[Federal Register Volume 63, Number 103 (Friday, May 29, 1998)]
[Notices]
[Pages 29471-29472]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-14254]


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DEPARTMENT OF THE TREASURY


Submission to OMB for Review; Comment Request

May 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 June 29, 1998 
to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0782.
    Regulation Project Number: LR-7 Final (TD 6629).
    Type of Review: Extension.
    Title: Limitation on Reduction in Income Tax Liability Incurred to 
the Virgin Islands.
    Description: The Tax Reform Act of 1986 repealed the mandatory 
reporting and recordkeeping requirements of section 934(d) (1954 Code). 
The prior exception to the general rule of section 934 (1954 Code) to 
prevent the Government of the Virgin Islands from granting tax rebates 
with regard to taxes attributable to income derived from sources within 
the U.S. was contingent upon the taxpayers compliance with the 
reporting requirements of section 934(d).
    Respondents: Individuals or households, Business or other for-
profit.
    Estimated Number of Respondents/Recordkeepers: 500.
    Estimated Burden Hours Per Respondent/Recordkeeper: 22 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 184 hours.

    OMB Number: 1545-1068.
    Regulation Project Number: INTL-362-88 Final.
    Type of Review: Extension.
    Title: Definition of a Controlled Foreign Corporation, Foreign Base 
Company Income, and Foreign Personal Holding Company Income of a 
Controlled Foreign Corporation.
    Description: The election and recordkeeping requirements are 
necessary to exclude certain high-taxed or active business income from 
subpart F income to include certain incme in

[[Page 29472]]

the appropriate category of subpart F income. The recordkeeping and 
election procedures allow the U.S. shareholders and the IRS to know the 
amount of the controlled foreign corporation's subpart F income.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 50,500.
    Estimated Burden Hours Per Respondent/Recordkeeper: 1 hour.
    Frequency of Response: Annually, Other (one-time currency 
election).
    Estimated Total Reporting/Recordkeeping Burden: 50,417 hours.

    OMB Number: 1545-1132.
    Regulation Project Number: INTL-536-89 Final.
    Type of Review: Extension.
    Title: Registration Requirements with Respect to Certain Debt 
Obligations; Application of Repeal of 30 Percent Withholding by the Tax 
Reform Act of 1984.
    Description: The Internal Revenue Service needs the information in 
order to ensure that purchasers of bearer obligations are not U.S. 
persons (other than those permitted to hold obligations under section 
165(j) and to ensure that U.S. persons holding bearer obligations 
properly report income and gain on such obligations.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 5,000.
    Estimated Burden Hours Per Respondent/Recordkeeper: 10 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 852 hours.

    OMB Number: 1545-1134.
    Regulation Project Number: IA-141-83 Final (TD 8270).
    Type of Review: Extension.
    Title: Installment Method Reporting by Dealers in Personal 
Property.
    Description: These regulations provide guidance with respect to the 
manner in which dealers are required to account for installment sales.
    Respondents: Business or other for-profit.
    Estimated Number of Recordkeepers: 50,000.
    Estimated Burden Hours Per Recordkeeper: 10 hours.
    Estimated Total Reporting/Recordkeeping Burden: 500,000 hours.

    OMB Number: 1545-1243.
    Regulation Project Number: PS-163-84 Final.
    Type of Review: Extension.
    Title: Treatment of Transactions Between Partners and Partnerships.
    Description: Section 707(a)(2) provides that if there are transfers 
of money or property between a partner and a partnership, the transfer 
will be treated, in certain situations, as a disguised sale between the 
partner and the partnership. The regulations provide that the partner 
or the partnership should disclose the transfers and certain attendant 
facts in some situations.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 7,500.
    Estimated Burden Hours Per Respondent: 20 minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 2,500 hours.

    OMB Number: 1545-1331.
    Regulation Project Number: PS-55-89 Final.
    Type of Review: Extension.
    Title: General Asset Accounts Under the Accelerated Cost Recovery 
System.
    Description: The regulations describe the time and manner of making 
the election described in Internal Revenue Code (IRC) section 
168(I)(4). Basic information regarding this election is necessary to 
monitor compliance with the rules in IRC section 168.
    Respondents: Business or other for-profit, Farms.
    Estimated Number of Respondents: 1,000.
    Estimated Burden Hours Per Respondent: 15 minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 250 hours.

    OMB Number: 1545-1598.
    Revenue Procedure Number: Revenue Procedure 98-22.
    Type of Review: Extension.
    Title: Employee Plans Compliance Program.
    Description: The information requested in this revenue procedure is 
required to enable the Office of the Assistant Commissioner (Employee 
Plans and Exempt Organizations) of the Internal Revenue Service to make 
determinations regarding the issuance of various types of closing 
agreements and compliance statements. The issuance of closing 
agreements compliance statement allows individuals plans to continue to 
maintain their tax-qualified status. As a result, the favorable tax 
treatment of the benefits of the eligible employees is retained.
    Respondents: Individuals or households, Business or other for-
profit, Not-for-profit institutions, State, Local or Tribal Government.
    Estimated Number of Respondents: 2,000.
    Estimated Burden Hours Per Respondent: 21 hours, 30 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 43,000 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. 98-14254 Filed 5-28-98; 8:45 am]
BILLING CODE 4830-01-P