[Federal Register Volume 62, Number 126 (Tuesday, July 1, 1997)]
[Pages 35542-35543]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-17219]



Internal Revenue Service

Proposed Collection; Comment Request for Form 5735 and Schedule P 
(Form 5735)

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 5735, Possessions Corporation Tax Credit (Under Sections 936 and 
30A), and Schedule P (Form 5735), Allocation of Income and Expenses 
Under Section 936(h)(5).

DATES: Written comments should be received on or before September 2, 
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 10224.


    Title: Possessions Corporation Tax Credit (Under Sections 936 and 
30A), and Allocation of Income and Expenses Under Section 936(h)(5).
    OMB Number: 1545-0217
    Form Number: Form 5735 and Schedule P (Form 5735)
    Abstract: Form 5735 is used to compute the possessions corporation 
tax credit under sections 936 and 30A. Schedule P (Form 5735) is used 
by corporations that elect to share their income or expenses with their 
affiliates. The forms provide the IRS with information to determine if 
the corporations have correctly computed the tax credit and the cost-
sharing or profit-split method of allocating income and expenses.
    Current Actions: There are no changes being made to the forms at 
this time.
    Type of Review: Extension of a currently approved collection.

[[Page 35543]]

    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 1,371
    Estimated Time Per Respondent: 23 hr., 52 min.
    Estimated Total Annual Burden Hours: 32,713
    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: June 24, 1997.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 97-17219 Filed 6-30-97; 8:45 am]