[Federal Register Volume 63, Number 141 (Thursday, July 23, 1998)]
[Notices]
[Page 39642]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-19691]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 1120-L

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, Public Law 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning 
Form 1120-L, U.S. Life Insurance Company Income Tax Return.

DATES: Written comments should be received on or before September 21, 
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: U.S. Life Insurance Company Income Tax Return
    OMB Number: 1545-0128
    Form Number: 1120-L
    Abstract: Life insurance companies are required to file an annual 
return of income and compute and pay the tax due. The data is used to 
insure that the companies have correctly reported taxable income and 
paid the correct tax.
    Current Actions: Form 1120-L
    Lines 11 and 12 were added to Schedule K to accommodate changes 
related to the qualified zone academy bond credit (new Code section 
1397E). The credit was added by section 226(a) of the Taxpayer Relief 
Act of 1997 (P.L. 105-34), and is figured on Form 8860.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 2,440.
    Estimated Time Per Respondent: 159 hr., 52 min.
    Estimated Total Annual Burden Hours: 390,058.
    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: July 14, 1998.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 98-19691 Filed 7-22-98; 8:45 am]
BILLING CODE 4830-01-U