[Federal Register Volume 60, Number 96 (Thursday, May 18, 1995)]
[Notices]
[Pages 26764-26766]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-12251]



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DEPARTMENT OF THE TREASURY

Public Information Collection Requirements Submitted to OMB for 
Review

May 12, 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: 1545-0010
Form Number: IRS Form W-4
Type of Review: Extension
Title: Employee's Withholding Allowance Certificate
Description: Employees file this form to tell employers (1) the number 
of withholding allowances claimed, (2) dollar amount they want the 
withholding increased each pay period, and (3) if they are entitled to 
claim exemption from withholding. Employers use this information to 
figure the correct tax to withhold from the employee's wages.
Respondents: Individuals or households, Business or other for-profit, 
Not-for-profit institutions, Federal Government, State, Local or Tribal 
Government
Estimated Number of Respondents/Recordkeepers: 54,209,079
Estimated Burden Hours Per Respondent/Recordkeeper:
    Recordkeeping--46 min.
    Learning about the law or the form--10 min.
    Preparing the form--69 min.
Frequency of Response: On occasion [[Page 26765]] 
Estimated Total Reporting/Recordkeeping Burden: 112,754,884 hours

OMB Number: 1545-0051
Form Number: IRS Form 990-C
Type of Review: Extension
Title: Farmers' Cooperative Association Income Tax Return
Description: Form 990-C is used by farmers' cooperatives to report the 
tax imposed by section 1381. IRS uses the information to determine 
whether the tax is being properly reported.
Respondents: Business or other for-profit, Farms
Estimated Number of Respondents/Recordkeepers: 5,600
Estimated Burden Hours Per Respondent/Recordkeeper:
    Recordkeeping--77 hr., 15 min.
    Learning about the law or the form--24 hr., 52 min.
    Preparing the form--42 hr., 7 min.
    Copying, assembling, and sending the form to the IRS--4 hr., 17 
min.
Frequency of Response: Annually
Estimated Total Reporting/Recordkeeping Burden: 831,656 hours

OMB Number: 1545-0129
Form Number: IRS Form 1120-POL
Type of Review: Extension
Title: U.S. Income Tax Return for Certain Political Organizations
Description: Certain political organizations file Form 1120-POL to 
report the tax imposed by section 527. The form is used to designate a 
principal business campaign committee that is subject to a lower rate 
of tax under section 527(h). IRS uses Form 1120-POL to determine if the 
proper tax was paid.
Respondents: Not-for-profit institutions
Estimated Number of Respondents/Recordkeepers: 6,527
Estimated Burden Hours Per Respondent/Recordkeeper:
    Recordkeeping--15 hr., 32 min.
    Learning about the law or the form--6 hr., 23 min.
    Preparing the form--15 hr., 18 min.
    Copy, assembling, and sending the form to the IRS--2 hr., 25 min.
Frequency of Response: Annually
Estimated Total Reporting/Recordkeeping Burden: 258,730 hours

OMB Number: 1545-0144
Form Number: IRS Form 2438
Type of Review: Extension
Title: Regulated Investment Company undistributed Capital Gains Tax 
Return
Description: Form 2438 is used by regulated investment companies to 
figure capital gains tax on undistributed capital gains designated 
under Internal Revenue Code (IRC) section 852(b)(3)(D). IRS uses this 
information to determine the correct tax.
Respondents: Business or other for-profit
Estimated Number of Respondents/Recordkeepers: 100
Estimated Burden Hours Per Respondent/Recordkeeper:
    Recordkeeping--7 hr., 39 min.
    Learning about the law or the form--35 min.
    Preparing and sending the form to the IRS--45 min.
Frequency of Response: Annually
Estimated Total Reporting/Recordkeeping Burden: 899 hours

OMB Number: 1545-0160
Form Number: IRS Form 3520-A
Type of Review: Extension
Title: Annual Return of Foreign Trust with U.S. Beneficiaries
Description: Section 6048(c) requires that foreign trusts with at least 
one U.S. beneficiary must file an annual information return on Form 
3520-A. The form is used to report the income and deductions of the 
foreign trust. IRS uses Form 3520-A to determine if the U.S. owner of 
the trust has included the net income of the trust in its gross income.
Respondents: Individuals or households, Business or other for-profit
Estimated Number of Respondents/Recordkeepers: 500
Estimated Burden Hours Per Respondent/Recordkeeper:
    Recordkeeping--29 hr., 25 min.
    Learning about the law or the form--53 min.
    Preparing and sending the form to the IRS--1 hr., 25 min.
Frequency of Response: Annually
Estimated Total Reporting/Recordkeeping Burden: 15,860 hours

OMB Number: 1545-0187
Form Number: IRS Form 4835
Type of Review: Extension
Title: Farm Rental Income and Expenses
Description: This form is used by landowners (or sub-lessors) to report 
farm income based on crops or livestock produced by the tenant when the 
landowner (or sub-lessor) does not materially participate in the 
operation or management of the farm. This form is attached to Form 1040 
and the data is used to determine whether the proper amount of rental 
income has been reported.
Respondents: Individuals or households, Farms
Estimated Number of Respondents/Recordkeepers: 407,719
Estimated Burden Hours Per Respondent/Recordkeeper:
    Recordkeeping--2 hr., 57 min.
    Learning about the law or the form--4 min.
    Preparing the form--1 hr., 2 min.
    Copying, assembling, and sending the form to the IRS--20 min.
Frequency of Response: Annually
Estimated Total Reporting/Recordkeeping Burden: 1,789,886 hours

