[Federal Register Volume 59, Number 123 (Tuesday, June 28, 1994)]
[Unknown Section]
[Page ]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-15638]
[Federal Register: June 28, 1994]
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DEPARTMENT OF THE TREASURY
Public Information Collection Requirements Submitted to OMB for
Review
June 22, 1994.
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: 1545-1068
Regulation ID Number: INTL-362-88 NPRM, INTL-953-86 TEMP
Type of Review: Extension
Title: Definitions of a Controlled Foreign Corporation and Foreign
Personal Holding Company Income of a Controlled Foreign Corporation
After December 31, 1986
Description: An election is required to exclude from the computation of
Subpart F income, income subject to rate of tax imposed by a foreign
country that is gains or losses from qualified commodities, hedging
transactions and foreign currency gains or losses from qualified
businesses transactions for qualified hedging transactions. In order to
allow taxpayers to avoid that recordkeeping requirement, an election is
provided to treat all foreign currency gains or losses attributable to
certain transactions as foreign personal holding company income.
Respondents: Businesses or other for-profit
Estimated Number of Respondents/Recordkeepers: 26,500
Estimated Burden Hours Per Respondent/Recordkeeper: 10 minutes
Frequency of Response: Other (One-Time Currency Election)
Estimated Total Reporting/Recordkeeping Burden: 49,417 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) 395-3176, Office of Management and
Budget, Room 10226, New Executive Office Building, Washington, DC
20503.
Lois K. Holland,
Departmental Reports Management Officer.
[FR Doc. 94-15638 Filed 6-27-94; 8:45 am]
BILLING CODE 4830-01-P
