[Federal Register Volume 62, Number 107 (Wednesday, June 4, 1997)]
[Notices]
[Page 30675]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-14591]


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

DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 1120, Schedule D, 
Schedule H, and Schedule PH

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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

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 1120, U.S. Corporation Income Tax Return, Schedule D, Capital 
Gains and Losses, Schedule H, Section 280H Limitations for a Personal 
Service Corporation (PSC), and Schedule PH, U.S. Personal Holding 
Company (PHC) Tax.

DATES: Written comments should be received on or before August 4, 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 and instructions should be directed to Martha R. 
Brinson, (202) 622-3869, Internal Revenue Service, room 5571, 1111 
Constitution Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

    Title: 1120, U.S. Corporation Income Tax Return, Schedule D, 
Capital Gains and Losses, Schedule H, Section 280H Limitations for a 
Personal Service Corporation (PSC), and Schedule PH, U.S. Personal 
Holding Company (PHC) Tax.
    OMB Number: 1545-0123.
    Form Number: 1120, Schedule D, Schedule H, and Schedule PH.
    Abstract: Form 1120 is used by corporations to compute their 
taxable income and tax liability. Schedule D (Form 1120) is used by 
corporations to report gains and losses from the sale of capital 
assets. Schedule H (Form 1120) is used by personal service corporations 
to determine if they have met the minimum distribution requirements of 
Internal Revenue Code section 280H. Schedule PH (Form 1120) is used by 
personal holding companies to compute their tax liability.
    Current Actions: On the balance sheet (Schedule L, Form 1120), a 
new line was added for adjustments to shareholders' equity. These 
adjustments include unrealized gains and losses on securities held 
available for sale, foreign currency translation adjustments, excess of 
additional pension liability over unrecognized prior service cost, and 
compensation related to employee stock award plans.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations and 
farms.
    Estimated Number of Respondents: 2,462,931.
    Estimated Time Per Respondent: 196 hr., 8 min.
    Estimated Total Annual Burden Hours: 483,052,775.
    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 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: May 29, 1997.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 97-14591 Filed 6-3-97; 8:45 am]
BILLING CODE 4830-01-U