[Federal Register Volume 63, Number 196 (Friday, October 9, 1998)]
[Notices]
[Pages 54522-54523]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-27172]


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DEPARTMENT OF THE TREASURY


Submission to OMB for Review; Comment Request

September 29, 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 November 9, 
1998 to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0895.
    Form Number: IRS Form 3800.
    Type of Review: Revision.
    Title: General Business Credit.
    Description: Internal Revenue Code (IRC) section 38 permits 
taxpayers to reduce their income tax liability by the amount of their 
general business credit, which is an aggregation of their investment 
credit, jobs credit, alcohol fuel credit, research credit, low-income 
housing credit, disables access credit, enhanced oil recovery credit, 
inc. Form 3800 is used to figure the correct credit.
    Respondents: Business or other for-profit, Individuals or 
households, Farms.
    Estimated Number of Respondents/Recordkeepers: 415,163.

    Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--13 hr., 38 min.
Learning about the law or the form--1 hr., 24 min.
Preparing and sending the form to the IRS--1 hr., 40 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 6,933,222 hours.

    OMB Number: 1545-1190.
    Form Number: IRS Form 8824.
    Type of Review: Revision.
    Title: Like-Kind Exchanges.
    Description: Form 8824 is used by individuals, partnerships, and 
other entities to report the exchange of business or investment 
property, and the deferral of gains from such transactions under 
section 1031. It is also used to report the deferral of gain under 
section 1043 by members of the executive branch of the Federal 
government.
    Respondents: Individuals or households, Business or other for-
profit.
    Estimated Number of Respondents/Recordkeepers: 180,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--26 min.
Learning about the law or the form--28 min.
Preparing the form--1 hr., 2 min.
Copying, assembling, and sending the form to the IRS--27 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 320,295 hours.

    OMB Number: 1545-1205.
    Form Number: IRS Form 8826.
    Type of Review: Revision.
    Title: Disabled Access Credit.
    Description: Code section 44 allows eligible small businesses to 
claim a non-refundable income tax credit of 50% of the amount of the 
eligible access expenditures for any tax year that exceed $250 but do 
not exceed $10,250. Form 8826 figures the credit and the tax limit.
    Respondents: Business or other for-profit, Individuals or 
households, Farms.
    Estimated Number of Respondents/Recordkeepers: 26,133.
    Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--5 hr., 44 min.
Learning about the law or the form--42 min.
Preparing and sending the form to the IRS--49 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 189,726 hours.

    OMB Number: 1545-1339.
    Regulation Project Number: IA-33-92 Final.
    Type of Review: Extension.
    Title: Information Reporting for Reimbursements of Interest on 
Qualified Mortgages.
    Description: To encourage compliance with the tax laws relating to 
the mortgage interest deduction, the regulations would require the 
reporting on Form 1098 of reimbursements of interest overcharged in a 
prior year. Only businesses that received mortgage interest in the 
course of that business are affected by this reporting requirement.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 1.
    Estimated Burden Hours Per Respondent/Recordkeeper: 1 hour.
    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 1 hour.


[[Page 54523]]


    OMB Number: 1545-1362.
    Form Number: IRS Form 8835.
    Type of Review: Revision.
    Title: Renewable Electricity Production Credit.
    Description: Filers claiming the general business credit for 
electricity produced from certain renewable resources under code 
sections 38 and 45 must file Form 8835.
    Respondents: Individuals or households
    Estimated Number of Respondents/Recordkeepers: 70
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--10 hr., 31 min.
Learning about the law or the form--12 min.
Preparing and sending the form to the IRS--23 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 777 hours.

    OMB Number: 1545-1416.
    Form Number: IRS Form 8847 and Schedule A.
    Type of Review: Revision.
    Title: Credit for Contributions to Selected Community Development 
Corporations and Receipt for Contribution to a Selected Community 
Development Corporation (CDC).
    Description: Form 8847 is used to claim a credit for contributions 
to a selected community development corporation (CDC). The CDC issues 
Schedule A (Form 8847), with Part I completed, to the contributor to 
verify the contribution and to show the amount designated as eligible 
for the credit. The taxpayer certifies the contribution made in Part II 
of Schedule A.
    Respondents: Business or other for-profit, Individuals or 
households.
    Estimated Number of Respondents/Recordkeepers: 34.
    Estimated Burden Hours Per Respondent/Recordkeeper:

------------------------------------------------------------------------
                                        Form 8847      Schedule A (8847)
------------------------------------------------------------------------
Recordkeeping....................  6 hr., 28 min.....  3 hr., 7 min.
Learning about the law or the      24 min............  .................
 form.
Preparing and sending the form to  31 min............  3 min.
 the IRS.
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    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 358 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. 98-27172 Filed 10-8-98; 8:45 am]
BILLING CODE 4830-01-P