[Federal Register Volume 60, Number 116 (Friday, June 16, 1995)]
[Notices]
[Pages 31759-31760]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-14813]



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DEPARTMENT OF THE TREASURY

Public Information Collection Requirements Submitted to OMB for 
Review

June 9, 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: 1545-0823.
    Regulation ID Number: FI-221-83 NPRM; FI-100-83 Temporary 
Regulations.
    Type of Review: Extension.
    Title: Indian Tribal Governments Treated as States for Certain 
Purposes.
    Description: The regulations provide that if the governing body of 
a tribe, or its subdivision, is not designated as an Indian tribal 
government or subdivision thereof for purposes of sections 7701(a)(40) 
and 7871, it may apply for a ruling from the IRS.
    Respondents: State, Local or Tribal Government.
    Estimated Number of Respondents: 25.
    Estimated Burden Hours Per Respondent: 1 hour.
    Frequency of Response: Other (Once).
    Estimated Total Reporting Burden: 25 hours.

    OMB Number: 1545-1138.
    Regulation ID Number: INTL-955-86 Final (T.D. 8350).
    Type of Review: Extension.
    Title: Requirements For Investments to Qualify Under Section 
936(d)(4) as Investments in Qualified Caribbean Basin Countries.
    Description: The collection of information is required by the 
Internal Revenue Service to verify that an investment qualifies under 
Internal Revenue Code (IRC) section 936(d)(4). The recordkeepers will 
be possession corporations, certain financial institutions located in 
Puerto Rico, and borrowers of funds covered by this regulation.
    Respondents: Business or other for-profit.
    Estimated Number of Recordkeepers: 50.
    Estimated Burden Hours Per Recordkeeper: 30 hours.
    Frequency of Response: Other.
    Estimated Total Recordkeeping Burden: 1,500 hours.

    OMB Number: 1545-1331.
    Regulation ID Number: PS-55-89 Final.
    Type of Review: Extension.
    Title: General Asset Accounts Under the Accelerated Cost Recovery 
System.
    Description: The regulations describe the time and manner of making 
the election described in Internal Revenue Code (IRC) Section 
168(i)(4). Basic information regarding this election is necessary to 
monitor compliance with the rules in IRC Section 168.
    Respondents: Business or other for-profit, Farms.
    Estimated Number of Respondents: 1,000.
    Estimated Burden Hours Per Respondent: 15 minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 250 hours.

    OMB Number: 1545-1338.
    Regulation ID Number: PS-103-90 Final.
    Type of Review: Extension.
    Title: Election Out of Subchapter K for Producers of Natural Gas.
    Description: Under section 1.761-2(d)(5)(i), gas producers subject 
to gas balancing agreements on the regulation's effective date are to 
file Form 3115 and certain additional information to obtain the 
Commissioner's consent to a change in method of accounting to either of 
the two new permissible accounting methods in the regulations.
    Respondents: Business or other for-profit, Individuals or 
households.
    Estimated Number of Respondents: 5,000.
    Estimated Burden Hours Per Respondent: 30 minutes.
    Frequency of Response: Other (One-time only).
    Estimated Total Reporting Burden: 2,500 hours.

    OMB Number: 1545-1416.
    Form Number: IRS Form 8847 and Schedule A (Form 8847).
    Type of Review: Revision.
    Title: Credit for Contributions to Selected Community Development 
Corporations (8847); and Receipt, Designation and Certification of 
Qualified Contribution to a Selected Community Development Corporation 
(CDC) (Schedule A).
    Description: Form 8847 is used to claim a credit for contributions 
to a selected community development corporation (CDC). The CDC issued 
Schedule A (Form 8847), with Part I completed, to the contributor to 
verify the contributor, to verify the contribution and to show the 
amount designated as eligible for the credit. The taxpayer certifies 
the contribution made in Part II of Schedule A.
    Respondents: Business or other for-profit, Individuals or 
households.
    Estimated Number of Respondents/Recordkeepers: 5,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

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                                                               Form 8847               Schedule A (form 8847)   
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Recordkeeping.....................................  5 hr., 16 min.................  3 hr., 17 min.              
Learning about the law or the form................  18 min........................  0 min.                      
Preparing and sending the form to the IRS.........  23 min........................  3 min.                      
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    Frequency of Response: Annually.

    Estimated Total Reporting/Recordkeeping Burden: 45,600 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 

[[Page 31760]]
Executive Office Building, Washington, DC 20503.
Lois K. Holland, 04Departmental Reports Management Officer.
[FR Doc. 95-14813 Filed 6-15-95; 8:45 am]
BILLING CODE 4830-01-P