[Federal Register Volume 60, Number 102 (Friday, May 26, 1995)]
[Notices]
[Pages 28015-28017]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-12938]
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DEPARTMENT OF THE TREASURY
Public Information Collection Requirements Submitted to OMB for
Review
May 16, 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: 1545-0042.
Form Number: IRS Form 970.
Type of Review: Extension.
Title: Application to Use Last-In, First-Out (LIFO) Inventory
Method.
Description: Form 970 is filed by individuals, partnerships,
trusts, estates, or corporations to elect to use the LIFO inventory
method or to extend the LIFO inventory method to additional goods. The
IRS uses Form 970 to determine if the election was properly made.
Respondents: Business or other for-profit, Individuals or
households, Farms.
Estimated Number of Respondents/Recordkeepers: 3,000.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping, 8 hr., 37 min.
Learning about the law or the form, 1 hr., 35 min.
Preparing the form, 1 hr., 48 min.
Frequency of Response: On occasion.
Estimated Total Reporting/Recordkeeping Burden: 36,000 hours.
OMB Number: 1545-0055.
Form Number: IRS Form 1001.
Type of Review: Extension.
Title: Ownership, Exemption, or Reduced Rate Certificate.
Description: This form is used by owners of certain types of income
to report to a withholding agent, both the ownership and any reduced or
exempt tax rate under tax conventions or treaties, and if appropriate,
to claim a release of tax withheld at source. The withholding agent
uses the information to determine the appropriate withholding.
Respondents: Individuals or households, Business or other for-
profit.
Estimated Number of Respondents/Recordkeepers: 100,000.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping, 4 hr., 32 min.
Learning about the law or the form, 1 hr., 0 min.
Preparing and sending the form to the IRS, 1 hr., 7 min.
Frequency of Response: On occasion.
Estimated Total Reporting/Recordkeeping Burden: 665,000 hours.
OMB Number: 1545-0240.
Form Number: IRS Form 6118.
Type of Review: Extension.
Title: Claim of Income Tax Return Preparers.
Description: Form 6118 is used by preparers to file for a refund of
penalties incorrectly charged. The information enables the IRS to
process the claim and have the refund issued to the tax return
preparer.
Respondents: Individuals or households, Business or other for-
profit.
Estimated Number of Respondents/Recordkeepers: 10,000.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping, 13 min.
Learning about the law or the form, 11 min.
Preparing the form, 8 min.
Copy, assembling, and sending the form to the IRS, 20 min.
Frequency of Response: On occasion.
Estimated Total Reporting/Recordkeeping Burden: 8,900 hours.
OMB Number: 1545-0242.
Form Number: IRS Form 6197.
Type of Review: Extension.
Title: Gas Guzzler Tax.
Description: Form 6197 is used to compute the gas guzzler tax on
automobiles whose fuel economy does not meet certain standards for fuel
economy. The tax is reported quarterly on Form 720. Form 6197 is filed
each [[Page 28016]] quarter with Form 720 for manufacturers.
Individuals can make a one-time filing if they import a gas guzzler
auto for personal use. The IRS uses the information to verify
computation of the tax and compliance with the law.
Respondents: Individuals or households, Business or other for-
profit.
Estimated Number of Respondents/Recordkeepers: 485.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping, 4 hr., 18 min.
Learning about the law or the form, 12 min.
Preparing and sending the form to the IRS, 17 min.
Frequency of Response: Quarterly, Annually.
Estimated Total Reporting/Recordkeeping Burden: 2,892 hours.
OMB Number: 1545-0715.
Form Number: IRS Form 1099-B.
Type of Review: Extension.
Title: Proceeds From Broker and Barter Exchange Transactions.
Description: Form 1099-B is used by brokers and barter exchanges to
report proceeds from transactions to the Internal Revenue Service.
Respondents: Individuals or households.
Estimated Number of Respondents: 50,000.
Estimated Burden Hours Per Respondent: 15 minutes.
Frequency of Response: Annually.
Estimated Total Reporting Burden: 12,925,000 hours.
OMB Number: 1545-0895.
Form Number: IRS Form 3800.
Type of Review: Extension.
Title: General Business Credit.
Description: Internal Revenue Code (IRC) section 38 permits
taxpayers to reduce their income tax liability by the amount of their
general business credit, which is an aggregation of their investment
credit, jobs credit, alcohol fuel credit, research credit, low-income
housing credit, disabled access credit, enhanced oil recovery credit,
etc. Form 3800 is used to figure the correct credit.
Respondents: Business or other for-profit, Farms.
