[Federal Register Volume 62, Number 73 (Wednesday, April 16, 1997)]
[Notices]
[Pages 18674-18675]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-9779]


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DEPARTMENT OF THE TREASURY


Submission to OMB for Review; Comment Request

April 9, 1997.
    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, Pub. L. 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: 1545-0387.
    Form Number: IRS Form 4419.
    Type of Review: Revision.
    Title: Application for Filing Information Returns Magnetically/
Electronically.
    Description: Under section 6011(e)(2)(a) of the Internal Revenue 
Code, any person, including corporations, partnerships, individuals, 
estates and trusts, who is required to file 250 or more information 
returns must file such returns magnetically/electronically. Payers 
required to file on magnetic media must complete Form 4419 to receive 
authorization to file.
    Respondents: State, Local or Tribal Government, Business and other 
for-profit, Not-for-profit institutions, Federal Government.
    Estimated Number of Respondents: 15,000.

Estimated Burden Hours Per Respondent: 
    Preparing the form--26 min.

    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 6,500 hours.

    OMB Number: 1545-1412.
    Regulation Project Number: FI-54-93 Final.
    Type of Review: Extension.

[[Page 18675]]

    Title: Clear Reflection of Income in the Case of Hedging 
Transactions.
    Description: This information is required by the Internal Revenue 
Service to verify compliance with section 446 of the Internal Revenue 
Code. This information will be used to determine that the amount of tax 
has been computed correctly. The likely recordkeepers are businesses or 
other for-profit institutions.
    Respondents: Business and other for-profit.
    Estimated Number of Recordkeepers: 110,000.
    Estimated Burden Hours Per Recordkeeper: 12 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 22,000 hours.

    OMB Number: 1545-1434.
    Regulation Project Number: CO-26-96 NPRM and Temporary.
    Type of Review: Extension.
    Title: Regulations Under Section 382 of the Internal Revenue Code 
of 1986; Application of Section 382 in Short Taxable Years and With 
Respect to Controlled Groups.
    Description: Section 382 limits the amount of income that can be 
offset by loss carryovers after an ownership change. These regulations 
provide rules for applying section 382 in the case of short taxable 
years and with respect to controlled groups.
    Respondents: Business and other for-profit.
    Estimated Number of Respondents: 3,500.
    Estimated Burden Hours Per Respondent: 15 minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 875 hours.
    Clearance Officer: Garrick Shear (202) 622-3869, Internal Revenue 
Service, Room 5571, 1111 Constitution Avenue, NW., 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. 97-9779 Filed 4-15-97; 8:45 am]
BILLING CODE 4830-01-P