96-23464. Submission to OMB for Review; Comment Request

[Federal Register Volume 61, Number 179 (Friday, September 13, 1996)]
[Notices]
[Pages 48525-48526]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-23464]


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DEPARTMENT OF THE TREASURY

Submission to OMB for Review; Comment Request

September 6, 1996.
    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.

Internal Revenue Service (IRS)

    OMB Number: 1545-0126.
    Form Number: IRS Form 1120-F.
    Type of Review: Revision.
    Title: U.S. Income Tax Return of a Foreign Corporation.
    Description: Form 1120-F is used by foreign corporations that have 
investments, or a business, or a branch in the U.S. The IRS uses Form 
1120-F to determine if the foreign corporation has correctly reported 
its income, deductions, and tax, and to determine if it has paid the 
correct amount of tax.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 19,500.
    Estimated Burden Hours Per Respondent/Recordkeeper:
    Recordkeeping--105 hr., 14 min.
    Learning about the law or the form--43 hr., 5 min.
    Preparing the form--72 hr., 46 min.
    Copying, assembling, and sending the form to the IRS--7 hr., 31 
min.

[[Page 48526]]

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 4,457,505 hours.

    OMB Number: 1545-1424.
    Form Number: IRS Form 1099-C.
    Type of Review: Revision.
    Title: Cancellation of Debt.
    Description: Form 1099-C is used for reporting canceled debt, as 
required by section 6050P of the Internal Revenue Code. It is used to 
verify that debtors are correctly reporting their income.
    Respondents: Business or other for-profit, Not-for-profit 
institutions, Federal Government.
    Estimated Number of Respondents: 350,000.
    Estimated Burden Hours Per Respondent: 10 minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 59,047 hours.
    Clearance Officer: Garrick Shear [phone], Internal Revenue 
Service, Room 5571, 1111 Constitution Avenue, N.W., 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. 96-23464 Filed 9-12-96; 8:45 am]
BILLING CODE 4830-01-U