94-19501. Public Information Collection Requirements Submitted to OMB for Review

[Federal Register Volume 59, Number 153 (Wednesday, August 10, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-19501]


[[Page Unknown]]

[Federal Register: August 10, 1994]


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DEPARTMENT OF THE TREASURY
 

Public Information Collection Requirements Submitted to OMB for 
Review

August 4, 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: 1545-0935
Form Number: IRS Form 1120-FSC and Schedule P (Form 1120-FSC)
Type of Review: Revision
Title: U.S. Income Tax Return of a Foreign Sales Corporation (1120-FSC) 
and Transfer Price or Commission (Schedule P--Form 1120-FSC)
Description: Form 1120-FSC is filed by foreign corporations that have 
elected to be foreign sales corporations (FSCs) or small FSCs. The FSC 
uses Form 1120-FSC to report income and expenses and to figure its tax 
liability. IRS uses Form 1120-FSC and Schedule P (Form 1120-FSC) to 
determine whether the FSC has correctly reported its income and 
expenses and figured its tax liability correctly.
Respondents: Businesses or other for-profit
Estimated Number of Respondents/Recordkeepers: 5,000
Estimated Burden Hours Per Respondent/Recordkeeper: 

------------------------------------------------------------------------
                                    Learning about      Preparing and   
      Form         Recordkeeping    the law or the   sending the form to
                                         form              the IRS      
------------------------------------------------------------------------
1120-FSC........  91 hr., 50 min.  16 hr., 35 min.  35 hr., 35 min.     
Sch. P (1120-     10 hr., 2 min..  1 hr., 29 min..  1 hr., 43 min.      
 FSC)...                                                                
------------------------------------------------------------------------

Frequency of Response: Annually
Estimated Total Reporting/Recordkeeping Burden: 1,051,200 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
Dale A. Morgan,
Departmental Reports Management Officer.
[FR Doc. 94-19501 Filed 8-9-94; 8:45 am]
BILLING CODE 4830-01-P