[Federal Register Volume 62, Number 99 (Thursday, May 22, 1997)]
[Notices]
[Pages 28105-28106]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-13539]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 1120-IC-DISC,
Schedules K and P
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
[[Page 28106]]
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 1120-IC-DISC, Interest Charge Domestic
International Sales Corporation Return, Schedule K, Shareholder's
Statement of IC-DISC Distributions, and Schedule P, Intercompany
Transfer Price or Commission.
DATES: Written comments should be received on or before July 21, 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 2 directed to Martha R.
Brinson, (202) 622-3869, Internal Revenue Service, room 5571, 1111
Constitution Avenue NW., Washington, DC 20224.
SUPPLEMENTARY INFORMATION:
Title: Interest Charge Domestic International Sales Corporation
Return (Form 1120-IC-DISC), Shareholder's Statement of IC-DISC
Distributions (Schedule K), and Intercompany Transfer Price or
Commission (Schedule P).
OMB Number: 1545-0938.
Form Number: 1120-IC-DISC, Schedules K and P.
Abstract: U.S. corporations that have elected to be an interest
charge domestic international sales corporation (IC-DISC) file Form
1120-IC-DISC to report their income and deductions. The IC-DISC is not
taxed, but IC-DISC shareholders are taxed on their share of IC-DISC
income. IRS uses Form 1120-IC-DISC to check the IC-DISC's computation
of income. Schedule K (Form 1120-IC-DISC) is used to report income to
shareholders. Schedule P (Form 1120-IC-DISC) is used by the IC-DISC to
report its dealings with related suppliers.
Current Actions: There are no changes being made to the forms at
this time.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 1,200.
Estimated Time Per Respondent: 193 hr., 8 min.
Estimated Total Annual Burden Hours: 231,773.
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: May 14, 1997.
Garrick R. Shear,
IRS Reports Clearance Officer
[FR Doc. 97-13539 Filed 5-21-97; 8:45 am]
BILLING CODE 4830-01-P