OMB Number: 1545-0390
Form Number: IRS Form 5306
Type of Review: Extension
Title: Application for Approval of Prototype or Employer Sponsored 
Individual Retirement Account
Description: This application is used by employers who want to 
establish an individual retirement account trust to be used by their 
employees. The application is also used by persons who want to 
establish approved prototype individual retirement accounts or 
annuities. The data collected is used to determine if plans may be 
approved.
Respondents: Business or other for-profit
Estimated Number of Respondents/Recordkeepers: 600
Estimated Burden Hours Per Respondent/Recordkeeper:
    Recordkeeping--11 hr., 58 min.
    Learning about the law or the form--18 min.
    Preparing and sending the form to the IRS--30 min.
Frequency of Response: On occasion
Estimated Total Reporting/Recordkeeping Burden: 7,662 hours

OMB Number: 1545-0890
Form Number: IRS Form 1120-A
Type of Review: Extension
Title: U.S. Corporation Short-Form Income Tax Return
Description: Form 1120-A is used by small corporations, those with less 
than $500,000 of income and assets, to compute their taxable income and 
tax liability. The IRS uses Form 1120-A to determine whether 
corporations have correctly computed their tax liability.
Respondents: Business or other for-profit, Farms
Estimated Number of Respondents/Recordkeepers: 285,777
Estimated Burden Hours Per Respondent/Recordkeeper:

                                                                                                                
[[Page 26766]]
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                                                                                                                               Copying, assembling, and 
                  Form                           Recordkeeping         Learning about the law or      Preparing the form       sending, the form to the 
                                                                               the form                                                   IRS           
--------------------------------------------------------------------------------------------------------------------------------------------------------
1120....................................  71 hours, 16 minutes......  41 hours, 8 minutes.......  72 hours, 2 minutes.......  8 hours, 2 minutes.       
1120-A..................................  43 hours, 3 minutes.......  23 hours, 44 minutes......  41 hours, 18 minutes......  4 hours, 34 minutes.      
Sched. D (1120).........................  6 hours, 56 minutes.......  3 hours, 31 minutes.......  5 hours, 39 minutes.......  0 hours, 32 minutes.      
Sched. H (1120).........................  5 hours, 59 minutes.......  0 hours, 35 minutes.......  0 hours, 43 minutes.......  0 hours, 0 minutes.       
Sched. PH (1120)........................  15 hours, 19 minutes......  6 hours, 6 minutes........  8 hours, 29 minutes.......  0 hours, 32 minutes.      
--------------------------------------------------------------------------------------------------------------------------------------------------------

Frequency of Response: Annually
Estimated Total Reporting/Recordkeeping Burden: 32,192,779 hours

OMB Number: 1545-0967
Form Number: IRS Form 8453-F
Type of Review: Extension
Title: U.S. Estate or Trust Income Tax Declaration and Signature for 
Electronic and Magnetic Media Filing
Description: This form is used to secure taxpayer signatures and 
declarations in conjunction with electronic and magnetic media filing 
of trust and fiduciary income tax returns. This form, together with the 
electronic and magnetic media transmission, will comprise the 
taxpayer's income tax return (1041).
Respondents: Individuals or households, Business of other for-profit
Estimated Number of Respondents/Recordkeepers: 1,000
Estimated Burden Hours Per Respondent/Recordkeeper:
    Recordkeeping--7 min.
    Learning about the law or the form--4 min.
    Preparing the form--18 min.
    Copying, assembling, and sending the form to the IRS--20 min.
Frequency of Response: Annually
Estimated Total Reporting/Recordkeeping Burden: 810 hours

OMB Number: 1545-1033
Form Number: IRS Form 8453-E
Type of Review: Extension
Title: Employee Benefit Plan Declaration and Signature for Electronic/ 
Magnetic Media Filing
Description: This form will be used to secure taxpayer signatures and 
declarations in conjunction with the Electronic Filing of Forms 5500, 
5500-C/R, and 5500EZ. These forms, together with the electronic 
transmission, will comprise the annual information returns.
Respondents: Individuals or households, Business or other for-profit
Estimated Number of Respondents/Recordkeepers: 50,000
Estimated Burden Hours Per Respondent/Recordkeeper:
    Recordkeeping--7 min.
    Learning about the law or the form--5 min.
    Preparing the form--22 min.
    Copying, assembling, and sending the form to the IRS--20 min.
Frequency of Response: Annually
Estimated Total Reporting Burden: 45,000 hours

OMB Number: 1545-1255
Regulation ID Number: INTL-0870-89 NPRM
Type of Review: Extension
Title: Earnings Stripping Under Section 163(j)
Description: Certain taxpayers are allowed to write off the fixed basis 
of the stock of an acquired corporation rather than use the adjusted 
basis of the assets of the acquired corporation.
Respondents: Business or other for-profit
Estimated Number of Respondents: 1
Estimated Burden Hours Per Respondent: 1 hour
Frequency of Response: Annually
Estimated Total Reporting Burden: 1 hour

OMB Number: 1545-1424
Form Number: IRS Form 1099-C
Type of Review: Extension
Title: Cancellation of Debt
Description: Form 1099-C is used for reporting canceled debt, as 
required by section 6050P of the Internal Revenue Code. It is used to 
verify that debtors are correctly reporting their income.
Respondents: Business or other for-profit, Not-for-profit institutions, 
Federal Government
Estimated Number of Respondents: 1,000,000
Estimated Burden Hours Per Respondent/Recordkeeper: 11 minutes
Frequency of Response: Annually
Estimated Total Reporting Burden: 950,000 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) 395-7340, Office of Management and 
Budget, Room 10226, New Executive Office Building, Washington, DC 20503
Lois K. Holland,
Departmental Reports Management Officer.
[FR Doc. 95-12251 Filed 5-17-95; 8:45 am]
BILLING CODE 4830-01-P