market accounting for securities after the
taxpayer elects under 1.475(c)-1, subject to specified terms and
conditions. Revenue Ruling 97-39 provides taxpayers additional mark-to-
market guidance in a question and answer format.
Respondents: Business or other for-profit.
Estimated Number of Respondents: 20,000.
Estimated Burden Hours Per Respondent: 27 hours, 30 minutes.
Frequency of Response: On occasion.
Estimated Total Reporting Burden: 550,000 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. 97-31958 Filed 12-5-97; 8:45 am]
BILLING CODE 4830-01-P
