[Federal Register Volume 63, Number 129 (Tuesday, July 7, 1998)]
[Notices]
[Pages 36735-36736]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-17869]


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DEPARTMENT OF THE TREASURY


Submission to OMB for Review; Comment Request

June 25, 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.


[[Page 36736]]


    Dates: Written comments should be received on or before August 6, 
1998 to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0884.
    Form Number: IRS Form 8279.
    Type of Review: Extension.
    Title: Election to be Treated as a FSC or as a Small FSC.
    Description: A foreign corporation and its shareholders must elect 
to be a Foreign Sales Corporation (FSC) or Small FSC. Form 8279 is used 
to make the election. Form 8279 provide IRS with the necessary 
information to determine that the foreign corporation qualifies to be a 
FSC, number and types of shareholders, and tax year of the FSC and its 
principal shareholder.
    Respondents: Business or other for-profit
    Estimated Number of Respondents/Recordkeepers: 5,000
    Estimated Burden Hours Per Respondent/Recordkeeper:
      Recordkeeping: 4 hr., 32 min.
      Learning about the law or the form: 1 hr., 47 min.
      Preparing and sending the form to the IRS: 1 hr., 56 min.
    Frequency of Response: Other (one-time election).
    Estimated Total Reporting/Recordkeeping Burden: 41,350 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. 98-17869 Filed 7-6-98; 8:45 am]
BILLING CODE 4830-01-P