98-4886. Submission to OMB for Review; Comment Request

[Federal Register Volume 63, Number 38 (Thursday, February 26, 1998)]
[Notices]
[Pages 9898-9899]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-4886]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY


Submission to OMB for Review; Comment Request

February 19, 1998.
    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,

[[Page 9899]]

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.

Dates: Written comments should be received on or before March 30, 1998 
to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0735.
    Regulation Project Number: LR-189-80 (TD 7927) Final.
    Type of Review: Extension.
    Title: Amortization of Reforestation Expenditures.
    Description: Section 194 allows taxpayers to elect to amortize 
certain reforestation expenditures over a 7-year period if the 
expenditures meet certain requirements. The regulations implement this 
election provision and allow the Service to determine if the election 
is proper and allowable.
    Respondents: Individuals or households, Business or other for-
profit, Farms.
    Estimated Number of Respondents: 12,000.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 6,001 hours.

    OMB Number: 1545-0755.
    Regulation Project Number: LR-58-83 Final.
    Type of Review: Extension.
    Title: Related Group Election With Respect to Qualified Investments 
in Foreign Base Company Shipping Operations.
    Description: The computational information required is necessary to 
assure that the U.S. shareholder correctly reports any shipping income 
of its controlled foreign corporations which is taxable to that 
shareholder.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 100.
    Estimated Burden Hours Per Respondent: 2 hours, 3 minutes.
    Frequency of Response: Other (nonrecurring).
    Estimated Total Reporting Burden: 205 hours.

    OMB Number: 1545-1570.
    Notice Number: Notice 97-65.
    Type of Review: Extension.
    Title: Income Tax Return Preparer Penalties--1997 Federal Income 
Tax Returns Due Diligence Requirements for Earned Income Credit.
    Description: Income tax return preparer who satisfy the due 
diligence requirements in the notice will avoid the imposition of the 
penalty under section 6695(g) of the Internal Revenue Code for 1997 
returns and claims for refund. The due diligence requirements include 
soliciting the information necessary to determine a taxpayer's 
eligibility for the earned income credit (EIC) and the amount of the 
EIC, and the retention of this information.
    Respondents: Business or other for-profit.
    Estimated Number of Recordkeepers: 1,200,000.
    Estimated Burden Hours Per Recordkeeper: 8 minutes.
    Estimated Total Recordkeeping Burden: 160,000 hours.
    Clearance Officer: Garrick Shear [phone], Internal Revenue 
Service, room 5571, 1111 Constitution Avenue, NW, Washington, DC 20224.
    OMB Reviewer: Alexander T. Hunt [phone], Office of 
Management and Budget, room 10226, New Executive Office Building, 
Washington, DC 20503.
Lois K. Holland,
Departmental Reports Management Officer.
[FR Doc. 98-4886 Filed 2-25-98; 8:45 am]
BILLING CODE 4830-01-P