[Federal Register Volume 62, Number 144 (Monday, July 28, 1997)]
[Notices]
[Pages 40399-40400]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-19713]
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DEPARTMENT OF THE TREASURY
Submission to OMB for Review; Comment Request
July 17, 1997.
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, Pub. L. 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.
Internal Revenue Service (IRS)
OMB Number: 1545-0046.
Form Number: IRS Form 982.
Type of Review: Extension.
Title: Reduction of Tax Attributes Due to Discharge of
Indebtedness.
Description: Internal Revenue Code (IRC) section 108 allows
taxpayers to exclude from gross income amounts attributable to
discharge of indebtedness in title 11 cases, insolvency, or a qualified
farm indebtedness. Section 1081(b) allows corporations to exclude from
gross income amounts attributable to certain transfers of property. The
data is used to verify adjustments to basis of property and reduction
of tax attributes.
Respondents: Business or other for-profit, Individuals or
households.
Estimated Number of Respondents/Recordkeepers: 1,000.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--5 hr., 16 min.
Learning about the law or the form--2 hr., 5 min.
Preparing and sending the form to the IRS--2 hr., 16 min.
Frequency of Response: On occasion.
Estimated Total Reporting/Recordkeeping Burden: 9,610 hours.
OMB Number: 1545-0193.
Form Number: IRS Form 4972.
Type of Review: Extension.
Title: Tax on Lump-Sum Distributions.
Description: Internal Revenue Code (IRC) section 402(e) allows
taxpayers to compute a separate tax on a lump-sum distribution from a
qualified retirement plan. Form 4972 is used to correctly figure that
tax. The data is used to verify the correctness of the separate tax.
Form 4972 is also used to make the special 20% capital gain election
attributable to pre-1974 participation from the lump-sum distribution.
Respondents: Individuals or households.
Estimated Number of Respondents/Recordkeepers: 140,000.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--33 min.
Learning about the law or the form--26 min.
Preparing the form--1 hr., 19 min.
Copying, assembling and sending the form to the IRS 35 min.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 403,200 hours.
OMB Number: 1545-0712.
Form Number: IRS Form 6198.
Type of Review: Extension.
Title: At-Risk Limitations.
Description: Internal Revenue Code (IRC) section 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: Business or other for-profit, Individuals or
households, Not-for-profit institutions, Farms.
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--1 hr., 0 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: 439,468 hours.
OMB Number: 1545-1480.
Regulation Project Number: FI-34-94 Final.
Type of Review: Extension.
Title: Hedging Transactions by Members of a Consolidated Group.
Description: The information is required by the IRS to aid it in
administering the law and to prevent manipulation. The information will
be used to verify that a taxpayer is properly reporting its business
hedging transactions.
Respondents: Business or other for-profit.
Estimated Number of Respondents/Recordkeepers: 17,100.
Estimated Burden Hours Per Respondent/Recordkeeper: 4 hours, 27
minutes.
Frequency of Response: Other (one-time).
Estimated Total Reporting/Recordkeeping Burden: 76,050 hours.
OMB Number: 1545-1541.
Revenue Procedure Number: Revenue Procedure 97-27.
Type of Review: Extension.
Title: Changes in Methods of Accounting.
Description: The information requested in sections 6, 8, and 13 of
Revenue Procedure 97-27 is required in order for the Commissioner to
determine whether the taxpayer is properly requesting to change its
method of accounting and the terms and conditions of that change.
Respondents: Business or other for-profit, Individuals or
households, Not-for-profit institutions, Farms.
[[Page 40400]]
Estimated Number of Respondents: 3,000.
Estimated Burden Hours Per Respondent: 3 hours, 13 minutes.
Frequency of Response: On occasion.
Estimated Total Reporting Burden: 9,633 hours.
OMB Number: 1545-1542.
Form Number: IRS Form 8482.
Type of Review: Extension.
Title: Magnetic Tape of Federal Tax Deposits.
Description: This form is used to transmit Federal Tax Deposit
payment information on magnetic tape from authorized reporting agents
and/or fiduciaries to the IRS Service Centers.
Respondents: Business or other for-profit.
Estimated Number of Respondents: 14,000.
Estimated Burden Hours Per Respondent: 3 minutes.
Frequency of Response: On occasion.
Estimated Total Reporting Burden: 700 hours.
Clearance Officer: Garrick Shear (202) 622-3869, Internal Revenue
Service, Room 5571, 1111 Constitution Avenue, NW, Washington, DC 20224.
OMB Reviewer: Alexander T. Hunt (202) 395-7860, Office of
Management and Budget, Room 10226, New Executive Office Building,
Washington, DC 20503.
Lois K. Holland,
Departmental Reports, Management Officer.
[FR Doc. 97-19713 Filed 7-25-97; 8:45 am]
BILLING CODE 4830-01-P
