[Federal Register Volume 62, Number 134 (Monday, July 14, 1997)]
[Notices]
[Pages 37641-37642]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-18335]


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DEPARTMENT OF THE TREASURY


Submission to OMB for Review; Comment Request

July 7, 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, Public Law 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: 1545-0215.
    Form Number: IRS Forms 5712 and 5712-A.
    Type of Review: Extension.
    Title: Election To Be Treated as a Possessions Corporation Under 
Section 936 (Form 5712); and Election and Verification of the Cost 
Sharing or Profit Split Method Under Section 936(h)(5) (Form 5712-A).
    Description: Domestic corporations may elect to be treated as 
possessions corporations on Form 5712. This election allows the 
corporation to take a tax credit. Possession corporations may elect on 
Form 5712-A to share their taxable income with their affiliates under 
section 936(h)(5). These forms are used by the IRS to ascertain if 
corporations are entitled to the credit and if they may share their 
taxable income with their affiliates.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 2,600.
    Estimated Burden Hours Per Respondent/Recordkeeper:
    Recordkeeping, 4 hrs., 47 min.
    Learning about the law or the form, 35 min.
    Preparing and sending the form to the IRS, 42 min.
    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 16,607 hours.

    OMB Number: 1545-1099.
    Form Number: IRS Form 8811.

[[Page 37642]]

    Type of Review: Revision.
    Title: Information Return for Real Estate Mortgage Investment 
Conduits (REMICs) and Issuers of Collateralized Debt Obligations.
    Description: Form 8811 is used to collect the name, address, and 
phone number of a representative of a REMIC who can provide brokers 
with the correct income amounts that the broker's clients must report 
on their income tax returns. It is estimated that there are some 1,000 
REMICs currently in existence.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 1,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:
    Recordkeeping, 3 hrs., 35 min.
    Learning about the law or the form, 30 min.
    Preparing, copying, assembling, and sending the form to the IRS, 35 
min.
    Frequency of Response: Other (Taxpayer must only file once for each 
obligation issued.)
    Estimated Total Reporting/Recordkeeping Burden: 4,670 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. 97-18335 Filed 7-11-97; 8:45 am]
BILLING CODE 4830-01-P