[Federal Register Volume 59, Number 140 (Friday, July 22, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-17833]
[[Page Unknown]]
[Federal Register: July 22, 1994]
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DEPARTMENT OF THE TREASURY
Public Information Collection Requirements Submitted to OMB for
Review
July 15, 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: 1545-0228
Form Number: IRS Form 6252
Type of Review: Extension
Title: Installment Sale Income
Description: Information is needed to figure and report an installment
sale for a casual or incidental sale of personal property, and a sale
of real property by someone not in the business of selling real estate.
Data is used to determine whether the installment sale has been
properly reported and the correct amount of profit included in income
on the taxpayer's return.
Respondents: Individuals or households, Farms, Businesses or other for-
profit, Non-profit institutions, Small businesses or organizations
Estimated Number of Respondents/Recordkeepers: 782,848
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--1 hr. 15 min.
Learning about the law or the form--39 min.
Preparing the form--56 min.
Copying, assembling, and sending the form to the IRS--20 min.
Frequency of Response: On occasion
Estimated Total Reporting/Recordkeeping Burden: 13,200 hours
OMB Number: 1545-0495
Form Number: IRS Form 4506-A
Type of Review: Extension
Title: Request for Public Inspection or Copy of Exempt Organization Tax
Form
Description: Form 4506-A is used to request a public inspection or a
copy of an exempt organization tax form. It is also used to request an
aperture card of Form 990-PF.
Respondents: Individuals or households, State or local governments,
Farms, Businesses or other for-profit, Federal agencies or employees,
Non-profit institutions
Estimated Number of Respondents/Recordkeepers: 20,000
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--7 min.
Learning about the law or the form--2 min.
Preparing the form--17 min.
Copying, assembling, and sending the form to the IRS--14 min.
Frequency of Response: On occasion
Estimated Total Reporting/Recordkeeping Burden: 13,200 hours
OMB Number: 1545-0644
Form Number: IRS Form 6781
Type of Review: Extension
Title: Gains and Losses From Section 1256 Contracts and Straddles
Description: Form 6781 is used by taxpayers in computing their gains
and losses from Section 1256 Contracts and Straddles and their special
tax treatment. The data is used to verify that the tax reported
accurately reflects any such gains and losses.
Respondents: Individuals or households, Businesses or other for-
profit, Small businesses or organizations
Estimated Number of Respondents/Recordkeepers: 100,000
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--10 hr., 17 min.
Learning about the law or the form--2 hr., 28 min.
Preparing the form--3 hr., 40 min.
Copy, assembling, and sending the form to the IRS--16 min.
Frequency of Response: Annually
Estimated Total Reporting/Recordkeeping Burden: 1,667,000 hours
OMB Number: 1545-0712
Form Number: IRS Form 6198
Type of Review: Extension
Title: At-Risk Limitations
Description: Internal Revenue Code (IRC) 465 requires taxpayers to
limit their at-risk loss to the lesser of the loss or their amount at
risk. Form 6198 is used by taxpayers to determine their deductible loss
and by IRS to verify the amount deducted.
Respondents: Individuals or households, Farms, Businesses or other for-
profit, Small businesses or organizations
Estimated Number of Respondents/Recordkeepers: 121,400
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--1 hr., 12 min.
Learning about the law or the form--59 min.
Preparing the form--1 hr., 5 min.
Copying, assembling, and sending the form to the IRS--20 min.
Frequency of Response: Annually
Estimated Total Reporting/Recordkeeping Burden: 437,040 hours
OMB Number: 1545-0771
Regulation ID Numbers: EE-63-88 Final (previously LR-216-84) and IA-
140-86 Temporary (previously LR-117-85)
Type of Review: Extension
Title: Taxation of Fringe Benefits and Exclusions from Gross Income for
Certain Fringe Benefits (EE-63-88 Final); Substantiation Requirements
with Respect to Listed Property and Substantiation Requirements
Relating to Taxation of Fringe Benefits, Travel, Entertainment, and
Gift Expenses (Sec. 1.274-5) (IA-140-86 Temporary)
Description: Section 274(d) and regulation section 1.274-5 require all
taxpayers to substantiate their deductions for business travel,
entertainment or gift expenses by keeping adequate records as to
amount, time, place, business purpose and business relationship. This
is necessary to verify that deductions are not permitted for personal
expenses. The regulations also provide rules on certain exclusions from
gross income.
Respondents: Individuals or households, State or local governments,
Farms, Businesses or other for-profit, Federal agencies or employees,
Non-profit institutions, Small businesses or organizations
Estimated Number of Respondents/Recordkeepers:
Respondents--7,282,150
Recordkeepers--21,300,000
Estimated Burden Hours Per Respondent/Recordkeeper:
Respondent--5 hrs., 30 min.
Recordkeeper--1 hr., 45 min.
Frequency of Response: On occasion
Estimated Total Reporting/Recordkeeping Burden: 50,377,688 hours
OMB Number: 1545-1008
Form Number: IRS Form 8582
Type of Review: Revision
Title: Passive Activity Loss Limitations
Description: Under section 469 of the Internal Revenue Code, losses
from passive activities, to the extent that they exceed income from
passive activities, cannot be deducted against nonpassive income. Form
8582 is used to figure the passive activity loss allowed and the loss
to be reported on the tax return. Worksheets 1 and 2 are used to figure
the amount to be entered on lines 1 and 2 of Form 8582, and worksheets
3 through 6 are used to allocate the loss allowed back to individual
activities.
Respondents: Individuals or households, Farms, Businesses or other for-
profit
Estimated Number of Respondents/Recordkeepers: 4,500,000
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--1 hr., 5 min.
Learning about the law or the form--1 hr., 43 min.
Preparing the form--1 hr., 34 min.
Copy, assembling, and sending the form to the IRS--20 min.
Frequency of Response: Annually
Estimated Total Reporting/Recordkeeping Burden: 21,705,000 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) 395-7340, Office of Management and
Budget, Room 10226, New Executive Office Building, Washington, DC
20503.
Lois K. Holland,
Departmental Reports Management Officer.
[FR Doc. 94-17833 Filed 7-21-94; 8:45 am]
BILLING CODE 4830-01-P
