[Federal Register Volume 61, Number 199 (Friday, October 11, 1996)] [Notices] [Page 53488] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 96-26132] ======================================================================= ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Submission to OMB for Review; comment request October 1, 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: 1545-0058. Form Number: IRS Form 1028. Type of Review: Extension. Title: Application for Recognition of Exemption Under Section 521 of the Internal Revenue Code. Description: Farmers' cooperatives must file Form 1028 to apply for exemption from Federal income tax as being organizations described in IRC section 521. The information on Form 1028 provides the basis for determining whether the applicants are exempt. Respondents: Business or other for-profit. Estimated Number of Respondents/Recordkeepers: 50. Estimated Burden Hours Per Respondent/Recordkeeper: Recordkeeping--44 hr., 14 min. Learning about the law or the form--1 hr., 38 min. Preparing the form--4 hr., 17 min. Copy, assembling, and sending the form to the IRS--32 min. Frequency of Response: On occasion. Estimated Total Reporting/Recordkeeping Burden: 2,535 hours. OMB Number: 1545-0235. Form Number: IRS Form 730. Type of Review: Revision. Title: Tax on Wagering. Description: Form 730 is used to identify taxable wagers and collect the tax monthly. The information is used to determine if persons accepting wagers are correctly reporting the amount of wagers and paying the required tax. Respondents: Business or other for-profit, Individuals or households. Estimated Number of Respondents/Recordkeepers: 4,150. Estimated Burden Hours Per Respondent/Recordkeeper: Recordkeeping--3 hr., 35 min. Learning about the law or the form--1 hr., 10 min. Preparing the form--2 hr., 12 min. Copying, assembling and sending the form to the IRS--16 min. Frequency of Response: Monthly. Estimated Total Reporting/Recordkeeping Burden: 361,000 hours. OMB Number: 1545-0939. Form Number: IRS Form 8404. Type of Review: Extension. Title: Interest Charge on DISC-Related Deferred Tax Liability. Description: Shareholders of Interest Charge Domestic International Sales Corporations (IC-DISCs) use Form 8404 to figure and report an interest charge on their DISC-related deferred tax liability. The interest charge is required by Internal Revenue Code section 995(f). IRS uses Form 8404 to determine whether the shareholder has correctly figured and paid the interest charge on a timely basis. Respondents: Business or other for-profit, Individuals or households. Estimated Number of Respondents/Recordkeepers: 2,000. Estimated Burden Hours Per Respondent/Recordkeeper: Recordkeeping--4 hr., 4 min. Learning about the law or the form--2 hr., 29 min. Preparing, copying and sending the form to the IRS--2 hr., 40 min. Frequency of Response: Annually. Estimated Total Reporting/Recordkeeping Burden: 18,420 hours OMB Number: 1545-1417. Form Number: IRS Form 8845. Type of Review: Revision. Title: Indian Employment Credit. Description: Employers can claim a credit for hiring American Indians or their spouses to work within an Indian reservation. The credit is figured by multiplying by 20% the increase in wages and health insurance costs over the comparable amount paid or incurred during calendar year 1996. Respondents: Business or other for-profit. Estimated Number of Respondents/Recordkeepers: 500. Estimated Burden Hours Per Respondent/Recordkeeper: Recordkeeping--6 hr., 13 min. Learning about the law or the form--1 hr., 41 min. Preparing and sending the form to the IRS--1 hr., 52 min. Frequency of Response: Annually. Estimated Total Reporting/Recordkeeping Burden: 4,885 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. 96-26132 Filed 10-10-96; 8:45 am] BILLING CODE 4830-01-P