[Federal Register Volume 63, Number 89 (Friday, May 8, 1998)]
[Notices]
[Pages 25564-25566]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-12214]
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DEPARTMENT OF THE TREASURY
Submission to OMB for Review; Comment Request
April 27, 1998.
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, Public Law 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.
DATES: Written comments should be received on or before June 8, 1998 to
be assured of consideration.
Internal Revenue Service (IRS)
OMB Number: 1545-0115.
Form Number: IRS Form 1099-MISC.
Type of Review: Extension.
Title: Miscellaneous Income.
Description: Form 1099-MISC is used by payers to report payments of
$600 or more of rents, prizes and awards, medical and health care
payments, nonemployee compensation, and crop insurance proceeds, $10 or
more of royalties, any amount of fishing boar proceeds, certain
substitute payments, golden parachute payments, and an indication of
direct sales or $5,000 or more.
Respondents: Business or other for-profit, Individuals or
households, Not-for-profit institutions, Farms, Federal Government,
State, Local or Tribal Government.
Estimated Number of Respondents: 4,302,217.
Estimated Burden Hours Per Respondent: 14 minutes.
Frequency of Response: Annually.
Estimated Total Reporting Burden: 16,852,933 hours.
OMB Number: 1545-0129.
Form Number: IRS Form 1120-POL.
Type of Review: Extension.
Title: U.S. Income Tax Return for Certain Political Organizations.
Description: Certain political organizations file Form 1120-POL to
report the tax imposed by section 527. The form is used to designate a
principal business campaign committee that is subject to a lower rate
of tax under section 527(h). IRS uses Form 1120-POL to determine if the
proper tax was paid.
Respondents: Not-for-profit institutions.
Estimated Number of Respondents/Recordkeepers: 6,527.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--15 hr., 32 min.
Learning about the law or the form--6 hr., 12 min.
Preparing the form--15 hr., 6 min.
Copying, assembling, and sending the form to the IRS--2 hr., 25 min.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 256,185 hours.
OMB Number: 1545-0192.
Form Number: IRS Form 4970.
Type of Review: Extension.
Title: Tax on Accumulation Distribution of Trusts.
Description: Form 4970 is used by a beneficiary of a domestic or
foreign trust to compute the tax adjustment attributable to an
accumulation distribution. The form is used to verify whether the
correct tax has been paid on the accumulation distribution.
Respondents: Individuals or households.
Estimated Number of Respondents/Recordkeepers: 30,000.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--1 hr., 12 min.
Learning about the law or the form--16 min.
Preparing the form--1 hr., 27 min.
Copying, assembling, and sending the form to the IRS--20 min.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 97,800 hours.
OMB Number: 1545-0196.
Form Number: IRS Form 5227.
Type of Review: Extension.
Title: Split-Interest Trust Information Return.
Description: The data reported is used to verify that the
beneficiaries of a charitable remainder trust include the correct
amounts in their tax returns, and that the split-interest trust is not
subject to private foundation taxes.
Respondents: Business or other for-profit.
Estimated Number of Respondents/Recordkeepers: 53,303.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--46 hr., 52 min.
Learning about the law or the form--3 hr., 48 min.
Preparing the form--10 hr., 19 min.
Copying, assembling, and sending the form to the IRS--1 hr., 37 min.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 3,336,768 hours.
OMB Number: 1545-0582.
Form Number: IRS Form 1139.
Type of Review: Extension.
Title: Corporation Application for Tentative Refund.
Description: Form 1139 is filed by corporations that expect to have
a net operating loss, net capital loss, or unused general business
credits carried back to a prior tax year. IRS uses Form 1139 to
determine if the amount of the loss or unused credits is reasonable.
Respondents: Business or other for-profit.
Estimated Number of Respondents/Recordkeepers: 3,000.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--25 hr., 35 min.
Learning about the law or the form--3 hr., 50 min.
[[Page 25565]]
Preparing the form--9 hr., 4 min.
Copying, assembling, and sending the form to the IRS--1 hr., 20 min.
Frequency of Response: On occasion.
Estimated Total Reporting/Recordkeeping Burden: 119,490 hours.
OMB Number: 1545-0763.
Regulation Project Number: LR-200-76 Final.
Type of Review: Extension.
Title: Qualified Conservation Contributions.
Description: The information is necessary to comply with various
substantive requirements of section 170(h), which describes situations
in which a taxpayer is entitled to an income tax deduction for a
charitable contribution for conservation purposes of a partial interest
in real property.
Respondents: Business or other for-profit, Individuals or
households, Not-for-profit institutions, Farms, Federal Government,
State, Local or Tribal Government.
Estimated Number of Recordkeepers: 1,000.
Estimated Burden Hours Per Recordkeeper: 1 hour, 15 minutes.
