[Federal Register Volume 63, Number 72 (Wednesday, April 15, 1998)]
[Notices]
[Pages 18497-18498]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-9859]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 5471 (and Related 
Schedules)

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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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.

[[Page 18498]]

L. 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting 
comments concerning Form 5471 (and related schedules), Information 
Return of U.S. Persons With Respect To Certain Foreign Corporations.

DATES: Written comments should be received on or before June 15, 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: Information Return of U.S. Persons With Respect To Certain 
Foreign Corporations.
    OMB Number: 1545-0704.
    Form Number: 5471 (and related schedules).
    Abstract: Form 5471 and related schedules are used by U.S. persons 
that have an interest in a foreign corporation. The form is used to 
report income from the foreign corporation. The form and schedules are 
used to satisfy the reporting requirements of Internal Revenue Code 
sections 6035, 6038 and 6046 and the regulations thereunder pertaining 
to the involvement of U.S. persons with certain foreign corporations.
    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: Business or other for-profit organizations and 
individuals or households.
    Estimated Number of Respondents: 43,000.
    Estimated Time Per Respondent: 177 hr., 2 min.
    Estimated Total Annual Burden Hours: 7,612,250.
    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: April 7, 1998.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 98-9859 Filed 4-14-98; 8:45 am]
BILLING CODE 4830-01-U