95-11737. Public Information Collection Requirements Submitted to OMB for Review

[Federal Register Volume 60, Number 92 (Friday, May 12, 1995)]
[Notices]
[Pages 25762-25763]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-11737]



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DEPARTMENT OF THE TREASURY

Public Information Collection Requirements Submitted to OMB for 
Review

May 4, 1995.
    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 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 (IRS)

OMB Number: 1545-0219
Form Number: IRS Form 5884
Type of Review: Extension
Title: Jobs Credit
Description: Internal Revenue Code (IRC) Section 38(b)(2) allows a 
credit against income tax to employers hiring individuals from certain 
targeted groups such as welfare recipients, etc. The employer uses Form 
5884 to figure this jobs credit. IRS uses the information on the form 
to verify that the correct amount of credit was claimed.
Respondents: Individuals or households, Business or other for-profit, 
Farms
Estimated Number of Respondents/Recordkeepers: 85,000
Estimated Burden Hours Per Respondent/Recordkeeper:
    Recordkeeping--4 hr., 4 min.
    Learning about the law or the form--35 min.
    Preparing and sending the form to the IRS--41 min.
Frequency of Response: Annually
Estimated Total Reporting/Recordkeeping Burden: 454,750 hours

OMB Number: 1545-0231
Form Number: IRS Form 6478
Type of Review: Extension
Title: Credit for Alcohol Used as Fuel
Description: Internal Revenue Code (IRC) Section 38(b)(3) allows a 
nonrefundable income tax credit for businesses that sell or use 
alcohol. Small ethanol producers also receive a nonrefundable credit 
for production of qualified ethanol. Form 6478 is used to figure the 
credits.
Respondents: Business or other for-profit, Farms
Estimated Number of Respondents/Recordkeepers: 5,600
Estimated Burden Hours Per Respondent/Recordkeeper:
    Recordkeeping--10 hr., 46 min.
    Learning about the law or the form--34 min.
    Preparing the form--1 hr., 42 min.
    Copying, assembling, and sending the form to the IRS--16 min.
Frequency of Response: Annually
Estimated Total Reporting/Recordkeeping Burden: 74,480 hours

OMB Number: 1545-0984
Form Number: IRS Form 8586
Type of Review: Extension
Title: Low-Income Housing Credit
Description: The Tax Reform Act of 1986 (Code Section 42) permits 
[[Page 25763]] owners of residential rental projects providing low-
income housing to claim a credit against income tax for part of the 
cost of constructing or rehabilitating such low-income housing. Form 
8586 is used by taxpayers to compute the credit and by IRS to verify 
that the correct credit has been claimed.
Respondents: Individuals or households, Business or other for-profit
Estimated Number of Respondents/Recordkeepers: 50,000
Estimated Burden Hours Per Respondent/Recordkeeper:
    Recordkeeping--6 hr., 13 min.
    Learning about the law or the form--1 hr., 32 min.
    Preparing and sending the form to the IRS--4 hr., 6 min.
Frequency of Response: Annually
Estimated Total Reporting/Recordkeeping Burden: 592,500 hours

OMB Number: 1545-1007
Form Number: IRS Form 8606
Type of Review: Extension
Title: Nondeductible IRAs (Contributions, Distributions, and Basis)
Description: Internal Revenue Code (IRC) Section 408(o) allows 
taxpayers to elect to make nondeductible contributions to individual 
retirement plans. This Section also requires taxpayers to report to the 
Internal Revenue Service certain information regarding nondeductible 
contributions.
Respondents: Individuals or households
Estimated Number of Respondents/Recordkeepers: 997,748
Estimated Burden Hours Per Respondent/Recordkeeper:
    Recordkeeping--26 min.
    Learning about the law or the form--7 min.
    Preparing the form--21 min.
    Copying, assembling, and sending the form to the IRS--20 min.
Frequency of Response: Annually
Estimated Total Reporting/Recordkeeping Burden: 1,247,185 hours

OMB Number: 1545-1020
Form Number: IRS Form 1041-T
Type of Review: Extension
Title: Allocation of Estimated Tax Payments to Beneficiaries
Description: This form was developed to allow a trustee of a trust or 
an executor of an estate to make an election under Internal Revenue 
Code (IRC) Section 643(g) to allocate any payment of estimated tax to a 
beneficiary(ies). This form serves as a transmittal so that Service 
Center personnel can determine the correct amounts that are to be 
transferred from the fiduciary's account to the individual's account.
Respondents: Business or other for-profit
Estimated Number of Respondents/Recordkeepers: 1,000
Estimated Burden Hours Per Respondent/Recordkeeper:
    Recordkeeping--20 min.
    Learning about the law or the form--4 min.
    Preparing the form--21 min.
    Copying, assembling, and sending the form to the IRS--17 min.
Frequency of Response: Annually, Other
Estimated Total Reporting/Recordkeeping Burden: 1,030 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. 95-11737 Filed 5-11-95; 8:45 am]
BILLING CODE 4830-01-P