96-9892. Submission to OMB for Review; Comment Request

[Federal Register Volume 61, Number 79 (Tuesday, April 23, 1996)]
[Notices]
[Pages 17955-17956]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-9892]



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DEPARTMENT OF THE TREASURY

Submission to OMB for Review; Comment Request

April 16, 1996.
    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: 1545-0863.
    Regulation ID Number: LR-218-78 Final.
    Type of Review: Extension.
    Title: Product Liability Losses and Accumulations for Product 
Liability Losses.
    Description: Generally, a taxpayer who sustains a product liability 
loss must carry the loss back 10 years. However, a taxpayer may elect 
to have such loss treated as a regular net operating loss under section 
172. If desired, such election is made by attaching a statement to the 
tax return. This statement will enable the IRS to monitor compliance 
with the statutory requirements.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 5,000.
    Estimated Burden Hours Per Respondent: 30 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 2,500 hours.

    OMB Number: 1545-1100.
    Regulation ID Number: EE-84-89 NPRM.
    Type of Review: Extension.
    Title: Changes with Respect to Prizes and Awards and Employee 
Achievement Awards.
    Description: This regulation requires recipients of prizes and 
awards to maintain records to determine whether a qualifying 
designation has been made. The affected public are prize and award

[[Page 17956]]

recipients who seek to exclude the cost of a qualifying prize or award.
    Respondents: Individuals or households.
    Estimated Number of Respondents: 1.
    Estimated Burden Hours Per Respondent: 1.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 1 hour.

    OMB Number: 1545-1126.
    Regulation ID Number: INTL-121-90 NPRM, INTL-292-90 Final, INTL-
361-89 Final, INTL-103-89 Temporary
    Type of Review: Extension.
    Title: Treaty-Based Return Positions.
    Description: Section 301.6114 sets forth the reporting requirements 
under Sec. 6114. Persons or entities subject to this reporting 
requirement must make the required disclosure on a statement attached 
to their return, in the manner set forth, or be subject to a penalty. 
Section 301.7701(b)-7(a)(4)(iv)(C) sets forth the reporting requirement 
for dual resident S corporation shareholders who claim treaty benefits 
as nonresidents of the United States.
    Respondents: Individuals or households, business or other for-
profit.
    Estimated Number of Respondents: 5,000.
    Estimated Burden Hours Per Respondent: 1 hour.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 5,000 hours.

    OMB Number: 1545-1385.
    Regulation ID Number: GL-238-88 Final.
    Type of Review: Extension.
    Title: Preparer Penalties--Manual Signature Requirement.
    Description: The reporting requirements affect returns preparers of 
fiduciary returns. They will be required to submit a list of the names 
and identifying numbers of all fiduciary returns which are being filed 
with facsimile signature of the returns preparer.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 20,000.
    Estimated Burden Hours Per Respondent/Recordkeeper: 1 hour, 17 
minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 25,825 hours.

    OMB Number: 1545-1435.
    Regulation ID Number: EE-45-93 NPRM and Temporary
    Type of Review: Extension.
    Title: Electronic Filing of Form W-4.
    Description: Information is required by the Internal Revenue 
Service to verify compliance with section 31.3402(f)(2)-1(g)(1), which 
requires submission to the Service of certain withholding exemption 
certificates. The affected respondents are employers that choose to 
make electronic filing of Forms W-4 available to their employees.
    Respondents: Business or other for-profit, not-for profit 
institutions, Federal Government, State, Local or Tribal Government.
    Estimated Number of Respondents: 2,000.
    Estimated Burden Hours Per Respondent: 20 hours.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 40,000 hours.
    Clearance Officer: Garrick Shear [phone], Internal Revenue 
Service, Room 5571, 1111 Constitution Avenue, N.W., Washington, DC 
20224.
    OMB Reviewer: Milo Sunderhauf [phone], Office of Management 
and Budget, Room 10226, New Executive Office Building, Washington, DC 
20503.
Lois K. Holland,
Departmental Reports Management Officer.
[FR Doc. 96-9892 Filed 4-22-96; 8:45 am]
BILLING CODE 4830-01-P