[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