[Federal Register Volume 61, Number 222 (Friday, November 15, 1996)]
[Notices]
[Pages 58614-58615]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-29327]


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


DEPARTMENT OF THE TREASURY

Submission to OMB for Review; Comment Request

November 8, 1996.
    The Department of the 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: 1545-0941.
    Form Number: IRS Form 8308.
    Type of Review: Extension.
    Title: Report of a Sale or Exchange of Certain Partnership 
Interests.
    Description: Form 8308 is an information return that gives the IRS 
the names of the parties involved in a section 751(a) exchange of a 
partnership

[[Page 58615]]

interest. It is also used by the partnership as a statement to the 
transferor or transferee. It alerts the transferor that a portion of 
the gain on the sale of a partnership interest may be ordinary income.
    Respondents: Business or other for-profit, individuals or 
households, farms.
    Estimated Number of Respondents/Recordkeepers: 200,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--2 hr., 9 min.
Learning about the law or the form--2 hr., 47 min.
Preparing and sending the form to the IRS--2 hr., 56 min.
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 1,576,000 hours.

    OMB Number: 1545-1012.
    Form Number: IRS Form 5305A-SEP.
    Type of Review: Extension.
    Title: Salary Reduction and Other Elective Simplified Employee 
Pension--Individual Retirement Accounts Contribution Agreement.
    Description: This form is used by an employer to make an agreement 
to provide benefits to all employees under a salary reduction 
Simplified Employee Pension (SEP) described in section 408(k). This 
form is not to be filed with IRS, but to be retained in the employer's 
records as proof of establishing such a plan, thereby justifying a 
deduction for contributions made to this SEP. The data is used to 
verify the deduction.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 100,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--3 hr., 52 min.
Learning about the law or the form--3 hr., 57 min.
Preparing the form--50 min.
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 865,000 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) 395-7860, Office of 
Management and Budget, Room 10226, New Executive Office Building, 
Washington, DC 20503.
Lois K. Holland,
Departmental Reports Management Officer.
[FR Doc. 96-29327 Filed 11-14-96; 8:45 am]
BILLING CODE: 4830-01-P