[Federal Register Volume 62, Number 144 (Monday, July 28, 1997)]
[Notices]
[Pages 40400-40401]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-19714]
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DEPARTMENT OF THE TREASURY
Submission to OMB for Review; Comment Request
July 22, 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, 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.
Internal Revenue Service (IRS)
OMB Number: 1545-0059.
Form Number: IRS Form 4137.
Type of Review: Extension.
Title: Social Security and Medicare Tax on Unreported Tip Income.
Description: Section 3102 requires an employee who receives tips
subject to Social Security and Medicare tax to compute tax due on these
tips if the employee did not report them to his or her employer. The
data is used to help verify that the Social Security and Medicare tax
on tip income is correctly computed.
Respondents: Individuals or households.
Estimated Number of Respondents/Recordkeepers: 76,000.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--26 min.
Learning about the law or the form--7 min.
Preparing the form--21 min.
Copying, assembling, and sending the form to the IRS--17 min.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 90,440 hours.
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 is included in
income on the taxpayer's return.
Respondents: Business or other for-profit, Individuals or
households, Not-for-profit institutions, Farms.
Estimated Number of Respondents/Recordkeepers: 782,848.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--1 hr., 25 min.
Learning about the law or the form--40 min.
Preparing the form--56 min.
Copying, assembling and sending the form to the IRS--20 min.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 2,630,369 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: Business or other for-profit, Individuals or
households.
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., 33 min.
Preparing the form--3 hr., 46 min.
Copying, assembling and sending the form to the IRS--16 min.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 1,686,000 hours.
OMB Number: 1545-0998.
Form Number: IRS Form 8615.
Type of Review: Extension.
Title: Tax on Children Under Age 14 Who Have Investment Income of
More Than $1,300.
Description: Under section 1(g), children under age 14 who have
unearned income may be taxed on part of that income at their parent's
tax rate. Form 8615 is used to see if any of the child's unearned
income is taxed at the parent's rate and, if so, to figure the child's
tax on his or her unearned income and earned income, if any.
Respondents: Individuals or households.
Estimated Number of Respondents/Recordkeepers: 500,000.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--13 min.
Learning about the law or the form--13 min.
Preparing the form--45 min.
Copying, assembling, and sending the form to the IRS--17 min.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 735,000 hours.
OMB Number: 1545-1035.
Form Number: IRS Form 8611.
Type of Review: Extension.
Title: Recapture of Low-Income Housing Credit.
Description: Internal Revenue Code (IRC) section 42 permits owners
of residential rental projects providing low-income housing to claim a
credit against their income tax. If the property is disposed of or it
fails to meet certain requirements over a 15-year compliance period and
a bond is not posted, the owner must recapture on Form 8611 part of the
credit(s) taken in prior years.
Respondents: Business or other for-profit, Individuals or
households.
Estimated Number of Respondents/Recordkeepers: 1,200.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--6 hr., 56 min.
Learning about the law or the form--1 hr., 12 min.
Preparing and sending the form to the IRS--1 hr., 22 min.
[[Page 40401]]
Frequency of Response: On occasion.
Estimated Total Reporting/Recordkeeping Burden: 10,459 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. 97-19714 Filed 7-25-97; 8:45 am]
BILLING CODE 4830-01-P
