[Federal Register Volume 61, Number 161 (Monday, August 19, 1996)]
[Notices]
[Page 42937]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-21086]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 1120-PC

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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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-PC, U.S. Property and Casualty Insurance Company Income Tax 
Return.

DATES: Written comments should be received on or before October 18, 
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 form and instructions 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. Property and Casualty Insurance Company Income Tax 
Return.
    OMB Number: 1545-1027.
    Form Number: 1120-PC.
    Abstract: Property and casualty insurance companies are required to 
file an annual return of income and pay the tax due. The data is used 
to insure that companies have correctly reported income and paid the 
correct tax.
    Current Actions: The major changes to Form 1120-PC are as follows:
    (1) On line 7c, the checkboxes for Form 5884 (Jobs Credit) and Form 
6765 (Credit for Increasing Research Activities) were removed. The jobs 
credit under Internal Revenue Code section 51 has expired for employees 
who began work after 1994. The research credit under Code section 41 
expired June 30, 1995.
    (2) Line 11b, Environmental tax, was deleted because the 
environmental tax does not apply to tax years beginning after 1995.
    (3) Schedule C, column (a), Dividends not subject to section 
832(b)(5)(B), was removed because the entries under this column are not 
needed.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 2,200.
    Estimated Time Per Respondent: 203 hr., 31 min.
    Estimated Total Annual Burden Hours: 447,722.
    The following paragraph applies to all of the collections of 
information covered by this notice:
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless the collection of 
information displays a valid OMB control number. Books or records 
relating to a collection of information must be retained as long as 
their contents may become material in the administration of any 
internal revenue law. Generally, tax returns and tax return information 
are confidential, as required by 26 U.S.C. 6103.

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; (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; and (e) 
estimates of capital or start-up costs and costs of operation, 
maintenance, and purchase of services to provide information.

    Approved: August 7, 1996.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 96-21086 Filed 8-16-96; 8:45 am]
BILLING CODE 4830-01-U