95-17867. Public Information Collection Requirements Submitted to OMB for Review

[Federal Register Volume 60, Number 139 (Thursday, July 20, 1995)]
[Notices]
[Pages 37494-37495]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-17867]



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DEPARTMENT OF THE TREASURY

Public Information Collection Requirements Submitted to OMB for 
Review

July 13, 1995.
    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: New.
    Form Number: IRS Forms 4996.
    Type of Review: New collection.
    Title: Electronic/Magnetic Media Filing Transmittal for Wage and 
Withholding Tax Returns.
    Description: Form 4996 allows reporting agents to identify tax 
returns submitted on magnetic tapes or electronic transmissions. The 
reporting agent's signature is the signature of the ``composite 
return'' as required by Internal Revenue Regulations 31.6011(a)-8. 
Reporting agents are persons or organizations that submit tax returns 
or federal tax deposits on magnetic tape or via telecommunications.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 400.
    Estimated Burden Hours Per Respondent: 6 minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 170 hours.

    OMB Number: 1545-0188.
    Form Number: IRS Form 4868.
    Type of Review: Revision.
    Title: Application for Automatic Extension of Time To File U.S. 
Individual Income Tax Return.
    Description: Form 4868 is used by taxpayers to apply for an 
automatic 4-month extension of time to Form 1040, Form 1040A, or Form 
1040EZ. This form contains data used by the Service to determine if a 
taxpayer qualifies for the extension.
    Respondents: Individuals or households.
    Estimated Number of Respondents/Recordkeepers: 5,572,999.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping: 26 min.
Learning about the law or the form: 13 min.
Preparing the form: 17 min.
Copying, assembling, and sending the form to the IRS: 10 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 6,130,299 hours.

    OMB Number: 1545-0097.
    Form Number: IRS Form 1099-S.
    Type of Review: Revision.
    Title: Proceeds From Real Estate Transactions.
    Description: Form 1099-S is used by the real estate reporting 
person to report proceeds from a real estate transaction to the IRS.

[[Page 37495]]

    Respondents: Business or other for-profit, individuals or 
households.
    Estimated Number of Respondents: 75,000.
    Estimated Burden Hours Per Respondent: 10 minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 727,023 hours.

    OMB Number: 1545-1058.
    Form Number: IRS Form 8655.
    Type of Review: Revision.
    Title: Reporting Agent Authorization for Magnetic Tape/Electronic 
Filers.
    Description: Form 8655 allows a taxpayer to designate a reporting 
agent to file certain employment tax returns electronically or on 
magnetic tape, and to submit Federal tax deposits. This form allows IRS 
to disclose tax account information and to provide duplicate copies of 
taxpayer correspondence to authorized agents. Reporting agents are 
persons or organizations preparing and filing magnetic tape or 
electronic equivalents of federal tax returns and/or submitting federal 
tax deposits.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 100,000.
    Estimated Burden Hours Per Respondent: 6 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 10,000 hours.

    OMB Number: 1545-1345.
    Regulation ID Number: CO-99-91 Final (T.D. 8490).
    Type of Review: Extension.
    Title: Limitations on Net Corporate Operating Loss.
    Description: This regulation modifies the application of the 
segregation rules under section 382 in the case of certain issuances of 
stock by a loss corporation. This regulation provides that the 
segregation rules do not apply to small issuances of stock, as defined, 
and apply only in part to certain other issuances of stock for cash.
    Respondents: Business or other for-profit, Farms.
    Estimated Number of Respondents: 10.
    Estimated Burden Hours Per Respondent: 1 hour.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 10 hours.
    Clearance Officer: Garrick Shear [phone], Internal Revenue 
Service, room 5571, 1111 Constitution Avenue NW., 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. 95-17867 Filed 7-19-95; 8:45 am]
BILLING CODE 4830-01-P