[Federal Register Volume 60, Number 155 (Friday, August 11, 1995)]
[Notices]
[Pages 41153-41154]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-19922]



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DEPARTMENT OF THE TREASURY

Public Information Collection Requirements Submitted to OMB for 
Review

August 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: 1545-0128
Form Number: IRS Form 1120-L
Type of Review: Revision
Title: U.S. Life Insurance Company Income Tax Return
Description: Life insurance companies are required to file an annual 
return of income and compute and pay the tax due. The data is used to 
insure that companies have correctly reported taxable income and paid 
the correct tax.
Respondents: Business or other for-profit
Estimated Number of Respondents/Recordkeepers: 2,440
Estimated Burden Hours Per Respondent/Recordkeeper:
    Recordkeeping--87 hr., 32 min.
    Learning about the law or the form--26 hr., 17 min.
    Preparing the form--42 hr., 50 min.
    Copying, assembling, and sending the form to the IRS--4 hr., 1 min.
Frequency of Response: Annually
Estimated Total Reporting/Recordkeeping Burden: 392,010 hours

OMB Number: 1545-1026
Form Number: IRS Form 8645
Type of Review: Extension
Title: Soil and Water Conservation Plan Certification
Description: Form 8645 is used to certify that conservation expenses 
claimed as a deduction on Schedule F, (Form 1040), Form 4835, Form 
1040-PR, and Form 1040-SS are part of an approved plan for their farm 
area. The approved plan requirement comes under Code section 175(c)(3).
Respondents: Farms
Estimated Number of Respondents/Recordkeepers: 85,000
Estimated Burden Hours Per Respondent/Recordkeeper:
    Recordkeeping--7 min.
    Learning about the law or the form--5 min.
    Preparing the form--8 min.
    Copying, assembling, and sending the form to the IRS--11 min.
Frequency of Response: Annually
Estimated Total Reporting/Recordkeeping Burden: 44,200 hours

OMB Number: 1545-1038
Form Number: IRS Form 8703
Type of Review: Extension
Title: Annual Certification of a Residential Rental Project
Description: Operators of qualified residential projects will use this 
form to certify annually that their projects meet the requirements of 
Internal Revenue Code (IRC) section 142(d). Operators are required to 
file this certification under section 142(d)(7).
Respondents: Business or other for-profit
Estimated Number of Respondents/Recordkeepers: 6,000
Estimated Burden Hours Per Respondent/Recordkeeper: 
    Recordkeeping--3 hr., 50 min.
    Learning about the law or the form--35 min.
    Preparing and sending the form to the IRS--41 min.
Frequency of Response: Annually
Estimated Total Reporting/Recordkeeping Burden: 30,660 hours

OMB Number: 1545-1124
Regulation ID Number: INTL-704-87 Final
Type of Review: Extension
Title: Certain Corporate Distributions to Foreign Corporations Under 
Section 367(e) 

[[Page 41154]]

Description: The regulations require domestic corporate taxpayers to 
file statement with tax returns in order to secure nonrecognition on 
certain distributions to foreign persons. The Service needs this 
information to ensure that the income from taxable dispositions will be 
reported.
Respondents: Business or other for-profit
Estimated Number of Respondents: 202
Estimated Burden Hours Per Respondent: 8 hours
Frequency of Response: Annually
Estimated Total Reporting Burden: 1,604 hours

OMB Number: 1545-1265
Regulation ID Number: IA-120-86 Final
Type of Review: Extension
Title: Capitalization of Interest
Description: The regulations require taxpayers to maintain 
contemporaneous written records of estimates, to file a ruling request 
to segregate activities in applying the interest capitalization rules, 
and to request the consent of the Commissioner to change their methods 
of accounting for the capitalization of interest.
Respondents: Individuals or households, business or other for-profit
Estimated Number of Recordkeepers: 50
Estimated Burden Hours Per Recordkeeper: 2 hours
Frequency of Response: On occasion
Estimated Total Recordkeeping Burden: 116,767 hours

OMB Number: 1545-1343
Regulation ID Number: PS-100-88 Final
Type of Review: Extension
Title: Valuation Tables
Description: The regulations will require individuals or fiduciaries to 
report information on Forms 706 and 709 in connection with the 
valuation annuity, an interest for life or a term of years, or a 
remainder rear reversionary interest.
Respondents: Individuals or households
Estimated Number of Respondents: 6,000
Estimated Burden Hours Per Respondent: 45 minutes
Frequency of Response: Single
Estimated Total Reporting Burden: 4,500 hours

OMB Number: 1545-1352
Regulation ID Number: PS-276-76 Final
Type of Review: Extension
Title: Treatment of Gain from Disposition of Certain Natural Resource 
Recapture Property
Description: The regulations prescribe rules for determining the tax 
treatment of gain from the disposition of natural resource recapture 
property. Gain is treated as ordinary income in an amount equal to the 
intangible drilling and development costs and depletion deductions 
taken with respect to the property.
Respondents: Business or other for-profit, individuals or households
Estimated Number of Respondents: 100
Estimated Burden Hours Per Respondent: 5 hours
Frequency of Response: On occasion
Estimated Total Reporting Burden: 2,000 hours

OMB Number: 1545-1430
Form Number: IRS Forms 945 and 945-A
Type of Review: Extension
Title: Annual Return of Withheld Federal Income Tax (945); Annual 
Record of Federal Tax Liability (945-A)
Description: Form 945 is used to report income tax withholding on 
nonpayroll payments including backup withholding and withholding on 
pensions, annuities, IRA's, military retirement and gambling winnings. 
Form 945-A is used to report nonpayroll tax liabilities.
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/Recordkeepers: 193,468
Estimated Burden Hours Per Respondent/Recordkeeper:

------------------------------------------------------------------------
                                 Form 945                Form 945-A     
------------------------------------------------------------------------
Recordkeeping.........  5 hr., 59 min.............  8 hr., 37 min.      
Preparing and sending   6 min.....................  8 min.              
 the form to the IRS.                                                   
------------------------------------------------------------------------

Frequency of Response: Annually
Estimated Total Reporting/Recordkeeping Burden: 1,632,511 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. 95-19922 Filed 8-10-95; 8:45 am]
BILLING CODE 4830-01-P