98-23345. Submission to OMB for Review; Comment Request

[Federal Register Volume 63, Number 168 (Monday, August 31, 1998)]
[Notices]
[Page 46281]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-23345]


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DEPARTMENT OF THE TREASURY


Submission to OMB for Review; Comment Request

August 21, 1998.
    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.
    Dates: Written comments should be received on or before September 
30, 1998, to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-1072.
    Regulation Project Number: INTL-952-86 NPRM and Temporary.
    Type of Review: Extension.
    Title: Allocation and Apportionment of Interest Expense and Certain 
Other Expenses.
    Description: The regulations provide rules concerning the 
allocation and apportionment of expenses to foreign source income for 
purposes of the foreign tax credit and other provisions.
    Respondents: Individuals or households, Business or other for-
profit.
    Estimated Number of Respondents/Recordkeepers: 15,000.
    Estimated Burden Hours Per Respondent/Recordkeeper: 15 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 3,750 hours.

    OMB Number: 1545-1156.
    Regulation Project Number: Regulation section 26 CFR Part 1.6001-1.
    Type of Review: Extension.
    Title: Records.
    Description: Internal Revenue Code section 6001 requires, in part, 
that every person liable for tax, or for the collection of that tax, 
keep such records and comply with such rules and regulations as the 
Secretary may form time to time prescribe. These records are needed to 
ensure proper compliance with the Code.
    Respondents: Individuals or households, Business or other for-
profit, Not-for-profit institutions, Farms, Federal Government, State, 
Local or Tribal Government.
    Estimated Number of Recordkeepers: 1.
    Estimated Burden Hours Per Respondent/Recordkeeper: 1 hour.
    Estimated Total Reporting/Recordkeeping Burden: 1 hour.

    OMB Number: 1545-1287.
    Regulation Project Number: FI-3-91 Final.
    Type of Review: Extension.
    Title: Capitalization of Certain Policy Acquisition Expenses.
    Description: Insurance companies that enter into reinsurance 
agreements must determine the amounts to be capitalized under those 
agreements consistently. The regulations provide elections to permit 
companies to shift the burden of capitalization for their mutual 
benefit.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 2,070.
    Estimated Burden Hours Per Respondent: 1 hour.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 2,070 hours.

    OMB Number: 1545-1342.
    Form Number: IRS Form W-5.
    Type of Review: Extension.
    Title: Earned Income Credit Advance Payment Certificate.
    Description: Form W-5 is used by employees to see if they are 
eligible for the earned income credit and to request part of the credit 
in advance with their pay. Eligible employees who want advance payments 
must give Form W-5 to their employers.
    Respondents: Individuals or households.
    Estimated Number of Respondents/Recordkeepers: 183,450.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--7 minutes
Learning about the law or the form--11 minutes
Preparing the form--27 minutes

    Frequency of Response: Annually
    Estimated Total Reporting/Reporting Burden: 137,588 hours.
    Clearance Officer: Garrick Shear [phone], Internal Revenue 
Service, Room 5571, 1111 Constitution Avenue, NW, Washington, DC 20224.
    OMB Reviewer: Alexander T. Hunt [phone], Office of 
Management and Budget, Room 10226, New Executive Office Building, 
Washington, DC 20503.
Lois K. Holland,
Departmental Reports Management Officer.
[FR Doc. 98-23345 Filed 8-28-98; 8:45 am]
BILLING CODE 4830-01-U