[Federal Register Volume 64, Number 63 (Friday, April 2, 1999)]
[Notices]
[Pages 16022-16023]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-8113]


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DEPARTMENT OF THE TREASURY


Submission for OMB review; comment request

March 26, 1999.
    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 May 3, 1999 to 
be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0146.
    Form Number: IRS Form 2553.
    Type of Review: Extension.
    Title: Election by a Small Business Corporation.
    Description: Form 2553 is filed by a qualifying corporation to 
elect to be an S corporation as defined in Code section 1361. The 
information obtained is necessary to determine if the election should 
be accepted by the IRS. When the election is accepted, the qualifying 
corporation is classified as an S corporation and the corporation's 
income is taxed to the shareholders of the corporation.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 500,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:
    Recordkeeping--8 hr., 37 min.
    Learning about the law or the form--3 hr., 11 min.
    Preparing, copying, assembling and sending the form to the IRS--3 
hr., 28 min.
    Frequency of Response: Other (once).
    Estimated Total Reporting/Recordkeeping Burden: 7,625,000 hours.

    OMB Number: 1545-1375.
    Regulation Project Number: IA-5-92 Final.
    Type of Review: Extension.
    Title: Carryover of Passive Activity Losses and Credits and At Risk 
Losses to Bankruptcy Estates of Individuals.
    Description: These regulations provide for a joint election to have 
the regulations apply to certain bankruptcy cases. In a chapter 7 case, 
the written consent of the trustee must be obtained.

[[Page 16023]]

In chapter 11 cases, the election must be in the reorganization plan or 
in a court order.
    Respondents: Individuals or households.
    Estimated Number of Respondents: 600,000.
    Estimated Burden Hours Per Respondent: 1 hour.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 600,000 hours.

    OMB Number: 1545-1394.
    Form Number: IRS Form 1120-SF.
    Type of Review: Extension.
    Title: U.S. Income Tax Return for Settlement Funds (Under Section 
468B).
    Description: Form 1120-SF is used by settlement funds to report 
income and taxes on earnings of the fund. The fund may be established 
by court order, a breach of contract, a violation of law, an 
arbitration panel, or the Environmental Protection Agency. The IRS uses 
Form 1120-SF to determine if income and taxes are correctly computed.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 1,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:
    Recordkeeping--18 hr., 25 min.
    Learning about the law or the form--2 hr., 43 min.
    Preparing the form--5 hr., 0 min.
    Copying, assembling, and sending the form to the IRS--32 min.
    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 26,670 hours.

    OMB Number: 1545-1420.
    Form Number: IRS Form 8849.
    Type of Review: Extension.
    Title: Claim for Refund of Excise Tax.
    Description: Internal Revenue Code (IRC) sections 6402, 6204, and 
sections 301.6402-2, 301.6064-1, and 301-6404-3 of the regulations, 
allow for refunds of taxes (except income taxes) or refund, abatement, 
or credit of interest, penalties, and additions to tax in the event of 
errors or certain actions by IRS. Form 8849 is used by taxpayers to 
claim refunds of excise taxes.
    Respondents: Business or other for-profit, Individuals or 
household, Not-for-profit institutions, Farms, Federal Government, 
State, Local or Tribal Government.
    Estimated Number of Respondents/Recordkeepers: 125,292.
    Estimated Burden Hours Per Respondent/Recordkeeper:
    Recordkeeping--42 hr., 49 min.
    Learning about the law or the form--36 min.
    Preparing, copying, assembling and sending the form to the IRS--1 
hr., 19 min.
    Frequency of Response: Quarterly.
    Estimated Total Reporting/Recordkeeping Burden: 1,838,901 hours.

    OMB Number: 1545-1638.
    Form Number: IRS Form 12196 (formerly Form 7130-A).
    Type of Review: Extension.
    Title: Small Business Office Order Blank.
    Description: Form 12196 is to be used by small business outlets to 
order IRS tax forms and publications. The form can be faxed directly to 
the IRS Area Distribution Center for order fulfillment, packaging and 
mailing.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 45.
    Estimated Burden Hours Per Respondent: 3 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 2 hours.
    Clearance Officer: Garrick Shear, 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 10202, New Executive Office Building, 
Washington, DC 20503.
Lois K. Holland,
Departmental Reports Management Officer.
[FR Doc. 99-8113 Filed 4-1-99; 8:45 am]
BILLING CODE 4830-01-P