[Federal Register Volume 62, Number 107 (Wednesday, June 4, 1997)]
[Notices]
[Page 30675]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-14591]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 1120, Schedule D,
Schedule H, and Schedule PH
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
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SUMMARY: The Department of the Treasury, as part of its continuing
effort to reduce paperwork and respondent 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, U.S. Corporation Income Tax Return, Schedule D, Capital
Gains and Losses, Schedule H, Section 280H Limitations for a Personal
Service Corporation (PSC), and Schedule PH, U.S. Personal Holding
Company (PHC) Tax.
DATES: Written comments should be received on or before August 4, 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: 1120, U.S. Corporation Income Tax Return, Schedule D,
Capital Gains and Losses, Schedule H, Section 280H Limitations for a
Personal Service Corporation (PSC), and Schedule PH, U.S. Personal
Holding Company (PHC) Tax.
OMB Number: 1545-0123.
Form Number: 1120, Schedule D, Schedule H, and Schedule PH.
Abstract: Form 1120 is used by corporations to compute their
taxable income and tax liability. Schedule D (Form 1120) is used by
corporations to report gains and losses from the sale of capital
assets. Schedule H (Form 1120) is used by personal service corporations
to determine if they have met the minimum distribution requirements of
Internal Revenue Code section 280H. Schedule PH (Form 1120) is used by
personal holding companies to compute their tax liability.
Current Actions: On the balance sheet (Schedule L, Form 1120), a
new line was added for adjustments to shareholders' equity. These
adjustments include unrealized gains and losses on securities held
available for sale, foreign currency translation adjustments, excess of
additional pension liability over unrecognized prior service cost, 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 and
farms.
Estimated Number of Respondents: 2,462,931.
Estimated Time Per Respondent: 196 hr., 8 min.
Estimated Total Annual Burden Hours: 483,052,775.
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: May 29, 1997.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 97-14591 Filed 6-3-97; 8:45 am]
BILLING CODE 4830-01-U
