97-8076. Submission to OMB for Review; Comment Request

[Federal Register Volume 62, Number 61 (Monday, March 31, 1997)]
[Notices]
[Pages 15218-15219]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-8076]


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DEPARTMENT OF THE TREASURY

Submission to OMB for Review; Comment Request

March 17, 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, 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.

Internal Revenue Service (IRS)

    OMB Number: 1545-0957.
    Form Number: IRS Form 8508. .
    Type of Review: Revision
    Title: Request for Waiver From Filing Information Returns on 
Magnetic Media.
    Description: Certain filers of information returns are required by 
law to file on magnetic media. In some instances, waivers from this 
requirement are necessary and justified. Form 8508 is submitted by the 
filer and provides information on which IRS will base its waiver 
determination.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 1,000.
    Estimated Burden Hours Per Respondent: 45 minutes.
    Frequency of Response: On occasion.

[[Page 15219]]

    Estimated Total Reporting Burden: 750 hours.
    OMB Number: 1545-1507.
    Regulation Project Number: INTL-656-87 Final.
    Type of Review: Extension.
    Title: Treatment of Shareholders of Certain Passive Foreign 
Investment Companies.
    Description: The reporting requirements affect U.S. persons that 
are direct and indirect shareholders of passive foreign investment 
companies (PFICs). IRS uses Form 8621 to identify PFICs, U.S. 
shareholders, and transactions subject to PFIC taxation and verify 
income inclusions, excess distributions, and deferred tax amounts.
    Respondents: Business or other for-profit, Individuals or 
households, Not-for-profit institutions.
    Estimated Number of Respondents: 131,250.
    Estimated Burden Hours Per Respondent: 46 minutes.
    Frequency of Response: Other (One time only).
    Estimated Total Reporting Burden: 100,000 hours.

    OMB Number: 1545-1510.
    Revenue Procedure Number: Revenue Procedure 96-60.
    Type of Review: Extension.
    Title: Procedure for Filing Forms W-2 in Certain Acquisitions.
    Description: Information is required by the Internal Revenue 
Service to assist predecessor and successor employers in complying with 
the reporting requirements under Code sections 6051 and 6011 for Forms 
W-2 and 941.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 553,500.
    Estimated Burden Hours Per Respondent: 12 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 110,700 hours.

    OMB Number: 1545-1521.
    Form Number: None.
    Type of Review: Extension.
    Title: Confirmation Letter for Contracting Out of Collection 
Activities.
    Description: It is necessary that the confirmation letter be issued 
during the testing phase of the program for contracting out collection 
activities so any problems associated with the contracting out process 
can be quickly identified. In addition, this information will be to 
determine the accuracy of IRS and private vendors' records with regard 
to taxes due and payments submitted.
    Respondents: Business or other for-profit, Individuals or 
households, Not-for-profit institutions, Farms, Federal Government, 
State, Local or Tribal Governments.
    Estimated Number of Respondents: 225.
    Estimated Burden Hours Per Respondent: 15 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 56 hours.

    OMB Number: 1545-1523.
    Notice Number: Notice 97-12.
    Type of Review: Extension.
    Title: Electing Small Business Trusts.
    Description: This notice provides the time and manner for making 
the Electing Small Business Trust election pursuant to section 
1361(e)(3).
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 5,000.
    Estimated Burden Hours Per Respondent: 1 hour.
    Frequency of Response: Other (once).
    Estimated Total Reporting Burden: 5,000 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. 97-8076 Filed 3-28-97; 8:45 am]
BILLING CODE: 4830-01-P