[Federal Register Volume 62, Number 203 (Tuesday, October 21, 1997)]
[Notices]
[Pages 54684-54685]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-27766]
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DEPARTMENT OF THE TREASURY
Submission to OMB for Review; Comment Request
October 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: 1545-1098.
Regulation Project Number: TD 8418 Final (FI-91-86; FI-90-86; FI-
90-91; and FI-1-90).
Type of Review: Extension.
Title: Arbitrage Restrictions on Tax-Exempt Bonds.
Description: This regulation requires state and local governmental
issuers of tax-exempt bonds to rebate arbitrage profits earned on
nonpurpose investments acquired with the bond proceeds. Issuers are
required to submit a form with the rebate. The regulations provide for
several elections, all of which must be in writing.
Respondents: Not-for-profit institutions, State, Local or Tribal
Governments.
Estimated Number of Respondents/Recordkeepers: 3,100.
Estimated Burden Hours Per Respondent/Recordkeeper: 2 hours, 46
minutes.
Frequency of Response: On occasion, Other (at most every 5 years).
Estimated Total Reporting/Recordkeeping Burden: 8,550 hours.
OMB Number: 1545-1160.
Regulation Project Number: CO-93-90 Final.
Type of Review: Extension.
Title: Corporations; Consolidated Returns--Special Rules Relating
to Dispositions and Deconsolidations of Subsidiary Stock.
Description: These regulations prevent elimination of corporate-
level tax because of the operation of the consolidated returns
investment adjustment rules. Statements are required for dispositions
of a subsidiary's stock for which losses are claimed, for basis
reductions within 2 years of the stock's deconsolidation, and for
elections by the common parent to retain the NOL's of a disposed
subsidiary.
Respondents: Business or other for-profit.
Estimated Number of Respondents: 3,000.
Estimated Burden Hours Per Respondent: 2 hours.
Frequency of Response: Other (one time).
Estimated Total Reporting/Recordkeeping Burden: 6,000 hours.
OMB Number: 1545-1440.
Regulation Project Number: INTL-64-93 Final.
Type of Review: Extension.
Title: Conduit Arrangements Regulations.
Description: This document contains regulations relating to when
the district director may recharacterize a financing arrangement as a
conduit arrangement. Such recharacterization will affect the amount of
withholding tax due on financing transactions that are part of the
financing arrangement. These regulations will affect withholding agents
and foreign investors.
Respondents: Business or other for-profit.
Estimated Number of Recordkeepers: 1,000.
Estimated Burden Hours Per Recordkeeper: 10 hours.
Estimated Total Recordkeeping Burden: 10,000 hours.
OMB Number: 1545-1449.
Regulation Project Number: IA-57-94.
[[Page 54685]]
Type of Review: Extension.
Title: Cash Reporting by Court Clerks.
Description: Section 6050I(g) imposes a reporting requirement on
criminal court clerks that receive more than $10,000 in cash as bail.
The IRS will use the information to identify individuals with large
cash incomes. Clerks must also furnish the information to the United
States Attorney for the jurisdiction in which the individual charged
with the crime resides and to each person posting the bond whose name
appears on Form 8300.
Respondents: Federal Government, State, Local or Tribal Government.
Estimated Number of Respondents: 250.
Estimated Burden Hours Per Respondent: 30 minutes.
Frequency of Response: On occasion, Annually.
Estimated Total Reporting Burden: 125 hours.
OMB Number: 1545-1548.
Revenue Procedure Number: Revenue Procedure 97-40.
Type of Review: Extension.
Title: Late S Corporation Election Relief.
Description: Revenue Procedure 97-40 provides that taxpayers whose
S corporation election was filed late (but was filed within 6 months of
the statutory due date, and before a tax return is due for that taxable
year) can obtain late S election relief by filing Form 2553 and
attaching a statement explaining the reasonable cause for the failure
to file a timely S corporation election.
Respondents: Business or other for-profit.
Estimated Number of Respondents: 200.
Estimated Burden Hours Per Respondent: 1 hour.
Frequency of Response: Other (must be done within 6 months of Form
2553's due date).
Estimated Total Reporting Burden: 200 hours.
OMB Number: 1545-1550.
Notice Number: Notice 97-45.
Type of Review: Extension.
Title: Highly Compensated Employee Definition.
Description: This notice provides guidance on the definition of a
highly compensated employee within the meaning of section 14(q) of the
Internal Revenue Code as simplified by section 1431 of the Small
Business Job Protection Act of 1996, including an employer's option to
make a top-paid group election under section 414(q)(1)(B)(ii).
Respondents: Business or other for-profit, Not-for-profit
institutions.
Estimated Number of Recordkeepers: 218,683.
Estimated Burden Hours Per Recordkeeper: 18 minutes.
Estimated Total Recordkeeping Burden: 65,605 hours.
OMB Number: 1545-1551.
Revenue Procedure Numbers: Revenue Procedures 97-36, 97-37, 97-38
and 97-39.
Type of Review: Extension.
Title: Changes in Methods of Accounting.
Description: The information collected in the four revenue
procedures is required in order for the Commissioner to determine
whether the taxpayer properly is requesting to change its method of
accounting and the conditions of the change.
Respondents: Business or other for-profit, Individuals or
households, Not-for-profit institutions, Farms.
Estimated Number of Respondents/Recordkeepers: 12,350.
Estimated Burden Hours Per Respondent/Recordkeeper: 17 hours, 20
minutes.
Frequency of Response: On occasion, Annually.
Estimated Total Reporting/Recordkeeping Burden: 214,144 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. 97-27766 Filed 10-20-97; 8:45 am]
BILLING CODE 4830-01-P