98-23714. Submission to OMB for Review; Comment Request

[Federal Register Volume 63, Number 171 (Thursday, September 3, 1998)]
[Notices]
[Pages 47082-47083]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-23714]


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DEPARTMENT OF THE TREASURY


Submission to OMB for Review; Comment Request

August 26, 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 October 5, 
1998, to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0715.
    Form Number: IRS Form 1099-B.
    Type of Review: Extension.
    Title: Proceeds From Broker and Barter Exchange Transactions.
    Description: Form 1099-B is used by brokers and barter exchanges to 
report proceeds from transactions to the Internal Revenue Service.
    Respondents: Individuals or households.
    Estimated Number of Respondents/Recordkeepers: 50,000.
    Estimated Burden Hours Per Respondent/Recordkeeper: 15 minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 29,402,969 hours.

    OMB Number: 1545-0930.
    Form Number: IRS Form 8396.
    Type of Review: Extension.
    Title: Mortgage Interest Credit.
    Description: Form 8396 is used by individual taxpayers to claim a 
credit against their tax for a portion of the interest paid on a home 
mortgage in connection with a qualified mortgage credit certificate. 
Internal Revenue Code (IRC) section 163(g) provides that the interest 
deduction on Schedule A will be reduced by the credit.
    Respondents: Individuals or households.
    Estimated Number of Respondents/Recordkeepers: 10,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--46 min.
Learning about the law or the form--7 min.
Preparing the form--42 min.
Copying, assembling, and sending the form to the IRS--20 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 54,600 hours.

    OMB Number: 1545-1112.
    Regulation Project Number: IA-96-88 Final.

[[Page 47083]]

    Type of Review: Extension.
    Title: Certain Elections Under the Technical and Miscellaneous 
Revenue Act of 1998 and the Redesignation of Certain Other Temporary 
Elections Regulations.
    Description: These regulations establish various elections with 
respect to which immediate interim guidance on the time and manner or 
making the elections is necessary. These regulations enable taxpayers 
to take advantage of the benefits of various Code provisions.
    Respondents: Individuals or households, Business or other for-
profit, Not-for-profit institutions, Farms, State, Local or Tribal 
Government.
    Estimated Number of Respondents: 24,305.
    Estimated Burden Hours Per Respondent: 17 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 6,712 hours.

    OMB Number: 1545-1304.
    Regulation Project Number: INTL-941-86, INTL-656-87 and INTL-704-87 
NPRM.
    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 PCIF 
taxation and verify income inclusions, excess distributions and 
deferred tax amounts.
    Respondents: Business or other for-profit, Individuals or 
households.
    Estimated Number of Respondents: 2,500.
    Estimated Burden Hours Per Respondent: 1 hour.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 2,500 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. 98-23714 Filed 9-2-98; 8:45 am]
BILLING CODE 4830-01-U