Estimated Number of Respondents/Recordkeepers: 247,500.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping, 11 hr., 43 min.
Learning about the law or the form, 1 hr., 0 min.
Preparing and sending the form to the IRS, 1 hr., 14 min.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 3,452,625 hours.
OMB Number: 1545-0930.
Form Number: IRS Form 8396.
Type of Review: Extension.
Title: Mortgage Interest Credit.
Description: Form 8396 is used by individual taxpayers to claim a
credit against their tax for a portion of the interest paid on a home
mortgage in connection with a qualified mortgage credit certificate.
Internal Revenue Code (IRC) section 25 allows the credit and IRC
section 163(g) provides that the interest deduction on Schedule A will
be reduced by the credit.
Respondents: Individuals or households.
Estimated Number of Respondents/Recordkeepers: 30,000.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping, 46 min.
Learning about the law or the form, 6 min.
Preparing the form, 42 min.
Copying, assembling, and sending the form to the IRS, 20 min.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 54,300 hours.
OMB Number: 1545-0971.
Form Number: IRS Form 1041-ES.
Type of Review: Extension.
Title: Estimated Income Tax for Estates and Trusts.
Description: Form 1041-ES is used by fiduciaries of estates and
trusts to make estimated tax payments if their estimated tax is $500 or
more. IRS uses the data to credit taxpayers' accounts and to determine
if the estimated tax has been properly computed and timely paid.
Respondents: Business or other for-profit.
Estimated Number of Respondents/Recordkeepers: 300,000.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping, 20 min.
Learning about the law or the form, 8 min.
Preparing the form, 1 hr., 16 min.
Copying, assembling, and sending the form to the IRS, 20 min.
Frequency of Response: Quarterly, Annually.
Estimated Total Reporting/Recordkeeping Burden: 2,484,000 hours.
OMB Number: 1545-1010.
Form Number: IRS Form 1120-RIC.
Type of Review: Extension.
Title: U.S. Income Tax Return for Regulated Investment Companies.
Description: Form 1120-RIC is filed by a domestic corporation
electing to be taxed as a RIC in order to report its income and
deductions and to compute its tax liability. IRS uses Form 1120-RIC to
determine whether the RIC has correctly reported its income,
deductions, and tax liability.
Respondents: Business or other for-profit.
Estimated Number of Respondents/Recordkeepers: 3,277.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping, 58 hr., 10 min.
Learning about the law or the form, 17 hr., 49 min.
Preparing the form, 34 hr., 25 min.
Copying, assembling, and sending the form to the IRS, 4 hr., 17
min.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 372,562 hours.
OMB Number: 1545-1054.
Form Number: IRS Form 8736.
Type of Review: Extension.
Title: Application for Automatic Extension of Time To File U.S.
Return for a Partnership, REMIC, or for Certain Trusts.
Description: Form 8736 is used by partnerships, REMICs, and by
certain trusts to request automatic 3-month extension of time to file
Form 1065, Form 1041, or Form 1066. Form 8736 contains data needed by
the IRS to determine whether or not a taxpayer qualifies for such an
extension.
Respondents: Business or other for-profit, Farms.
Estimated Number of Respondents/Recordkeepers: 36,000.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping, 3 hr., 7 min.
Learning about the law or the form, 24 min.
Preparing, copying, assembling, and sending the form to the IRS, 28
min.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 142,920 hours.
OMB Number: 1545-1190.
Form Number: IRS Form 8824.
Type of Review: Extension.
Title: Like-Kind Exchanges.
Description: Form 8824 is used by individuals, corporations,
partnerships, and other entities to report the exchange of business or
investment property, and the deferral of gains from such transactions
under section 1031. It is also used to report the deferral of gain
under section 1043 by members of the executive branch of the Federal
government.
Respondents: Individuals or households, Business or other for
profit.
Estimated Number of Respondents/Recordkeepers: 200,000.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping, 26 min. [[Page 28017]]
Learning about the law or the form, 28 min.
Preparing the form, 1 hr., 2 min.
Copying, assembling, and sending the form to the IRS, 27 min.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 353,884 hours.
Clearance Officer: Garrick Shear (202) 622-3869, Internal Revenue
Service, Room 5571, 1111 Constitution Avenue, NW., Washington, DC
20224.
OMB Reviewer: Milo Sunderhauf (202) 395-7340, Office of Management
and Budget, Room 10226, New Executive Office Building, Washington, DC
20503.
Lois K. Holland,
Departmental Reports Management Officer.
[FR Doc. 95-12938 Filed 5-25-95; 8:45 am]
BILLING CODE 4830-01-P
