[Federal Register Volume 62, Number 124 (Friday, June 27, 1997)]
[Notices]
[Pages 34738-34739]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-16950]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 1120-FSC and
Schedule P (Form 1120-FSC)
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
-----------------------------------------------------------------------
SUMMARY: The Department of the Treasury, as part of its continuing
effort to reduce paperwork and respondent
[[Page 34739]]
burden, invites the general public and other Federal agencies to take
this 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-FSC, U.S. Income Tax Return of a Foreign
Sales Corporation, and Schedule P (Form 1120-FSC), Transfer Price or
Commission.
DATES: Written comments should be received on or before August 26, 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 directed to Martha R.
Brinson, (202) 622-3869, Internal Revenue Service, room 5571, 1111
Constitution Avenue NW., Washington, DC 20224.
SUPPLEMENTARY INFORMATION:
Title: U.S. Income Tax Return of a Foreign Sales Corporation (Form
1120-FSC) and Transfer Price or Commission (Schedule P (Form 1120-
FSC)).
OMB Number: 1545-0935.
Form Number: 1120-FSC and Schedule P (Form 1120-FSC).
Abstract: Form 1120-FSC is filed by foreign corporations that have
elected to be FSCs or small FSCs. The FSC uses Form 1120-FSC to report
income and expenses and to figure its tax liability. IRS uses Form
1120-FSC and Schedule P (Form 1120-FSC) to determine whether the FSC
has correctly reported its income and expenses and figured its tax
liability correctly.
Current Actions:
Changes to the form:
Page 6--Line 27 ``Adjustments to shareholders' equity,'' is added
to Schedule L and FSCs are asked to attach a schedule explaining the
line 27 adjustments. These adjustments include:
a. unrealized gains and losses on securities held ``available for
sale'' (acquired by Financial Accounting Standard Board (FASB)
statement no. 115-1993), and
b. other adjustments, such as: foreign currency translation
adjustments, excess of additional pension liability over unrecognized
prior service cost, guarantees of employee stock option (ESOP) debt,
and compensation related to employee stock award plans.
Type of Review: Revision of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 5,000.
Estimated Time Per Respondent: 209 hrs.
Estimated Total Annual Burden Hours: 1,045,000.
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: June 18, 1997.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 97-16950 Filed 6-26-97; 8:45 am]
BILLING CODE 4830-01-U
