[Federal Register Volume 60, Number 92 (Friday, May 12, 1995)]
[Notices]
[Pages 25761-25762]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-11736]



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DEPARTMENT OF THE TREASURY

Public Information Collection Requirements Submitted to OMB for 
Review

May 2, 1995.
    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: 1545-0092
Form Number: IRS Form 1041 and Related Schedules D, J, and K-1
Type of Review: Extension
Title: U.S. Income Tax Return for Estates and Trusts (1041); Capital 
Gains and Losses (Schedule D); Accumulation Distribution for a Complex 
Trust (Schedule J); and Beneficiary's Share of Income, Deductions, 
Credits (Schedule K-1)
Description: Internal Revenue Code (IRC) section 6012 requires that an 
annual income tax return be filed for estates and trusts. Data is used 
to determine that the estates, trusts, and beneficiaries filed the 
proper returns and paid the correct tax. IRC section 59 requires the 
fiduciary to recompute the distributable net income on a minimum tax 
basis. [[Page 25762]] 
Respondents: Business or other for-profit, Individuals or households
Estimated Number of Respondents/Recordkeepers: 2,500,000
Estimated Burden Hours Per Respondent/Recordkeeper:

----------------------------------------------------------------------------------------------------------------
                                              Form 1041        Schedule D        Schedule J       Schedule K-1  
----------------------------------------------------------------------------------------------------------------
Recordkeeping...........................  40 hours, 53      16 hours, 1       39 hours, 28      8 hours, 22     
                                           minutes.          minute.           minutes.          minutes.       
Learning about the law or the form......  18 hours, 8       1 hour, 41        1 hour, 5         1 hour, 12      
                                           minutes.          minutes.          minutes.          minutes.       
Preparing the form......................  33 hours, 34      2 hours, 2        1 hour, 47        1 hour, 23      
                                           minutes.          minutes.          minutes.          minutes.       
Copying, assembling, and sending the      4 hours, 1                                                            
 form to the IRS.                          minute.                                                              
----------------------------------------------------------------------------------------------------------------

Frequency of Response: Annually
Estimated Total Reporting/Recordkeeping Burden: 244,159,719 hours

OMB Number: 1545-0115
Form Number: IRS Form 1099-MISC
Type of Review: Revision
Title: Miscellaneous Income
Description: Form 1099-MISC is used by payers to report payments of 
$600 or more of rents, prizes and awards, medical and health care 
payments, nonemployee compensation, and crop insurance proceeds, $10 or 
more of royalties, any amount of fishing boat proceeds, certain 
substitute payments, golden parachute payments, and an indication of 
direct sales of $5,000 or more.
Respondents: Business or other for-profit, Individuals or households, 
Not-for-profit institutions, Farms, Federal Government, State, Local or 
Tribal Government
Estimated Number of Respondents: 4,302,217
Estimated Burden Hours Per Respondent: 14 minutes
Frequency of Response: Annually
Estimated Total Reporting Burden: 13,661,934 hours

OMB Number: 1545-0192
Form Number: IRS Form 4970
Type of Review: Extension
Title: Tax on Accumulation Distribution of Trusts
Description: Form 4970 is used by a beneficiary of a domestic or 
foreign trust to compute the tax adjustment attributable to an 
accumulation distribution. The form is used to verify whether the 
correct tax has been paid on the accumulation distribution.
Respondents: Individuals or households
Estimated Number of Respondents/Recordkeepers: 30,000
Estimated Burden Hours Per Respondent/Recordkeeper:
    Recordkeeping--1 hr., 12 min.
    Learning about the law or the form--16 min.
    Preparing the form--1 hr., 30 min.
    Copying, assembling, and sending the form to the IRS--20 min.
Frequency of Response: Annually
Estimated Total Reporting/Recordkeeping Burden: 99,300 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) 395-7340, Office of Management and 
Budget, Room 10226, New Executive Office Building, Washington, DC 20503
Lois K. Holland,
Departmental Reports Management Officer.
[FR Doc. 95-11736 Filed 5-11-95; 8:45 am]
BILLING CODE 4830-01-P