[Federal Register Volume 61, Number 38 (Monday, February 26, 1996)]
[Notices]
[Page 7154]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-4175]



-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY
Internal Revenue Service


Proposed Collection; Comment Request

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

-----------------------------------------------------------------------

SUMMARY: The Department of the Treasury, as part of its continuing 
effort to reduce paperwork and respondent burden, invites the general 
public and other Federal agencies to take this opportunity to comment 
on proposed and/or continuing information collections, as required by 
the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning 
Form 1120-SF, U.S. Income Tax Return for Settlement Funds (Under 
Section 468B).

DATES: Written comments should be received on or before April 26, 1996, 
to be assured of consideration.

ADDRESSES: Direct all written comments to Garrick R. Shear, Internal 
Revenue Service, room 5571, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the information collection should be directed to Martha R. 
Brinson, (202) 622-3869, Internal Revenue Service, room 5571, 1111 
Constitution Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

    Title: U.S. Income Tax Return for Settlement Funds (Under Section 
468B).
    OMB Number: 1545-1394.
    Form Number: 1120-SF.
    Abstract: Form 1120-SF is used by settlement funds to report income 
and taxes on earnings of the fund. The fund may be established by court 
order, a breach of contract, a violation of law, an arbitration panel, 
or the Environmental Protection Agency. The IRS uses Form 1120-SF to 
determine if income and taxes are correctly computed.
    Current Actions: There are no changes being made to the form at 
this time.
    Type of Review: Extension of OMB approval.
    Affected Public: Businesses.
    Estimated Number of Respondents: 1,000.
    Estimated Time Per Respondent: 26 hrs., 43 min.
    Estimated Total Annual Burden Hours: 26,710.
    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in the request for OMB approval. All 
comments will become a matter of public record. Comments are invited 
on: (a) Whether the collection of information is necessary for the 
proper performance of the functions of the agency, including whether 
the information shall have practical utility; (b) the accuracy of the 
agency's estimate of the burden of the collection of information; (c) 
ways to enhance the quality, utility, and clarity of the information to 
be collected; and (d) ways to minimize the burden of the collection of 
information on respondents, including through the use of automated 
collection techniques or other forms of information technology.

    Approved: February 14, 1996.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 96-4175 Filed 2-23-96; 8:45 am]
BILLING CODE 4830-01-U