[Federal Register Volume 63, Number 103 (Friday, May 29, 1998)]
[Notices]
[Pages 29474-29475]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-14257]


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DEPARTMENT OF THE TREASURY


Submission to OMB for Review; Comment Request

May 22, 1998.
    The Department of the 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: 1545-0042.
    Form Number: IRS Form 970.
    Type of Review: Extension.
    Title: Application to Use LIFO Inventory Method.
    Description: Form 970 is filed by individuals, partnerships, 
trusts, estates, or corporations to elect to use the LIFO inventory 
method or to extend the LIFO method to additional goods. The IRS uses 
Form 970 to determine if the election was properly made.
    Respondents: Business or other for-profit, Individuals or 
households.
    Estimated Number of Respondents/Recordkeepers: 3,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:
    Recordkeeping--9 hr., 20 min.
    Learning about the law or the form--2 hr., 23 min.
    Preparing and sending the form to the IRS--2 hr., 39 min.
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 43,080 hours.

    OMB Number: 1545-0786.
    Regulation Project Number: INTL-50-86 Final (TD 8110).
    Type of Review: Extension.
    Title: Sanctions on Issuers and Holders of Registration-Required 
Obligations Not in Registered Form.
    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 again on such obligations. The people 
reporting will be institutions holding bearer obligations.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 1,000.
    Estimated Burden Hours Per Respondent: 3 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 39,742 hours.

    OMB Number: 1545-1270.
    Regulation Project Number: PS-66-93 and PS-120-90 Final.
    Type of Review: Extension.
    Title: Gasohol; Compressed Natural Gas (PS-66-93); and Gasoline 
Excise Tax (PS-120-90).
    Description: PS-66-93: Buyers of compressed natural gas for a non-
taxable use must give a certificate. Persons who pay a ``first tax'' on 
gasoline must file a report.
    PS-120-90: Gasoline refiners, traders, terminal operators, chemical 
companies and gasohol blenders must notify each other of their 
registration status and/or intended use of the product before 
transactions may be made tax-free.
    Respondents: Business or other for-profit, Not-for-profit 
institutions, Farms, State, Local or Tribal Government.
    Estimated Number of Respondents: 3,170.
    Estimated Burden Hours Per Respondent: 7 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 371 hours.

    OMB Number: 1545-1338.
    Regulation Project Number: PS-103-90 Final.
    Type of Review: Extension.
    Title: Election Out of Subchapter K for Producers of Natural Gas.
    Description: Under section 1.761-2(d)(5)(I), gas producers subject 
to gas balancing agreements on the regulation's effective date are to 
file Form 3115 and certain additional information to obtain the 
Commissioner's consent to a change in method of accounting to either of 
the two new permissible accounting methods in the regulations.
    Respondents: Business or other for-profit, Individuals or 
households.
    Estimated Number of Respondents: 10.
    Estimated Burden Hours Per Respondent: 30 minutes.
    Frequency of Response: Other (one time only).
    Estimated Total Reporting Burden: 5 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

[[Page 29475]]

10226, New Executive Office Building, Washington, DC 20503.
Lois K. Holland,
Departmental Reports Management Officer.
[FR Doc. 98-14257 Filed 5-28-98; 8:45 am]
BILLING CODE 4830-01-P