[Federal Register Volume 59, Number 126 (Friday, July 1, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-16005]
[[Page Unknown]]
[Federal Register: July 1, 1994]
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DEPARTMENT OF THE TREASURY
Public Information Collection Requirements Submitted to OMB for
Review
June 24, 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: 1545-0022.
Form Number: IRS Form 712.
Type of Review: Extension.
Title: Life Insurance Statement.
Description: Form 712 is used to establish the value of life
insurance policies for estate and gift tax purposes. The tax is based
on the value of these policies. The form is completed by life insurance
companies.
Respondents: Businesses or other for-profit.
Estimated Number of Respondents/Recordkeepers: 60,000.
Estimated Burden Hours Per Respondent/Recordkeeper: Recordkeeping--
18 hours, 25 minutes; Preparing the form--18 minutes.
Frequency of Response: On occasion.
Estimated Total Reporting/Recordkeeping Burden: 1,122,600 hours.
OMB Number: 1545-0025.
Form Number: IRS Form 851.
Type of Review: Extension.
Title: Affiliations Schedule.
Description: Form 851 is filed by the parent corporation for itself
and the affiliated corporations in the affiliated group of corporations
that files a consolidated return (Form 1120). Form 851 is attached to
the 1120. This information is used to identify the members of the
affiliated group, the tax paid by each, and to determine that each
corporation qualifies as a member of the affiliated group as defined in
section 1504.
Respondents: Farms, Businesses or other for-profit.
Estimated Number of Respondents/Recordkeepers: 4,000.
Estimated Burden Hours Per Respondent/Recordkeeper: Recordkeeping--
8 hours, 51 minutes; Learning about the law or the form--35 minutes;
Preparing and sending the form to the IRS--45 minutes.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 40,840 hours.
OMB Number: 1545-1091.
Form Number: IRS Form 8810.
Type of Review: Revision.
Title: Corporate Passive Activity Loss and Credit Limitations.
Description: Under section 469, losses and credits from passive
activities, to the extent they exceed passive income (or in the case of
credits, the tax attributable to net passive income), are not allowed.
Form 8810 is used by personal service corporations and closely held
corporations to figure the passive activity loss and credits allowed
and the amount of loss and credit to be reported on their tax return.
Respondents: Businesses or other for-profit.
Estimated Number of Respondents/Recordkeepers: 100,000
Estimated Burden Hours Per Respondent/Recordkeeper: Recordkeeping--
26 hours, 19 minutes; Learning about the law or the form--5 hours, 22
minutes; Preparing and sending the form to the IRS--6 hours, 2 minutes.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 3,770,000 hours.
Clearance Officer: Garrick Shear (202) 622-3869, Internal Revenue
Service, Room 5571, 1111 Constitution Avenue, N.W., 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. 94-16005 Filed 6-30-94; 8:45 am]
BILLING CODE 4830-01-P