[Federal Register Volume 62, Number 84 (Thursday, May 1, 1997)]
[Notices]
[Pages 23822-23823]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-11167]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Forms 5712 and 5712-A
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 5712, Election To Be Treated as a Possessions Corporation Under
Section 936, and Form 5712-A, Election and Verification of the Cost
Sharing or Profit Split Method Under Section 936(h)(5).
DATES: Written comments should be received on or before June 30, 1997
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: Election To Be Treated as a Possessions Corporation Under
Section 936 (Form 5712), and Election and Verification of the Cost
Sharing or Profit Split Method Under Section 936(h)(5) (Form 5712-A).
OMB Number: 1545-0215
Form Number: 5712 and 5712-A
Abstract: Domestic corporations may elect to be treated as
possessions corporations on Form 5712. This election allows the
corporation to take a tax credit. Possession corporations may elect on
Form 5712-A to share their taxable income with their affiliates under
Internal Revenue Code section 936(h)(5). These forms are used by the
IRS to ascertain if corporations are entitled to the credit and if they
may share their taxable income with their affiliates.
Current Actions: There are no changes being made to the forms at
this time.
Type of Review: Extension of a currently approved collection.
[[Page 23823]]
Affected Public: Business or other for-profit organizations.
Estimated Number of Responses: 2,600
Estimated Time Per Response: 6hr., 59 min.
Estimated Total Annual Burden Hours: 18,138.
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.
Approved: April 23, 1997.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 97-11167 Filed 4-30-97; 8:45 am]
BILLING CODE 4830-01-U
