95-20383. Public Information Collection Requirements Submitted to OMB for Review

[Federal Register Volume 60, Number 159 (Thursday, August 17, 1995)]
[Notices]
[Pages 42940-42941]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-20383]



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DEPARTMENT OF THE TREASURY

Public Information Collection Requirements Submitted to OMB for 
Review

August 8, 1995.
    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: 1545-0070.
    Form Number: IRS Form 2350.
    Type of Review: Extension.
    Title: Application for Extension of Time to File U.S. Income Tax 
Return.
    Description: Form 2350 is used to request an extension of time to 
file in order to meet the bona fide residence or physical presence 
tests required to gain the benefits permitted under section 911. The 
information furnished is used to determine if the extension should be 
granted.
    Respondents: Individuals or households.
    Estimated Number of Respondents/Recordkeepers: 22,594.

Estimated Burden Hours Per Respondent/Recordkeeper:
    Recordkeeping--13 min.
    Learning about the law or the form--8 min.
    Preparing the form--20 min.
    Copying, assembling, and sending the form to the IRS--14 min.
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 20,786 hours.

    OMB Number: 1545-0110.
    Form Number: IRS Form 1099-DIV.
    Type of Review: Extension.
    Title: Dividends and Distributions.
    Description: The form is used by the Service to insure that 
dividends are properly reported as required by Code section 6042 and 
that liquidation 

[[Page 42941]]
distributions are correctly reported as required by Code section 6043, 
and to determine whether payees are correctly reporting their income.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 149,300.
    Estimated Burden Hours Per Respondent: 14 minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 19,883,500 hours.

    OMB Number: 1545-0127.
    Form Number: IRS Form 1120-H.
    Type of Review: Extension.
    Title: United States Income Tax Return for Homeowners Associations.
    Description: Homeowners associations file Form 1120-H to report 
income, deductions, and credits. The form is also used to report the 
income tax liability of the homeowners association. The IRS uses Form 
1120-H to determine if the income, deductions, and credits have been 
correctly computed. The form is also used for statistical purposes.
    Respondents: Individuals or households, Business or other for-
profit.
    Estimated Number of Respondents/Recordkeepers: 60,000.

Estimated Burden Hours Per Respondent/Recordkeeper:
    Recordkeeping--11 hr., 14 min.
    Learning about the law or the form--5 hr., 38 min.
    Preparing the form--13 hr., 31 min.
    Copying, assembling, and sending the form to the IRS--2 hr., 9 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 1,951,800 hours.

    OMB Number: 1545-1304.
    Regulation ID Number: INTL-941-86, INTL-656-87 and INTL-704-87 
(NPRM and Temporary).
    Type of Review: Extension.
    Title: Treatment of Shareholders of Certain Passive Foreign 
Investment Companies.
    Description: The reporting requirements affect U.S. persons that 
are direct and indirect shareholders of passive foreign investment 
companies (PFICs). The IRS uses Form 8621 to identify PFICs, U.S. 
persons that are shareholders, and transactions subject to PFIC 
taxation and verify income inclusions, excess distributions and 
deferred tax amounts.
    Respondents: Individuals or households, Business or other for-
profit, Not-for-profit institutions.
    Estimated Number of Respondents: 6,250.
    Estimated Burden Hours Per Respondent: 1 hour.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 6,250 hours.
    Clearance Officer: Garrick Shear, [phone], Internal Revenue 
Service, Room 5571, 1111 Constitution Avenue, N.W., Washington, DC 
20224.

    OMB Reviewer: Milo Sunderhauf, [phone], Office of Management 
and Budget, Room 10226, New Executive Office Building, Washington, DC 
20503.
Lois K. Holland,
Departmental Reports Management Officer.
[FR Doc. 95-20383 Filed 8-16-95; 8:45 am]
BILLING CODE 4830-01-P