97-11696. Submission to OMB for Review; Comment Request

[Federal Register Volume 62, Number 87 (Tuesday, May 6, 1997)]
[Notices]
[Pages 24685-24686]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-11696]


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DEPARTMENT OF THE TREASURY


Submission to OMB for Review; Comment Request

April 23, 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: 1545-0066.
    Form Number: IRS Form 2688.
    Type of Review: Extension.
    Title: Application for Additional Extension of Time to File U.S. 
Individual Income Tax Return.
    Description: Internal Revenue Code (IRC) section 6081 permits the 
Secretary to grant a reasonable extension of time for filing any 
return, declaration, statement, or other document. This form is used by 
individuals to ask for an additional extension of time to file U.S. 
income tax returns after filing for the automatic extension, but still 
needing more time.
    Respondents: Individuals or households.
    Estimated Number of Respondents: 1,453,000.
    Estimated Burden Hours Per Respondent:
    Learning about the law or the form--8 min.
    Preparing the form--10 min.
    Copying, assembling, and sending the form to the IRS--20 min.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 929,920 hours.

    OMB Number: 1545-0967.
    Form Number: IRS Form 8453-F.
    Type of Review: Extension.
    Title: US Estate or Trust Income Tax Declaration and Signature for 
Electronic and Magnetic Media Filing.
    Description: This form is used to secure taxpayer signatures and 
declarations in conjunction with electronic and magnetic media filing 
of trust and fiduciary income tax returns. This form, together with the 
electronic and magnetic media transmission, will comprise the 
taxpayer's income tax return (Form 1041).
    Respondents: Individuals or households, business or other for-
profit.
    Estimated Number of Respondents/Recordkeepers: 1,000.
    Estimated Burden Hours Per Respondent/Recordkeepers:
    Recordkeeping--7 min.
    Learning about the law or the form--5 min.
    Preparing the form--18 min.
    Copying, assembling, and sending the form to the IRS--20 min.
    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 830 hours.

    OMB Number: 1545-0970.
    Form Number: IRS Form 8453-P.
    Type of Review: Extension.
    Title: US Partnership Declaration and Signature for Electronic and 
Magnetic Media Filing.
    Description: This form is used to secure the general partners' 
signature and declaration in conjunction with the electronic/magnetic 
media filing program. This form, together with the electronic/magnetic 
media transmission, will comprise the partnership's return.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 500.
    Estimated Burden Hours Per Respondent/Recordkeepers:
    Recordkeeping--7 min.
    Learning about the law or the form--5 min.
    Preparing the form--20 min.
    Copying, assembling, and sending the form to the IRS--17 min.
    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 410 hours.

    OMB Number: 1545-1364.
    Regulation Project Number: INTL-372-88 Final and INTL-401-88 Final 
.
    Type of Review: Extension.
    Title: Section 482 Cost Sharing Regulations (INTL-372-88); and 
Intercompany Transfer Pricing Regulations Under Section 482 (INTL-401-
88).
    Description: INTL-372-88. The information will be used to determine 
whether an entity is an eligible participant of a qualified cost-
sharing arrangement and whether each eligible participant is sharing 
the costs and benefits of intangible development on an arm's length 
basis.
    INTL-401-88. This document contains regulations relating to the 
pricing of transfer of tangible property, intangible property, or 
services between related parties.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 1,000.
    Estimated Burden Hours Per Respondent/Recordkeeper: 7 hours, 51 
minutes.

[[Page 24686]]

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 7,850 hours.

    OMB Number: 1545-1403.
    Regulation Project Number: FI-46-93 Final.
    Type of Review: Extension.
    Title: Hedging Transactions.
    Description: The information is required by the IRS to aid it in 
administering the law and to prevent manipulation. The information will 
be used to verify that a taxpayer is properly reporting its business 
hedging transactions.
    Respondents: Business or other for-profit.
    Estimated Number of Recordkeepers: 110,000.
    Estimated Burden Hours Per Recordkeeper: 52 minutes.
    Estimated Total Recordkeeping Burden: 95,000 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. 97-11696 Filed 5-5-97; 8:45 am]
BILLING CODE 4830-01-P