[Federal Register Volume 62, Number 79 (Thursday, April 24, 1997)]
[Notices]
[Pages 20062-20063]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-10561]


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DEPARTMENT OF THE TREASURY


Submission to OMB for Review; Comment Request

April 14, 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: 1545-0013.
    Form Number: IRS Form 56.
    Type of Review: Extension.
    Title: Notice Concerning Fiduciary Relationship.
    Description: Form 56 is used to inform the IRS that a person is 
acting for another person in a fiduciary capacity so that the IRS may 
mail tax notices to the fiduciary concerning the person for whom he/she 
is acting. The data is used to ensure that the fiduciary relationship 
is established or terminated and to mail or discontinue mailing 
designated tax notices to the fiduciary.
    Respondents: Business or other for-profit, Individuals or 
households.
    Estimated Number of Respondents/Recordkeepers: 25,000.

Estimated Burden Hours Per Respondent/Recordkeeper:
    Recordkeeping: 8 minutes.
    Learning about the law or the form: 32 minutes.
    Preparing the form: 46 minutes.
    Copying, assembling, and sending the form to the IRS: 15 minutes.


[[Page 20063]]


    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 292,800 hours.

    OMB Number: 1545-0619.
    Form Number: IRS Form 6765.
    Type of Review: Extension.
    Title: Credit for Increasing Research Activities.
    Description: Internal Revenue Code (IRC) section 31 allows a credit 
against income tax (determined under IRC section 41) for an increase in 
research activities in a trade or business. Form 6765 is used by 
businesses and individuals engaged in a trade or business to figure and 
report the credit. The data is used to verify that the credit claimed 
is correct.
    Respondents: Business or other for-profit, Individuals or 
households.
    Estimated Number of Respondents/Recordkeepers: 13,000.

Estimated Burden Hours Per Respondent/Recordkeeper:
    Recordkeeping: 15 hr., 19 min.
    Learning about the law or the form: 1 hr., 29 min.
    Preparing and sending the form to the IRS: 1 hr., 49 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 241,930 hours.

    OMB Number: 1545-0745.
    Regulation Project Number: LR-27-83 Temporary and LR-54-85 
Temporary.
    Type of Review: Extension.
    Title: Floor Stocks Credits or Refunds and Consumer Credits or 
Refunds With Respect to Certain Tax-Repealed Articles; Excise Tax on 
Heavy Trucks (LR-27-83); and Excise Tax on Heavy Trucks, Truck Trailers 
and Semitrailers, and Tractors; Reporting and Recordkeeping 
Requirements (LR-54-85).
    Description: LR-27-83 requires sellers of trucks, trailers and 
semitrailers, and tractors to maintain records of gross vehicle weights 
or articles.
    Respondents: Business or other for-profit.
    Estimated Number of Recordkeepers: 4,100.
    Estimated Burden Hours Per Recordkeeper: 1 hour, 1 minute.
    Estimated Total Recordkeeping Burden: 4,140 hours.

    OMB Number: 1545-0805.
    Form Number: IRS Form 5472.
    Type of Review: Extension.
    Title: Information Return of a 25% Foreign-Owned U.S. Corporation 
or a Foreign Corporation Engaged in a U.S. Trade or Business
    Description: Form 5472 is used to report information about 
transactions between a U.S. corporation that is 25% foreign owned or a 
foreign corporation that is engaged in a U.S. trade or business and 
related foreign parties. The IRS uses Form 5472 to determine if 
inventory or other costs deducted by the U.S. or foreign corporation 
are correct.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 75,000.

Estimated Burden Hours Per Respondent/Recordkeeper:
    Recordkeeping: 17 hr., 13 min.
    Learning about the law or the form: 1 hr., 47 min.
    Preparing and sending the form to the IRS: 2 hr., 9 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 1,587,000 hours.

    OMB Number: 1545-1260.
    Regulation Project Number: CO-62-89 Final.
    Type of Review: Extension.
    Title: Final Regulations Under Section 382 of the Internal Revenue 
Code of 1986; Limitations on Corporate Net Operating Loss 
Carryforwards.
    Description: The reporting requirement concerns the election a 
taxpayer may make to treat as the change date of the effective date of 
a plan of reorganization in a title 11 or similar case rather than the 
confirmation date of a plan.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 10.
    Estimated Burden Hours Per Respondent: 1 hour.
    Frequency of Response: Other (once).
    Estimated Total Reporting/Recordkeeping Burden: 1 hour.

    OMB Number: 1545-1312.
    Regulation Project Number: INTL-15-91 NPRM.
    Type of Review: Extension.
    Title: Taxation of Gain or Loss from Certain Nonfunctional Currency 
Transactions (Section 988 Transactions).
    Description: Certain taxpayers are allowed to elect a mark to 
market method of accounting for foreign currency gains and losses and 
to integrate certain foreign currency denominated dividend, rent and 
royalty payments with hedges thereof.
    Respondents: Business and other for-profit, Individuals or 
households.
    Estimated Number of Respondents/Recordkeepers: 1,500.
    Estimated Burden Hours Per Respondent/Recordkeeper: 40 minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 1,000 hours.

    OMB Number: 1545-1344.
    Regulation Project Number: CO-30-92 Final.
    Type of Review: Extension.
    Title: Consolidated Returns--Stock Basis and Excess Loss Accounts, 
Earnings and Profits, Absorption of Deductions and Losses, Joining and 
Leaving Consolidated Groups, Worthless Stock Loss, Nonapplicability of 
Section 357 (c).
    Description: The reporting requirements affect consolidated 
taxpayers who will be making elections (if made) to treat certain loss 
carryovers as expiring and an election (if made) allocating items 
between returns. The information will facilitate enforcement of 
consolidated return regulations.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 52,049.
    Estimated Burden Hours Per Respondent: 22 minutes
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 18,600 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. 97-10561 Filed 4-23-97; 8:45 am]
BILLING CODE 4830-01-P