[Federal Register Volume 63, Number 59 (Friday, March 27, 1998)]
[Notices]
[Page 15002]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-7977]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 3520-A

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, Pub. L. 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning 
Form 3520-A, Annual Information Return of Foreign Trust with a U.S. 
Owner.

DATES: Written comments should be received on or before May 26, 1998 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 20224.

SUPPLEMENTARY INFORMATION:
    Title: Annual Information Return of Foreign Trust with a U.S. 
Owner.
    OMB Number: 1545-0160.
    Form Number: 3520-A.
    Abstract: Internal Revenue Code section 6048(b) requires that 
foreign trusts with at least one U.S. beneficiary must file an annual 
information return. Form 3520-A is used to report the income and 
deductions of the foreign trust and provide statements to the U.S. 
owners and beneficiaries. IRS uses Form 3520-A to determine if the U.S. 
owner of the trust has included the net income of the trust in its 
gross income.
    Current Actions: There are no changes being made to the form at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households and business or other-
for-profit organizations.
    Estimated Number of Respondents: 500.
    Estimated Time Per Respondent: 43 hr., 2 min.
    Estimated Total Annual Burden Hours: 21,515.
    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: March 12, 1998.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 98-7977 Filed 3-26-98; 8:45 am]
BILLING CODE 4830-01-P