[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] ----------------------------------------------------------------------- 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