[Federal Register Volume 64, Number 83 (Friday, April 30, 1999)]
[Notices]
[Pages 23392-23394]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-10845]
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DEPARTMENT OF THE TREASURY
Submission for OMB Review; Comment Request
April 22, 1999.
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 1995, Pub. L.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 June 1, 1999 to
be assured of consideration.
Internal Revenue Service (IRS)
OMB Number: 1545-0723.
Regulation Project Number: LR-115-72 Final.
Type of Review: Extension.
Title: Manufacturers Excise Taxes on Sporting Goods and Firearms
and Other Administrative Provisions of Special Application to
Manufacturers and Retailers Excise Taxes.
Description: Chapters 31 and 32 of the Internal Revenue Code impose
excise taxes on the sale or use of certain articles. Section 6416
allows a credit or refund of the tax to manufacturers in certain cases.
Sections 6420, 6421, and 6427 allow credits or refunds of the tax to
certain users of the articles.
Respondents: Business or other for-profit, Individuals or
households, Not-for-profit institutions, Farms, State, Local or Tribal
Government.
Estimated Number of Respondents/Recordkeepers: 1,500,000.
Estimated Burden Hours Per Respondent/Recordkeeper: 19 minutes.
Frequency of Response: On occasion.
Estimated Total Reporting/Recordkeeping Burden: 475,000 hours.
OMB Number: 1545-0803.
Form Number: IRS Form 5074.
Type of Review: Extension.
Title: Allocation of Individual Income Tax to Guam or the
Commonwealth of Northern Mariana Islands (CNMI).
Description: Form 5074 is used by U.S. citizens or residents as an
[[Page 23393]]
attachment to Form 1040 when they have $50,000 or more in adjusted
gross income from U.S. sources and $5,000 or more in gross from Guam or
the Commonwealth of the Northern Mariana Islands (CNMI). The data is
used by IRS to allocate income tax due to Guam or CNMI as required by
26 U.S.C. 7654.
Respondents: Individuals or households.
Estimated Number of Respondents/Recordkeepers: 50.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--2 hr., 57 min.
Learning about the law or the form--8 min.
Preparing the form--49 min.
Copying, assembling, and sending the form to the IRS--17 min.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 210 hours.
OMB Number: 1545-0863.
Regulation Project 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 a statutory.
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: 1545-0879.
Regulation Project Number: IA-195-78 Final.
Type of Review: Extension.
Title: Certain Returned Magazines, Paperbacks or Records.
Description: The regulations provide rules relating to an exclusion
from certain returned merchandise. The regulations provide that in
addition to physical return of the merchandise, a written statement
listing certain information may constitute evidence of the return.
Taxpayers who receive physical evidence of the return may, in lieu of
retaining physical evidence, retain documentary evidence of the return.
Taxpayers in the trade or business of selling magazines, paperbacks, or
records, who elect to use a certain method of accounting.
Respondents: Business or other for-profit.
Estimated Number of Recordkeepers: 19,500.
Estimated Burden Hours Per Respondent/Recordkeeper: 25 minutes.
Estimated Total Recordkeeping Burden: 8,125 hours.
OMB Number: 1545-1011.
Notice Number: Notice 87-61.
Type of Review: Extension.
Title: Long-Term Contracts; Methods of Accounting Under Tax Return.
Description: These reporting requirements are necessary to permit
taxpayers to change their methods of accounting for long-term contracts
to comply with section 460 of the Internal Revenue Code.
Respondents: Business or other for-profit.
Estimated Number of Respondents: 5,000.
Estimated Burden Hours Per Respondent: 5 hours.
Frequency of Response: Other (For the first taxable year the
taxpayer changes it method).
Estimated Total Reporting Burden: 25,000 hours.
OMB Number: 1545-1100.
Regulation Project Number: REG-209106-89 NPRM (formerly EE-84-89).
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
recipients who seek to exclude the cost of a qualifying prize or award.
Respondents: Business or other for-profit.
Estimated Number of Respondents: 5,100.
