[Federal Register Volume 63, Number 38 (Thursday, February 26, 1998)]
[Notices]
[Pages 9899-9900]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-4888]
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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, 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: 1545-0007.
Form Number: IRS Form T.
Type of Review: Extension.
Title: Forest Activities Schedules.
Description: Form T is filed by individuals and corporations to
report income and deductions from the timber business. The IRS used
Form T to determine if the correct amount of income and deductions are
claimed.
Respondents: Business or other for-profit.
Estimated Number of Respondents/Recordkeepers: 37,000.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--37 hours, 4 minutes
Learning about the law or the form--42 minutes
Preparing and sending the form to the IRS--1 hour, 20 minutes
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 1,446,700 hours.
OMB Number: 545-0045.
Form Number: IRS Form 976.
Type of Review: Extension.
Title: Claim for Deficiency Dividends Deductions by a Personal
Holding Company, Regulated Investment Company, or Real Estate
Investment Trust.
Description: Form 976 is filed by corporations that wish to claim
deficiency dividend deduction. The deduction allows the corporation to
eliminate all or a portion of a tax deficiency. The IRS uses Form 976
to determine if shareholders have include amounts in gross income.
Respondents: Business or other for-profit.
Estimated Number of Respondents/Recordkeepers: 500.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--5 hours, 44 minutes
Learning about the law or the form--53 minutes
Preparing, copying, assembling, and sending the form to the IRS--
1 hour, 2 minutes
Frequency of Response: On occasion.
Estimated Total Reporting/Recordkeeping Burden: 3,830 hours.
OMB Number: 1545-0117
Form Number: IRS Form 1099-OID.
Type of Review: Extension.
Title: Original Issue Discount.
Description: The form is used for reporting original issue discount
as required by section 6049 of the Internal Revenue Code. It is used to
verify that income earned on discount obligations is properly reported
by the recipient.
Respondents: Business or other for-profit.
Estimated Number of Respondents/Recordkeepers: 9,185.
Estimated Burden Hours Per Respondent/Recordkeeper: 10 minutes.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 765,000 hours.
[[Page 9900]]
OMB Number: 1545-1161.
Regulation Project Number: CO-8-90 Final.
Type of Review: Extension.
Title: Consolidated Return Regulations--Deferred Gain or Loss.
Description: This regulation requires a statement to be attached to
a consolidated federal income tax return by those groups which entered
into certain intercompany transaction before the effective date of the
temporary regulation (March 15, 1990), and the treatment of these
transactions will be different than that of transactions entered into
after March 15, 1990.
Respondents: Business or other for-profit, Farms.
Estimated Number of Respondents: 10.
Frequency of Response: Other (one time only).
Estimated Total Reporting Burden: 20 hours.
OMB Number: 1545-1300.
Regulation Project Number: FI-46-89 Final.
Type of Review: Extension.
Title: Treatment of Acquisition of Certain Financial Institutions:
Certain Tax Consequences of Federal Assistance to Financial
Institutions.
Description: Recipients of Federal financial assistance (``FFA'')
must maintain an account of FFA that is deferred from inclusion in
gross income and subsequently recaptured. This information is used to
determine the recipient's tax liability. Also, tax not subject to
collection must be reported and information must be provided if certain
elections are made.
Respondents: Business or other for-profit, Federal Government.
Estimated Number of Respondents/Recordkeepers: 500.
Estimated Burden Hours Per Respondent/Recordkeeper: 4 hours, 24
minutes.
Frequency of Response: On occasion.
Estimated Total Reporting/Recordkeeping Burden: 2,200 hours.
OMB Number: 1545-1569.
Form Number: IRS Form 8861.
Type of Review: Revision.
Title: Welfare-to-Work Credit.
Description: Section 51A of the Internal Revenue Code allows
employers an income tax credit of 35% of the first $10,000 of first-
year wages paid to and 50% of the first $10,000 of second-year's wages
paid to long-term family assistance recipients. The credit is part of
the general business credit.
Respondents: Business or other for-profit, Farms.
Estimated Number of Respondents/Recordkeepers: 500.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--7 hours, 39 minutes
Learning about the law or the form--1 hour, 5 minutes
Preparing and sending the form to the IRS--1 hour, 16 minutes
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 5,000 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. 98-4888 Filed 2-25-98; 8:45 am]
BILLING CODE 4830-01-M