Estimated Total Recordkeeping Burden: 1,250 hours.
OMB Number: 1545-0927.
Form Number: IRS Form 8390.
Type of Review: Extension.
Title: Information Return for determination of Life Insurance
Company Earnings Rate Under Section 809.
Description: Life insurance companies are required to provide data
so the Secretary of the Treasury can compute the: (1) stock earnings
rate of the 50 largest stock companies; and (2) average mutual earnings
rate. These factors are used to compute the differential earnings rate
which will determine the tax liability for mutual insurance companies.
Respondents: Business or other for-profit.
Estimated Number of Respondents/Recordkeepers: 150.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--56 hr., 41 min.
Learning about the law or the form--3 hr., 35 min.
Preparing and sending the form to the IRS--4 hr., 40 min.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 9,738 hours.
OMB Number: 1545-1014.
Form Number: IRS Form 1066 and Schedule Q (Form 1066).
Type of Review: Extension.
Title: U.S. Real Estate Mortgage Investment Conduit (REMIC) Income
Tax Return (1066); and Quarterly Notice to Residual Interest Holder of
REMIC Taxable Income or Net Loss Allocation (Schedule Q).
Description: Form 1066 and Schedule Q (Form 1066) are used by a
real estate mortgage investment conduit (REMIC) to figure its tax
liability and income and other tax-related information to pass through
to its residual holders. IRS uses the information to determine the
correct tax liability of the REMIC and its residual holders.
Respondents: Business or other for-profit.
Estimated Number of Respondents/Recordkeepers: 4,917.
Estimated Burden Hours Per Respondent/Recordkeeper:
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Form 1066 Schedule Q (Form 1066)
----------------------------------------------------------------------------------------------------------------
Recordkeeping......................... 28 hr., 13 min..................... 6 hr., 13 min.
Learning about the law or the form.... 6 hr., 41 min...................... 1 hr., 28 min.
Preparing the form.................... 9 hr., 41 min...................... 2 hr., 34 min.
Copying, assembling, and sending the 32 min............................. 16 min.
form to the IRS.
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Frequency of Response: Quarterly, Annually.
Estimated Total Reporting/Recordkeeping Burden: 736,862 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: Other (when such election is made).
Estimated Total Reporting/Recordkeeping Burden: 1,040 hours.
OMB Number: 1545-1250.
Form Number: IRS Form 9356.
Type of Review: Revision.
Title: Application for Software Developers to Participate in the
1040PC Format for Individual Income Tax Returns.
Description: Form 9356 will be filled in by software developers and
submitted to the IRS as an application for producing software for the
Form 1040PC.
Respondents: Business or other for-profit.
Estimated Number of Respondents: 200.
Estimated Burden Hours Per Respondent: 15 minutes.
Frequency of Response: Annually.
Estimated Total Reporting Burden: 50 hours.
OMB Number: 1545-1308
Regulation Project Number: PS-260-82 Final.
Type of Review: Extension.
Title: Election, Revocation, Termination, and Tax Effect of
Subchapter S Status.
Description: Sections 1.1362-1 through 1.1362-7 of the Income Tax
Regulations provide the specific procedures and requirements necessary
to implement section 1362, including the filing of various elections
and statements with the Internal Revenue Service.
Respondents: Individuals or households, Business or other for-
profit, Farms.
Estimated Number of Respondents: 133.
Estimated Burden Hours Per Respondent: 3 hours, 18 minutes.
Estimated Total Reporting Burden: 322 hours.
OMB Number: 1545-1379.
Form Number: IRS Form 8831.
Type of Review: Extension.
Title: Excise Taxes on Excess Inclusions of REMIC Residual
Interests.
Description: Form 8831 is used by a real estate mortgage investment
conduit
[[Page 25566]]
(REMIC) to figure its excise tax liability under Code sections
860E(e)(1), 860E(e)(6), and 860E(e)(7). IRS uses the information to
determine the correct tax liability of the REMIC.
Respondents: Business or other for-profit.
Estimated Number of Respondents/Recordkeepers: 31.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--4 hr., 32 min.
Learning about the law or the form--1 hr., 29 min.
Preparing and sending the form to the IRS--1 hr., 38 min.
Frequency of Response: On occasion.
Estimated Total Reporting/Recordkeeping Burden: 237 hours.
Clearance Officer: Garrick Shear, (202) 622-3869, Internal Revenue
Service, Room 5571, 1111 Constitution Avenue, NW, Washington, DC 20224.
OMB Reviewer: Alexander T. Hunt, (202) 395-7860, Office of
Management and Budget, Room 10226, New Executive Office Building,
Washington, DC 20503.
Lois K. Holland,
Departmental Reports Management Officer.
[FR Doc. 98-12214 Filed 5-7-98; 8:45 am]
BILLING CODE 4830-01-U
