[Federal Register Volume 59, Number 130 (Friday, July 8, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-16497]


[[Page Unknown]]

[Federal Register: July 8, 1994]


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DEPARTMENT OF THE TREASURY
 

Public Information Collection Requirements Submitted to OMB for 
Review

June 30, 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: 1545-0123.
    Form Number: IRS Form 1120, Schedule D (Form 1120), Schedule H 
(Form 1120), and Schedule PH (Form 1120).
    Type of Review: Revision.
    Titles: U.S. Corporation Income Tax Return (1120); Capital Gains 
and Losses (Schedule D); Section 280H Limitations for a Personal 
Service Corporation (PSC) (Schedule H); U.S. Personal Holding Company 
(PHC) Tax (Schedule PH).
    Description: Form 1120 is used by corporations to compute their 
taxable income and tax liability. Schedule D (Form 1120) is used by 
corporations to report gains and losses from the sale of capital 
assets. Schedule PH (Form 1120) is used by personal holding companies 
to compute their tax liability. Schedule H (Form 1120) is used by 
personal service corporations to determine if they have met the minimum 
distribution requirements of section 280H. The IRS uses these forms to 
determine whether corporations have correctly computed their tax 
liability.
    Respondents: Farms, Businesses or other for-profit, Small 
businesses or organizations.
    Estimated Number of Respondents/Recordkeepers: 2,462,931.

                               Estimated Burden Hours Per Respondent/Recordkeeper                               
----------------------------------------------------------------------------------------------------------------
                                                                                            Copying, assembling,
        Form              Recordkeeping        Learning about the     Preparing the form    and sending the form
                                                law or the form                                  to the IRS     
----------------------------------------------------------------------------------------------------------------
1120................  71 hr., 16 min.......  41 hr., 8 min........  72 hr., 2 min........  8 hr., 2 min.        
1120-A..............  43 hr., 3 min........  23 hr., 44 min.......  41 hr., 18 min.......  4 hr., 34 min.       
Sch. D..............  6 hr., 56 min........  3 hr., 31 min........  5 hr., 39 min........  32 min.              
Sch. H..............  5 hr., 59 min........  35 min...............  43 min...............  0 min.               
Sch. PH.............  15 hr., 19 min.......  6 hr., 6 min.........  8 hr., 29 min........  32 min.              
----------------------------------------------------------------------------------------------------------------

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 481,624,275 hours.

    OMB Number: 1545-0195.
    Form Number: IRS Form 5213.
    Type of Review: Extension.
    Title: Election to Postpone Determination as to Whether the 
Presumption That an Activity is Engaged in for Profit Applies.
    Description: This form is used by individuals, partnerships, 
estates, trusts, and S corporations to make an election to postpone an 
IRS determination as to whether an activity is engaged in for profit 
for 5 years (7 years for breeding, training, showing, or racing 
horses). The data is used to verify eligibility to make the election.
    Respondents: Individuals or households, Businesses or other for- 
profit.
    Estimated Number of Respondents/Recordkeepers: 10,730.
    Estimated Burden Hours Per Respondent/Recordkeeper:


------------------------------------------------------------------------
                                                               Minutes  
------------------------------------------------------------------------
Recordkeeping..............................................    7 minutes
Learning about the law or the form.........................    5 minutes
Preparing the form.........................................   10 minutes
Copying, assembling, and sending the form to the IRS.......  20 minutes 
------------------------------------------------------------------------

    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 7,511 hours.

    OMB Number: 1545-0410.
    Form Number: IRS Forms 6468 and 6469.
    Type of Review: Extension.
    Title: How To Prepare Form 6469, Tape Label For Form W-4 (6468); 
Tape Label For Form W-4 (6469).
    Description: 26 USC 3402 requires all employers making payments of 
wages to deduct (withhold) tax upon such payments. Employers are 
further required under Regulation 31.3402(f)(2)-1(g) to submit certain 
withholding certificates (W-4) to IRS. Form 6469 (labels) and 6468 
(instructions) are sent to employers who prefer to file this 
information on magnetic tape.
    Respondents: State or local governments, Farms, Businesses or other 
for-profit, Federal agencies or employees, Non-profit institutions, 
Small businesses or organizations.
    Estimated Number of Respondents: 25,000.
    Estimated Burden Hours Per Respondent: 6 minutes.
    Frequency of Response: Quarterly.
    Estimated Total Reporting Burden: 2,500 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) 395-7316, Office of Management 
and Budget, Room 10226, New Executive Office Building, Washington, DC 
20503.
Lois K. Holland,
Departmental Reports Management Officer.
[FR Doc. 94-16497 Filed 7-7-94; 8:45 am]
BILLING CODE 4830-01-P