[Federal Register Volume 61, Number 193 (Thursday, October 3, 1996)]
[Notices]
[Page 51745]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-25375]


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


DEPARTMENT OF THE TREASURY

Submission to OMB for Review; Comment Request

September 27, 1996.
    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 1995, Public Law 104-13. 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: 1545-1028.
    Regulation Project Number: INTL-941-86 NPRM and INTL-655-87 
Temporary.
    Type of Review: Extension.
    Title: Passive Foreign Investment Companies.
    Description: These regulations specify how U.S. persons who are 
shareholders of passive foreign investment companies (PFICs) make 
elections with respect to their PFIC stock.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 275,000.
    Estimated Burden Hours Per Respondent: 45 minutes.
    Frequency of Response: Annually, Other (one time only).
    Estimated Total Reporting Burden: 206,250 hours.

    OMB Number: 1545-1150.
    Form Number: IRS Form 990-EZ.
    Type of Review: Revision.
    Title: Short Form Return of Organization Exempt From Income Tax 
Under Section 501(c) of the Internal Revenue Code (except black lung 
benefit trust or private foundation) or Section 4947(a)(1) Nonexempt 
Charitable Trust.
    Description: Form 990-EZ is needed to determine that Internal 
Revenue Code (IRC) section 501(a) tax-exempt organizations fulfill the 
operating conditions of their tax exemption. IRS uses the information 
from this form to determine if the filers are operating within the 
rules of their exemption.
    Respondents: Not-for-profit institutions.
    Estimated Number of Respondents/Recordkeepers: 100,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:
    Recordkeeping--28 hr., 13 min.
    Learning about the law or the form--9 hr., 12 min.
    Preparing the form--11 hr., 0 min.
    Copying, assembling and sending the form to the IRS--16 min.
    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 4,869,000 hours.

    OMB Number: 1545-1275.
    Regulation Project Number: CO-45-91 Final.
    Type of Review: Extension.
    Title: Limitations on Corporate Net Operating Loss Carryforwards.
    Description: Sections 1.382-9 (d)(2)(iii) and (d)(4)(iv) allow a 
loss corporation to rely on a statement by beneficial owners of 
indebtedness in determining whether the loss corporation qualifies 
under section 382(1)(5). Section 1.382-9(d)(6)(ii) requires a loss 
corporation to file an election if it wants to apply the regulations 
retroactively, or revoke a 382(1)(6) election.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 650.
    Estimated Burden Hours Per Respondent: 31 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 200 hours.
    Clearance Officer: Garrick Shear (202) 622-3869, Internal Revenue 
Service, Room 5571, 1111 Constitution Avenue, N.W., Washington, DC 
20224.
    OMB Reviewer: Alexander T. Hunt (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. 96-25375 Filed 10-2-96; 8:45 am]
BILLING CODE 4830-01-M