[Federal Register Volume 63, Number 190 (Thursday, October 1, 1998)]
[Notices]
[Pages 52791-52793]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-26286]


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DEPARTMENT OF THE TREASURY


Submission to OMB for Review; Comment Request

September 23, 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 November 2, 
1998 to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0128.
    Form Number: IRS Form 1120-L.
    Type of Review: Revision.
    Title: U.S. Life Insurance Company Income Tax Return.
    Description: 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 companies have correctly reported taxable income 
and paid the correct tax.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 2,440.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--87 hr., 32 min.
Learning about the law or the form--25 hr., 52 min.
Preparing the form--42 hr., 25 min.
Copying, assembling, and sending the form to the IRS--4 hr., 1 min.
    Frequence of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 390,058 hours.

    OMB Number: 1545-0990.
    Form Number: IRS Form 8610.
    Type of Review: Extension.
    Title: Annual Low-Income Housing Credit Agencies Report.

[[Page 52792]]

    Description: Form 8610 is used by state and local low-income 
housing credit agencies to transmit of Form 8609 to the IRS.
    Respondents: State, Local or Tribal Government.
    Estimated Number of Respondents/Recordkeepers: 50
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--5 hr., 44 min.
Learning about the law or the form--1 hr., 0 min.
Preparing and sending the form to the IRS--1 hr., 8 min.
    Frequence of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 394 hours.

    OMB Number: 1545-1324.
    Regulation Project Number: CO-88-90 Final.
    Type of Review: Extension.
    Title: Limitation on Net Operating Loss Carryforwards and Certain 
Built-In Losses Following Ownership Change; Special Rule for Value of a 
Loss Corporation Under the Jurisdiction of a Court in a Title 11 Case.
    Description: This information serves as evidence of an election to 
apply section 382(l)(6) in lieu of section 382(l)(5) and an election to 
apply the provisions of the regulations retroactively. It is required 
by the Internal Revenue Service to assure that the proper amount of 
carryover attributes are used by a loss corporation following specified 
types of ownership changes.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 3,250.
    Estimated Burden Hours Per Respondent: 15 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 813 hours.

    OMB Number: 1545-1336.
    Form Number: IRS Forms 9455 and 9456.
    Type of Review: Extension.
    Title: IRS Taxpayer Education Programs (9455); and IRS Taxpayer 
Education Programs 2nd Notice (9456).
    Description: The data collection will be used to estimate the 
number of individuals who teach IRS' Educational programs, and the 
number of students who are exposed to the Understanding Taxes High 
School, UT-8th Grade, UT-Post Secondary, and the Small Business Tax 
Education Programs during the course of a year. It will also be used to 
justify the continued use of these programs. This effort is in line 
with IRS initiatives on reducing taxpayer burden and Compliance 2000 
initiatives to encourage voluntary compliance with the tax laws.
    Respondents: State, Local or Tribal Government.
    Estimated Number of Respondents: 120,800.
    Estimated Burden Hours Per Respondent: 10 minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 20,137 hours.

    OMB Number: 1545-1351.
    Form Number: None.
    Type of Review: Extension.
    Title: SOI Corporate Survey.
    Description: This is a request to conduct a yearly survey on a 
small portion of the very largest U.S. corporations. The data will be 
used to improve the quality of the Statistics of Income's (SOI) advance 
tax data. The survey will allow SOI to collect existing tax information 
earlier than regular IRS processing currently allows. Advance tax data 
has been requested by the Bureau of Economic Analysis, the Office of 
Tax Analysis and the Joint Committee on Taxation for tax analysis 
purposes.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 100.
    Estimated Burden Hours Per Respondent: 30 minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 50 hours.

    OMB Number: 1545-1352.
    Regulation Project Number: PS-276-76 Final.
    Type of Review: Extension.
    Title: Treatment of Gain From Disposition of Certain Natural 
Resource Recapture Property.
    Description: The regulations prescribe rules for determining the 
tax treatment of gain from the disposition of natural resource 
recapture property. Gain is treated as ordinary income in an amount 
equal to the intangible drilling and development costs and depletion 
deductions taken with respect to the property.
    Respondents: Individuals or households, Business or other for-
profit.
    Estimated Number of Respondents/Recordkeeping: 400.
    Estimated Burden Hours Per Respondent/Recordkeeping: 5 hours.
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 2,000 hours.

    OMB Number: 1545-1355.
    Regulation Project Number: REG-208985-89 Final (formerly INTL-848-
89).
    Type of Review: Extension.
    Title: Taxable Year of Certain Foreign Corporations Beginning After 
July 10, 1989.
    Description: Proposed regulations set forth the ``required year'' 
for ``specified foreign corporation'' for taxable years beginning after 
July 10, 1989, and give guidance on which foreign corporations must 
change their taxable year and how to effect the change in taxable year. 
Specified foreign corporations must conform to the required year and 
must state so on Form 5471.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 700.
    Estimated Burden Hours Per Respondent: 1 hour.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 1 hour.

    OMB Number: 1545-1360.
    Regulation Project Number: PS-102-88 Final.
    Type of Review: Extension.
    Title: Income, Gift and Estate Tax.
    Description: The regulation provides guidance to individuals or 
fiduciaries: (1) For making a qualified domestic trust election on the 
estate tax return of a decedent whose surviving spouse is not a United 
States citizen in order that the estate may obtain the marital 
deduction, and (2) for filing the annual returns that such an election 
may require.
    Respondents: Individuals or households.
    Estimated Number of Respondents: 2,300.
    Estimated Burden Hours Per Respondent: 2 hours, 40 minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 6,150 hours.

    OMB Number: 1545-1361.
    Regulation Project Number: PS-89-91 Final.
    Type or Review: Extension.
    Title: Exports of Chemicals That Deplete the Ozone Layer; Special 
Rules for Certain Medical Uses of Chemicals That Deplete the Ozone 
Layer.
    Description: Section 4681 imposes a tax on ozone-depleting 
chemicals sold or used by a manufacturer or importer thereof. Section 
4682 provides exemptions and reduced rates of tax for certain uses of 
ozone-depleting chemicals. This regulation provides reporting and 
recordkeeping rules.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 1,305.
    Estimated Burden Hours Per Respondent/Recordkeeper: 12 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 201 hours.

[[Page 52793]]

    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. 98-26286 Filed 9-30-98; 8:45 am]
BILLING CODE 4830-01-P