[Federal Register Volume 61, Number 232 (Monday, December 2, 1996)]
[Notices]
[Pages 63926-63927]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-30618]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 1118

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 1118, Foreign Tax Credit--Corporations.

DATES: Written comments should be received on or before January 31, 
1997 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(s) and instructions should be directed to Martha R. 
Brinson, (202) 622-3869, Internal Revenue Service, T:FP, room 5571, 
1111 Constitution Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

    Title: Foreign Tax Credit--Corporations.
    OMB Number: 1545-0122.
    Form Number: 1118.
    Abstract: Form 1118 and separate Schedules I and J are used by 
domestic and foreign corporations to claim a credit against tax for 
taxes paid to foreign countries. The IRS uses Form 1118 and related 
schedules to determine if the corporation has computed the foreign tax 
credit correctly.
    Current Actions: There are no changes being made to the form at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Businesses or other for-profit organizations.
    Estimated Number of Respondents: 10,000.
    Estimated Time Per Respondent: 339 hr., 44 min.
    Estimated Total Annual Burden Hours: 3,397,363.
    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

[[Page 63927]]

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: November 22, 1996.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 96-30618 Filed 11-29-96; 8:45 am]
BILLING CODE 4830-01-U