Estimated Burden Hours Per Respondent: 15 minutes.
Frequency of Response: On occasion.
Estimated Total Reporting Burden: 1,275 hours.
OMB Number: 1545-1135.
Regulation Project Numbers: INTL-121-90, INTL-292-90, and INTL-361-
89 Final.
Type of Review: Extension.
Title: Treaty-Based Return Positions.
Description: Regulations section 301.6114-1 sets forth the
reporting requirement 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. Regulations section 301.770(b)-7(a)(4)(iv)(C)
sets forth the reporting requirement for dual 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: 6,020.
Estimated Burden Hours Per Respondent: 1 hour.
Frequency of Response: Annually.
Estimated Total Reporting Burden: 6015 hours.
OMB Number: 1545-1244.
Regulation Project Number: PS-39-89 NPRM.
Type of Review: Extension.
Title: Limitation on Passive Activity Losses and Credits-Treatment
of Self-Charged Items of Income and Expense.
Description: The IRS will use this information to determine whether
the entity has made a proper timely election and to determine that
taxpayers are complying with the election in the taxable year of the
election and subsequent tax years.
Respondents: Business or other for-profit, Individuals or
households.
Estimated Number of Respondents: 1,000.
Estimated Burden Hours Per Respondent: 6 minutes.
Frequency of Response: Other (First taxable year that entity seeks
to make election.).
Estimated Total Reporting Burden: 100 hours.
OMB Number: 1545-1269.
Regulation Project Number: PS-7-90 Final.
Type of Review: Extension.
Title: Nuclear Decommissioning Fund Qualification Requirements.
Description: If a taxpayer requests, in connection with a request
for a schedule of ruling as to the classification of certain
unincorporated organizations, the taxpayer is required to submit a copy
of the documents establishing or governing the organization.
Respondents: Business or other for-profit.
Estimated Number of Respondents: 50.
Estimated Burden Hours Per Respondent: 3 hours.
Frequency of Response: On occasion.
Estimated Total Reporting Burden: 150 hours.
OMB Number: 1545-1393.
Regulation Project Number: EE-14-81 NPRM.
Type of Review: Extension.
Title: Deductions and Reductions in Earnings and Profits (for
Accumulated
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Profits) With Respect to Certain Foreign Deferred Compensation Plans
Maintained by Certain Foreign Corporations or by Foreign Branches of
Domestic Corporations.
Description: The regulation provides guidance regarding the
limitations on deductions and adjustments to earnings and profits (or
accumulated profits) for certain foreign deferred compensation plans.
Respondents will be multinational corporations.
Respondents: Business or other for-profit.
Estimated Number of Respondents/Recordkeepers: 1,250.
Estimated Burden Hours Per Respondent/Recordkeeper: 508 hours.
Frequency of Response: On occasion.
Estimated Total Reporting/Recordkeeping Burden: 634,450 hours.
OMB Number: 1545-1435.
Form Number: EE-45-93 Final.
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.
OMB Number: 1545-1486.
Regulation Project Number: PS-4-96 Final.
Type of Review: Extension.
Title: Sale of Residence From Qualified Personal Residence Trust.
Description: Internal Revenue Code section 202(a)(3) provides
special favorable valuation rules for valuing the gift of a personal
residence trust. Regulation section 25.2702-5(a)(2) provides that if
the trust fails to comply with the requirements contained in the
regulations, the trust will be treated as complying if a statement is
attached to the gift tax return reporting the gift stating that a
proceeding has been commenced to reform the instrument to comply with
the requirements of the regulations.
Respondents: Individuals or households.
Estimated Number of Respondents: 200.
Estimated Burden Hours Per Respondent: 3 hours.
Frequency of Response: On occasion.
Estimated Total Reporting Burden: 625 hours.
Clearance Officer: Garrick Shear, 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 10202, New Executive Office Building,
Washington, DC 20503.
Lois K. Holland,
Departmental Reports Management Officer.
[FR Doc. 99-10845 Filed 4-29-99; 8:45 am]
BILLING CODE 4830-01-P
