98-19057. Submission to OMB for Review; Comment Request

[Federal Register Volume 63, Number 137 (Friday, July 17, 1998)]
[Notices]
[Pages 38693-38694]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-19057]


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DEPARTMENT OF THE TREASURY


Submission to OMB for Review; Comment Request

July 10, 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 August 17, 
1998, to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0865.
    Form Number: IRS Form 8264.
    Type of Review: Extension.
    Title: Application for Registration of a Tax Shelter.
    Description: Organizers of certain tax shelters are required to 
register them with the IRS using Form 8264. Other persons may have to 
register the tax shelter if the organizer doesn't. We use the 
information to give the tax shelter a registration number. Sellers of 
interests in the shelter furnish the number to investors who report the 
number on their tax returns.
    Respondents: Business or other for-profit, Individuals or 
households.
    Estimated Number of Respondents/Recordkeepers: 1,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--33 hr., 14 min.
Learning about the law or the form--2 hr., 41 min.
Preparing, copying, assembling, and sending the form to the IRS--3 hr., 
20 min.

    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 39,260 hours.
    OMB Number: 1545-0881.
    Form Number: IRS Form 8271.
    Type of Review: Extension.
    Title: Investor Reporting of Tax Shelter Registration Number.
    Description: All persons who are claiming a deduction, loss, 
credit, or other tax benefit, or reporting any income on their returns 
from a tax shelter required to be registered (under Internal Revenue 
Code (IRC) 6111) must report the tax shelter registration number on 
that return. Form 8271 is used for this. We use the information to 
associate claimed benefits with the tax shelter and to determine if any 
compliance actions are needed.
    Respondents: Individuals or households, business or other for-
profit, not-for-profit institutions, Farms, State, Local or Tribal 
Government.
    Estimated Number of Respondents/Recordkeepers: 297,500.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--7 minutes

[[Page 38694]]

Learning about the law or the form--7 minutes
Preparing the form--17 minutes
Copying, assembling, and sending the form to the IRS--14 minutes

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 220,150 hours.
    Clearance Officer: Garrick Shear [phone], Internal Revenue 
Service, Room 5571, 1111 Constitution Avenue, NW., Washington, DC 
20224.
    OMB Reviewer: Alexander T. Hunt [phone], Office of 
Management and Budget, Room 10226, New Executive Office Building, 
Washington, DC 20503.
Lois K. Holland,
Departmental Reports Management Officer.
[FR Doc. 98-19057 Filed 7-16-98; 8:45 am]
BILLING CODE 4830-01-P