94-4590. Public Information Collection Requirements Submitted to OMB for Review

[Federal Register Volume 59, Number 40 (Tuesday, March 1, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-4590]


[[Page Unknown]]

[Federal Register: March 1, 1994]


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


DEPARTMENT OF THE TREASURY
 

Public Information Collection Requirements Submitted to OMB for 
Review

February 22, 1994.
    The Department of the Treasury has submitted the following public 
information collection requirement(s) to OMB for review and clearance 
under the Paperwork Reduction Act of 1980, Public Law 96-511. 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

    OMB Number: New.
    Form Number: IRS Form 8023-A.
    Type of Review: New collection.
    Title: Corporate Qualified Stock Purchases.
    Description: Form 8023-A is used by corporations that acquire the 
stock of another corporation to elect to treat the purchase of stock as 
a purchase of the other corporation's assets. The IRS uses Form 8023-A 
to determine if the purchasing corporation reports the sale of its 
assets on its income tax return and to determine if the purchasing 
corporation has properly made the election.
    Respondents: Businesses or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 201.
    Estimated Burden Hours Per Respondent/Recordkeeper:
    Recordkeeping--8 hours, 37 minutes.
    Learning about the law or the form--1 hour, 5 minutes.
    Preparing and sending the form to the IRS--1 hour, 17 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 2,207 hours.

    OMB Number: 1545-0132.
    Form Number: IRS Form 1120X.
    Type of Review: Revision.
    Title: Amended U.S. Corporation Income Tax Return.
    Description: Domestic corporations use Form 1120X to correct a 
previously filed Form 1120 or Form 1120-A. The data is used to 
determine if the correct tax liability has been reported.
    Respondents: Farms, Businesses or other for-profit, Small 
businesses or organizations.
    Estimated Number of Respondents/Recordkeepers: 67,302.
    Estimated Burden Hours Per Respondent/Recordkeeper:
    Recordkeeping--12 hours, 12 minutes.
    Learning about the law or the form--1 hour, 8 minutes.
    Preparing the form--3 hours, 14 minutes.
    Copying, assembling, and sending the form to the IRS--32 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 1,151,537 hours.

    OMB Number: 1545-0928.
    Regulation ID Number: EE-35-85 NPRM and EE-110-84 (TD 8037); and TD 
8219 (Final).
    Type of Review: Extension.
    Title: Notices, Elections and Consents Under the Retirement Equity 
Act of 1984.
    Description: The notices referred to in this Treasury decision are 
required by statute and must be provided by employers to retirement 
plan participants to inform participants of their rights under the plan 
or under the law. Failure to timely notify participants of their rights 
may result in loss of plan benefits.
    Respondents: State or local governments; Businesses or other for- 
profit, Federal agencies or employees; Non-profit institutions; Small 
businesses or organizations.
    Estimated Number of Respondents: 750,000.
    Estimated Burden Hours Per Respondent: 35 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 435,000 hours.

    OMB Number: 1545-1380.
    Regulation ID Number: IA-17-90 NPRM.
    Type of Review: Extension.
    Title: Reporting Requirements for Recipients of Points Paid on 
Residential Mortgages.
    Description: To encourage compliance with the tax laws relating to 
the mortgage interest deduction, the proposed regulations require the 
reporting on Form 1098 of points paid on residential mortgages. Only 
businesses that receive mortgage interest in the course of a trade or 
business are affected by this reporting requirements.
    Respondents: Businesses or other for-profit.
    Estimated Number of Respondents: 1.
    Estimated Burden Hours Per Respondent: 1 hour.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 1 hour.
    Clearance Officer: Garrick Shear [phone], Internal Revenue 
Service, Room 5571, 1111 Constitution Avenue, NW., Washington, DC 
20224.

    OMB Reviewer: Milo Sunderhauf [phone], Office of Management 
and Budget, Room 3001, New Executive Office Building, Washington, DC 
20503.

Lois K. Holland,
Departmental Reports Management Officer.
[FR Doc. 94-4590 Filed 2-28-94; 8:45 am]
BILLING CODE 4830-01-P