[Federal Register Volume 59, Number 123 (Tuesday, June 28, 1994)]
[Unknown Section]
[Page ]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-15638]


[Federal Register: June 28, 1994]


-----------------------------------------------------------------------


DEPARTMENT OF THE TREASURY

Public Information Collection Requirements Submitted to OMB for 
Review

June 22, 1994.
    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: 1545-1068
Regulation ID Number: INTL-362-88 NPRM, INTL-953-86 TEMP
Type of Review: Extension
Title: Definitions of a Controlled Foreign Corporation and Foreign 
Personal Holding Company Income of a Controlled Foreign Corporation 
After December 31, 1986
Description: An election is required to exclude from the computation of 
Subpart F income, income subject to rate of tax imposed by a foreign 
country that is gains or losses from qualified commodities, hedging 
transactions and foreign currency gains or losses from qualified 
businesses transactions for qualified hedging transactions. In order to 
allow taxpayers to avoid that recordkeeping requirement, an election is 
provided to treat all foreign currency gains or losses attributable to 
certain transactions as foreign personal holding company income.
Respondents: Businesses or other for-profit
Estimated Number of Respondents/Recordkeepers: 26,500
Estimated Burden Hours Per Respondent/Recordkeeper: 10 minutes
Frequency of Response: Other (One-Time Currency Election)
Estimated Total Reporting/Recordkeeping Burden: 49,417 hours
Clearance Officer: Garrick Shear (202) 622-3869, Internal Revenue 
Service, Room 5571, 1111 Constitution Avenue, NW., Washington, DC 20224
OMB Reviewer: Milo Sunderhauf (202) 395-3176, Office of Management and 
Budget, Room 10226, New Executive Office Building, Washington, DC 
20503.
Lois K. Holland,
Departmental Reports Management Officer.
[FR Doc. 94-15638 Filed 6-27-94; 8:45 am]
BILLING CODE 4830-01-P