[Federal Register Volume 63, Number 38 (Thursday, February 26, 1998)]
[Notices]
[Pages 9899-9900]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-4888]


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DEPARTMENT OF THE TREASURY


Submission to OMB for Review; Comment Request

February 19, 1998
    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.

DATES: Written comments should be received on or before March 30, 1998 
to be assured of consideration.

INTERNAL REVENUE SERVICE (IRS)

    OMB Number: 1545-0007.
    Form Number: IRS Form T.
    Type of Review: Extension.
    Title: Forest Activities Schedules.
    Description: Form T is filed by individuals and corporations to 
report income and deductions from the timber business. The IRS used 
Form T to determine if the correct amount of income and deductions are 
claimed.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 37,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:
      Recordkeeping--37 hours, 4 minutes
      Learning about the law or the form--42 minutes
      Preparing and sending the form to the IRS--1 hour, 20 minutes
    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 1,446,700 hours.

    OMB Number: 545-0045.
    Form Number: IRS Form 976.
    Type of Review: Extension.
    Title: Claim for Deficiency Dividends Deductions by a Personal 
Holding Company, Regulated Investment Company, or Real Estate 
Investment Trust.

    Description: Form 976 is filed by corporations that wish to claim 
deficiency dividend deduction. The deduction allows the corporation to 
eliminate all or a portion of a tax deficiency. The IRS uses Form 976 
to determine if shareholders have include amounts in gross income.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 500.
    Estimated Burden Hours Per Respondent/Recordkeeper:
      Recordkeeping--5 hours, 44 minutes
      Learning about the law or the form--53 minutes
      Preparing, copying, assembling, and sending the form to the IRS--
1 hour, 2 minutes
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 3,830 hours.

    OMB Number: 1545-0117
    Form Number: IRS Form 1099-OID.
    Type of Review: Extension.
    Title: Original Issue Discount.
    Description: The form is used for reporting original issue discount 
as required by section 6049 of the Internal Revenue Code. It is used to 
verify that income earned on discount obligations is properly reported 
by the recipient.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 9,185.
    Estimated Burden Hours Per Respondent/Recordkeeper: 10 minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 765,000 hours.


[[Page 9900]]


    OMB Number: 1545-1161.
    Regulation Project Number: CO-8-90 Final.
    Type of Review: Extension.
    Title: Consolidated Return Regulations--Deferred Gain or Loss.
    Description: This regulation requires a statement to be attached to 
a consolidated federal income tax return by those groups which entered 
into certain intercompany transaction before the effective date of the 
temporary regulation (March 15, 1990), and the treatment of these 
transactions will be different than that of transactions entered into 
after March 15, 1990.
    Respondents: Business or other for-profit, Farms.
    Estimated Number of Respondents: 10.
    Frequency of Response: Other (one time only).
    Estimated Total Reporting Burden: 20 hours.

    OMB Number: 1545-1300.
    Regulation Project Number: FI-46-89 Final.
    Type of Review: Extension.
    Title: Treatment of Acquisition of Certain Financial Institutions: 
Certain Tax Consequences of Federal Assistance to Financial 
Institutions.
    Description: Recipients of Federal financial assistance (``FFA'') 
must maintain an account of FFA that is deferred from inclusion in 
gross income and subsequently recaptured. This information is used to 
determine the recipient's tax liability. Also, tax not subject to 
collection must be reported and information must be provided if certain 
elections are made.
    Respondents: Business or other for-profit, Federal Government.
    Estimated Number of Respondents/Recordkeepers: 500.
    Estimated Burden Hours Per Respondent/Recordkeeper: 4 hours, 24 
minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 2,200 hours.

    OMB Number: 1545-1569.
    Form Number: IRS Form 8861.
    Type of Review: Revision.
    Title: Welfare-to-Work Credit.
    Description: Section 51A of the Internal Revenue Code allows 
employers an income tax credit of 35% of the first $10,000 of first-
year wages paid to and 50% of the first $10,000 of second-year's wages 
paid to long-term family assistance recipients. The credit is part of 
the general business credit.
    Respondents: Business or other for-profit, Farms.
    Estimated Number of Respondents/Recordkeepers: 500.
    Estimated Burden Hours Per Respondent/Recordkeeper:
      Recordkeeping--7 hours, 39 minutes
      Learning about the law or the form--1 hour, 5 minutes
      Preparing and sending the form to the IRS--1 hour, 16 minutes
    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 5,000 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. 98-4888 Filed 2-25-98; 8:45 am]
BILLING CODE 4830-01-M