[Federal Register Volume 59, Number 130 (Friday, July 8, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-16497]
[[Page Unknown]]
[Federal Register: July 8, 1994]
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DEPARTMENT OF THE TREASURY
Public Information Collection Requirements Submitted to OMB for
Review
June 30, 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: 1545-0123.
Form Number: IRS Form 1120, Schedule D (Form 1120), Schedule H
(Form 1120), and Schedule PH (Form 1120).
Type of Review: Revision.
Titles: U.S. Corporation Income Tax Return (1120); Capital Gains
and Losses (Schedule D); Section 280H Limitations for a Personal
Service Corporation (PSC) (Schedule H); U.S. Personal Holding Company
(PHC) Tax (Schedule PH).
Description: Form 1120 is used by corporations to compute their
taxable income and tax liability. Schedule D (Form 1120) is used by
corporations to report gains and losses from the sale of capital
assets. Schedule PH (Form 1120) is used by personal holding companies
to compute their tax liability. Schedule H (Form 1120) is used by
personal service corporations to determine if they have met the minimum
distribution requirements of section 280H. The IRS uses these forms to
determine whether corporations have correctly computed their tax
liability.
Respondents: Farms, Businesses or other for-profit, Small
businesses or organizations.
Estimated Number of Respondents/Recordkeepers: 2,462,931.
Estimated Burden Hours Per Respondent/Recordkeeper
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Copying, assembling,
Form Recordkeeping Learning about the Preparing the form and sending the form
law or the form to the IRS
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1120................ 71 hr., 16 min....... 41 hr., 8 min........ 72 hr., 2 min........ 8 hr., 2 min.
1120-A.............. 43 hr., 3 min........ 23 hr., 44 min....... 41 hr., 18 min....... 4 hr., 34 min.
Sch. D.............. 6 hr., 56 min........ 3 hr., 31 min........ 5 hr., 39 min........ 32 min.
Sch. H.............. 5 hr., 59 min........ 35 min............... 43 min............... 0 min.
Sch. PH............. 15 hr., 19 min....... 6 hr., 6 min......... 8 hr., 29 min........ 32 min.
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Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 481,624,275 hours.
OMB Number: 1545-0195.
Form Number: IRS Form 5213.
Type of Review: Extension.
Title: Election to Postpone Determination as to Whether the
Presumption That an Activity is Engaged in for Profit Applies.
Description: This form is used by individuals, partnerships,
estates, trusts, and S corporations to make an election to postpone an
IRS determination as to whether an activity is engaged in for profit
for 5 years (7 years for breeding, training, showing, or racing
horses). The data is used to verify eligibility to make the election.
Respondents: Individuals or households, Businesses or other for-
profit.
Estimated Number of Respondents/Recordkeepers: 10,730.
Estimated Burden Hours Per Respondent/Recordkeeper:
------------------------------------------------------------------------
Minutes
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Recordkeeping.............................................. 7 minutes
Learning about the law or the form......................... 5 minutes
Preparing the form......................................... 10 minutes
Copying, assembling, and sending the form to the IRS....... 20 minutes
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Frequency of Response: On occasion.
Estimated Total Reporting/Recordkeeping Burden: 7,511 hours.
OMB Number: 1545-0410.
Form Number: IRS Forms 6468 and 6469.
Type of Review: Extension.
Title: How To Prepare Form 6469, Tape Label For Form W-4 (6468);
Tape Label For Form W-4 (6469).
Description: 26 USC 3402 requires all employers making payments of
wages to deduct (withhold) tax upon such payments. Employers are
further required under Regulation 31.3402(f)(2)-1(g) to submit certain
withholding certificates (W-4) to IRS. Form 6469 (labels) and 6468
(instructions) are sent to employers who prefer to file this
information on magnetic tape.
Respondents: 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: 25,000.
Estimated Burden Hours Per Respondent: 6 minutes.
Frequency of Response: Quarterly.
Estimated Total Reporting Burden: 2,500 hours.
Clearance Officer: Garrick Shear (202) 622-3869, Internal Revenue
Service, Room 5571, 1111 Constitution Avenue, N.W., Washington, DC
20224.
OMB Reviewer: Milo Sunderhauf (202) 395-7316, Office of Management
and Budget, Room 10226, New Executive Office Building, Washington, DC
20503.
Lois K. Holland,
Departmental Reports Management Officer.
[FR Doc. 94-16497 Filed 7-7-94; 8:45 am]
BILLING CODE 4830-01-P
