94-19026. Public Information Collection Requirements Submitted to OMB for Review

[Federal Register Volume 59, Number 149 (Thursday, August 4, 1994)]
[Unknown Section]
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From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-19026]


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[Federal Register: August 4, 1994]


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DEPARTMENT OF THE TREASURY

 

Public Information Collection Requirements Submitted to OMB for 
Review

July 29, 1994.
    The Department of Treasury has made revisions and resubmitted 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: 1545-0184.
    Form Number: IRS Form 4797.
    Type of Review: Resubmission.
    Title: Sales of Business Property.
    Description: Form 4797 is used by taxpayers to report sales, 
exchanges, or involuntary conversions of assets, other than capital 
assets, and involuntary conversions of capital assets held more than 
one year. It is also used to compute ordinary income from recapture and 
the recapture of prior year section 1231 losses.
    Respondents: Individuals or households, farms, businesses or other 
for-profit.
    Estimated Number of Respondents/Recordkeepers: 1,396,388.

Estimated Burden Hours Per Respondent/Recordkeeper

Recordkeeping: 30 hr., 22 min.
Learning about the law or the form: 11 hr., 22 min.
Preparing the form: 17 hr., 1 min.
Copying, assembling and sending the form to the IRS: 1 hr., 20 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 83,922,918 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. 94-19026 Filed 8-3-94; 8:45 am]
BILLING CODE: 4830-01-P