[Federal Register Volume 63, Number 38 (Thursday, February 26, 1998)]
[Notices]
[Pages 9907-9908]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-4969]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 990-T
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 990-T, Exempt Organization Business Income Tax Return.
DATES: Written comments should be received on or before April 27, 1998,
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 Martha R.
Brinson, (202) 622-3869, Internal Revenue Service, room 5571, 1111
Constitution Avenue NW., Washington, DC 20224.
SUPPLEMENTARY INFORMATION:
Title: Exempt Organization Business Income Tax Return.
OMB Number: 1545-0687.
Form Number: 990-T.
Abstract: Form 990-T is used to report and compute the unrelated
business income tax imposed on exempt organizations by Internal Revenue
Code section 511 and the proxy tax imposed by Code section 6033(e). The
form provides the IRS with the information necessary to determine that
the tax has been properly computed.
Current Actions: Two new checkboxes have been added to Item B.
These additions reflect sections 302 and 213 of the Taxpayer Relief Act
of 1997 (TRA), which created Roth IRAs and Educational IRAs and
subjected them to the unrelated business income tax.
The ``408(a) trust'' and ``220(d) trust'' checkboxes were deleted
from Item G, and a new checkbox titled ``Other trust'' was added. This
new checkbox will be used by the former users of the two deleted boxes
plus 408A(b) and 530(b) trusts, which were created by sections 302 and
213 of the TRA. The four types of trusts that will check this box are
IRA trusts, Roth IRA trusts, Education IRA trusts, and Medical Savings
Account Trusts.
Type of Review: Revision of a currently approved collection.
Affected Public: Not-for-profit institutions.
Estimated Number of Respondents: 37,103.
Estimated Time Per Respondent: 133 hr., 57 min.
Estimated Total Annual Burden Hours: 4,969,947.
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.
[[Page 9908]]
Approved: February 19, 1998.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 98-4969 Filed 2-25-98; 8:45 am]
BILLING CODE 4830-01-U
