94-17166. Public Information Collection Requirements Submitted to OMB for Review

[Federal Register Volume 59, Number 135 (Friday, July 15, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-17166]


[[Page Unknown]]

[Federal Register: July 15, 1994]


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DEPARTMENT OF THE TREASURY
 

Public Information Collection Requirements Submitted to OMB for 
Review

July 7, 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: 1545-0130.
    Form Number: IRS Form 1120S, Schedule D, and Schedule K-1.
    Type of Review: Revision.
    Title: U.S. Income Tax Return for an S Corporation (1120S); Capital 
Gains and Losses and Built-In Gains (Schedule D); Shareholder's Share 
of Income, Credits, Deductions, etc. (Schedule K-1).
    Description: Form 1120S, Schedule D (Form 1120S), and Schedule K-1 
(Form 1120S) are used by an S corporation to figure its tax liability, 
and income and other tax-related information to pass through to its 
shareholders. Schedule K-1 is used to report to shareholders their 
share of the corporation's income, deductions, credits, etc. IRS uses 
the information to determine the correct tax for the S corporation and 
its shareholders.
    Respondents: Farms, Businesses or other for-profit, Small 
businesses or organizations.
    Estimated Number of Respondents/Recordkeepers: 1,880,000.
    Estimated Burden Hours Per Respondent/Recordkeeper: 

------------------------------------------------------------------------
                                           Schedule D      Schedule K-1 
                          Form 1120S      (Form 1120S)     (Form 1120S) 
------------------------------------------------------------------------
Recordkeeping........  62 hours, 40     9 hours, 20      14 hours, 50   
                        minutes.         minutes.         minutes.      
Learning about the     20 hours, 43     4 hours, 13      10 hours, 19   
 law or the form.       minutes.         minutes.         minutes.      
Preparing the form...  36 hours, 37     9 hours, 13      14 hours, 44   
                        minutes.         minutes.         minutes.      
Copying, assembling,   4 hours, 1       1 hour, 20       1 hour, 4      
 and sending the form   minute.          minutes.         minutes.      
 to the IRS.                                                            
------------------------------------------------------------------------

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 452,979,090 hours.
    OMB Number: 1545-0938.
    Form Number: IRS Form 1120-IC-DISC, Schedule K, and Schedule P.
    Type of Review: Revision.
    Title: Interest Charge Domestic International Sales Corporation 
Return (1120-IC-DISC);
    Shareholder's Statement of IC-DISC Distributions (Schedule K);
    Intercompany Transfer Price or Commission (Schedule P).
    Description: U.S. corporations that have elected to be an interest 
charge domestic international sales corporation (IC-DISC) file Form 
1120-IC-DISC to report their income and deductions. The IC-DISC is not 
taxed, but IC-DISC shareholders are taxed on their share of IC-DISC 
income. IRS uses Form 1120-IC-DISC to check the IC-DISC's computation 
of income. Schedule K (Form 1120-IC-DISC) is used to report income to 
shareholders; Schedule P (Form 1120-IC-DISC) is used by the IC-DISC to 
report its dealings with related suppliers, etc.
    Respondents: Businesses or other for-profit, Small businesses or 
organizations.
    Estimated Number of Respondents/Recordkeepers: 1,200.
    Estimated Burden Hours Per Respondent/Recordkeeper: 

------------------------------------------------------------------------
                        Form 1120-IC-      Schedule K    Schedule P(1120-
          0                  DISC        (1120-IC-DISC)      IC-DISC)   
------------------------------------------------------------------------
Recordkeeping........  95 hr., 54 min.  4 hr., 4 min...  12 hr., 55 min.
Learning about the     20 hr., 8 min..  47 min.........  1 hr., 17 min. 
 law or the form.                                                       
Preparing the form...  30 hr., 1 min..  54 min.........  1 hr., 34 min. 
Copy, assembling, and  2 hr., 9 min...  ...............  ...............
 sending the form to                                                    
 the IRS.                                                               
------------------------------------------------------------------------

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 232,253 hours.
    Clearance Officer: Garrick Shear [phone], Internal Revenue 
Service, Room 5571, 1111 Constitution Avenue, N.W., Washington, DC 
20224.
    OMB Reviewer: Milo Sunderhauf [phone], Office of Management 
and Budget, Room 10226, New Executive Office Building, Washington, DC 
20503.
Lois K. Holland,
Departmental Reports, Management Officer.
[FR Doc. 94-17166 Filed 7-14-94; 8:45 am]
BILLING CODE 4830-01-P