97-11694. Submission to OMB for Review; Comment Request

[Federal Register Volume 62, Number 87 (Tuesday, May 6, 1997)]
[Notices]
[Pages 24684-24685]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-11694]


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DEPARTMENT OF THE TREASURY


Submission to OMB for Review; Comment Request

April 18, 1997.
    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 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.

Internal Revenue Service (IRS)

    OMB Number: 1545-1241.
    Regulation Project Number: PS-92-90 Final.
    Type of Review: Extension.
    Title: Special Valuation Rules.
    Description: Section 2701 of the Internal Revenue Code allows 
various elections by family members who make gifts of common stock or 
partnership interests and retain senior interests. The elections affect 
the value of the gifted interests and the retained interests.
    Respondents: Individuals or households.
    Estimated Number of Respondents: 1,000.
    Estimated Burden Hours Per Respondent: 25 minutes.

[[Page 24685]]

    Frequency of Response: Other (one-time election).
    Estimated Total Reporting Burden: 496 hours.

    OMB Number: 1545-1254.
    Regulation Project Number: FI-34-91 Final.
    Type of Review: Extension.
    Title: Conclusive Presumption of Worthlessness of Debts Held by 
Banks.
    Description: Paragraph (d) (3) of section 1.166-2 of the 
regulations allows banks and thrifts to elect to conform their tax 
accounting for bad debts with their regulatory accounting. An election, 
or revocation thereof, is a change in method of accounting. The 
collection of information required in section 1.166-2(d)(3) is 
necessary to monitor the elections.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 200.
    Estimated Burden Hours Per Respondent: 15 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 50 hours.

    OMB Number: 1545-1426.
    Regulation Project Number: INTL-21-91 Temporary and Final.
    Type of Review: Extension.
    Title: Section 6662--Imposition of the Accuracy-Related Penalty.
    Description: These regulations provide guidance about substantial 
and gross valuation misstatements as defined in sections 6662(e) and 
6662(h). They also provide guidance about the reasonable cause and good 
faith exclusion. The regulations apply to taxpayers who have 
transactions between persons described in section 482 and net section 
482 transfer price adjustments.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 2,500.
    Estimated Burden Hours Per Respondent/Recordkeeper: 8 hours, 3 
minutes.
    Estimated Total Reporting/Recordkeeping Burden: 20,125 hours.
    Clearance Officer: Garrick Shear [phone], Internal Revenue 
Service, Room 5571, 1111 Constitution Avenue, NW., Washington, DC 
20224.
    OMB Reviewer: Alexander T. Hunt [phone], Office of 
Management and Budget, Room 10226, New Executive Office Building, 
Washington, DC 20503.
Lois K. Holland,
Departmental Reports Management Officer.
[FR Doc. 97-11694 Filed 5-5-97; 8:45 am]
BILLING CODE 4830-01-P