[Federal Register Volume 61, Number 236 (Friday, December 6, 1996)]
[Notices]
[Pages 64787-64788]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-31019]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY


Submission to OMB for Review; Comment Request

November 20, 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: 1545-0168.
    Form Number: IRS Form 4361.
    Type of Review: Extension.
    Title: Application for Exemption From Self-Employment Tax for Use 
by Ministers, Members of Religious Orders and Christian Science 
Practitioners.
    Description: Form 4361 is used by ministers, members of religious 
orders, or Christian Science Practitioners to file for an exemption 
from self-employment tax on certain earnings and to certify that they 
have informed the church or order that they are opposed to the 
acceptance of certain public insurance benefits.
    Respondents: Individuals or households.
    Estimated Number of Respondents/Recordkeepers: 10,270.
    Estimated Burden Hours Per Respondent/Recordkeeper: Recordkeeping--
7 min.; Learning about the law or the form--20 min.; Preparing the 
form--16 min.; Copying, assembling, and sending the form to the IRS--17 
min.
    Frequency of Response: Other (one-time).
    Estimated Total Reporting/Recordkeeping Burden: 10,270 hours.
    OMB Number: 1545-0499.
    Form Number: IRS Form 5305-SEP.
    Type of Review: Extension.
    Title: 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 Simplified Employee 
Pension (SEP) described in section 408(k). This form is not to be filed 
with the IRS but is to be retained in the employer's records as proof 
of establishing a SEP and justifying a deduction for contributions in 
the 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--
1 hr., 40 min.; Learning about the law or the form--1 hr., 35 min.; 
Preparing the form--1 hr., 41 min.
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 495,000 hours.
    OMB Number: 1545-0913.
    Regulation Project Number: FI-165-84 NPRM.
    Type of Review: Extension.
    Title: Below-Market Loans.
    Description: Section 7872 recharacterizes a below-market loan as a 
market rate loan and an additional transfer by the lender to the 
borrower equal to the amount of imputed interest. The regulation 
requires both the lender and the borrower to attach a statement to 
their respective income tax returns for years in which they have either 
imputed income or claim imputed deductions under section 7872.
    Respondents: Business or other for-profit, Individuals or 
households.
    Estimated Number of Respondents: 1,631,202.
    Estimated Burden Hours Per Respondent: 18 minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 481,722 hours.
    OMB Number: 1545-1002.
    Form Number: IRS Form 8621.
    Type of Review: Extension.
    Title: Return by Shareholder of a Passive Foreign Investment 
Company or Qualified Electing Fund.
    Description: Form 8621 is filed by a U.S. person who owns stock in 
a foreign investment company. The form is used to report income, make 
an election to extend the time for payment of tax, and to pay an 
additional tax and interest amount. The IRS uses Form 8621 to determine 
if these shareholders have correctly reported amounts of income, made 
the election correctly, and have correctly computed the additional tax 
and interest amount.
    Respondents: Business or other for-profit, Individuals or 
households.
    Estimated Number of Respondents/Recordkeepers: 2,000.
    Estimated Burden Hours Per Respondent/Recordkeeper: Recordkeeping--
12 hr., 12 min.; Learning about the law or the form--3 hr., 41 min.; 
Preparing and sending the form to the IRS--4 hr., 2 min.
    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 39,840 hours.
    OMB Number: 1545-1191.
    Regulation Project Number: INTL-868-89 Final.
    Type of Review: Extension.
    Title: Information with Respect to Certain Foreign-Owned 
Corporations.
    Description: The regulations require record maintenance, annual 
information filing, and the authorization of the U.S. corporation to 
act as an agent for IRS summons purposes. These requirements will allow 
IRS international examiners to better audit the tax returns of U.S. 
corporations engaged in crossborder transactions with a related party.
    Respondents: Business or other for-profit, individuals or 
households.
    Estimated Number of Recordkeepers: 63,000.
    Estimated Burden Hours Per Recordkeeper: 10 hours.

[[Page 64788]]

    Frequency of Response: Annually.
    Estimated Total Recordkeeping Burden: 630,000 hours.
    OMB Number: 1545-1210.
    Form Number: IRS Form 8379.
    Type of Review: Revision.
    Title: Injured Spouse Claim and Allocation.
    Description: A non-obligated spouse may file Form 8379 to request 
the non-obligated spouse's share of a joint income tax refund that 
would otherwise be applied to the past-due obligation owed to a state 
or federal agency by the other spouse.
    Respondents: Individuals or households.
    Estimated Number of Respondents/Recordkeepers: 200,000.
    Estimated Burden Hours Per Respondent/Recordkeeper: Recordkeeping--
13 min.; Learning about the law or the form--8 min.; Preparing the 
form--56 min.; Copying, assembling, and sending the form to the IRS--31 
min.
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 362,000 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. 96-31019 Filed 12-5-96; 8:45 am]
BILLING CODE 4830-01-P