[Federal Register Volume 64, Number 83 (Friday, April 30, 1999)]
[Notices]
[Pages 23392-23394]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-10845]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

April 22, 1999.
    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, Pub. L.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 June 1, 1999 to 
be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0723.
    Regulation Project Number: LR-115-72 Final.
    Type of Review: Extension.
    Title: Manufacturers Excise Taxes on Sporting Goods and Firearms 
and Other Administrative Provisions of Special Application to 
Manufacturers and Retailers Excise Taxes.
    Description: Chapters 31 and 32 of the Internal Revenue Code impose 
excise taxes on the sale or use of certain articles. Section 6416 
allows a credit or refund of the tax to manufacturers in certain cases. 
Sections 6420, 6421, and 6427 allow credits or refunds of the tax to 
certain users of the articles.
    Respondents: Business or other for-profit, Individuals or 
households, Not-for-profit institutions, Farms, State, Local or Tribal 
Government.
    Estimated Number of Respondents/Recordkeepers: 1,500,000.
    Estimated Burden Hours Per Respondent/Recordkeeper: 19 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 475,000 hours.
    OMB Number: 1545-0803.
    Form Number: IRS Form 5074.
    Type of Review: Extension.
    Title: Allocation of Individual Income Tax to Guam or the 
Commonwealth of Northern Mariana Islands (CNMI).
    Description: Form 5074 is used by U.S. citizens or residents as an

[[Page 23393]]

attachment to Form 1040 when they have $50,000 or more in adjusted 
gross income from U.S. sources and $5,000 or more in gross from Guam or 
the Commonwealth of the Northern Mariana Islands (CNMI). The data is 
used by IRS to allocate income tax due to Guam or CNMI as required by 
26 U.S.C. 7654.
    Respondents: Individuals or households.
    Estimated Number of Respondents/Recordkeepers: 50.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--2 hr., 57 min.
Learning about the law or the form--8 min.
Preparing the form--49 min.
Copying, assembling, and sending the form to the IRS--17 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 210 hours.

    OMB Number: 1545-0863.
    Regulation Project Number: LR-218-78 Final.
    Type of Review: Extension.
    Title: Product Liability Losses and Accumulations for Product 
Liability Losses.
    Description: Generally, a taxpayer who sustains a product liability 
loss must carry the loss back 10 years. However, a taxpayer may elect 
to have such loss treated as a regular net operating loss under section 
172. If desired, such election is made by attaching a statement to the 
tax return. This statement will enable the IRS to monitor compliance 
with a statutory.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 5,000.
    Estimated Burden Hours Per Respondent: 30 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 2,500 hours.

    OMB Number: 1545-0879.
    Regulation Project Number: IA-195-78 Final.
    Type of Review: Extension.
    Title: Certain Returned Magazines, Paperbacks or Records.
    Description: The regulations provide rules relating to an exclusion 
from certain returned merchandise. The regulations provide that in 
addition to physical return of the merchandise, a written statement 
listing certain information may constitute evidence of the return. 
Taxpayers who receive physical evidence of the return may, in lieu of 
retaining physical evidence, retain documentary evidence of the return. 
Taxpayers in the trade or business of selling magazines, paperbacks, or 
records, who elect to use a certain method of accounting.
    Respondents: Business or other for-profit.
    Estimated Number of Recordkeepers: 19,500.
    Estimated Burden Hours Per Respondent/Recordkeeper: 25 minutes.
    Estimated Total Recordkeeping Burden: 8,125 hours.

    OMB Number: 1545-1011.
    Notice Number: Notice 87-61.
    Type of Review: Extension.
    Title: Long-Term Contracts; Methods of Accounting Under Tax Return.
    Description: These reporting requirements are necessary to permit 
taxpayers to change their methods of accounting for long-term contracts 
to comply with section 460 of the Internal Revenue Code.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 5,000.
    Estimated Burden Hours Per Respondent: 5 hours.
    Frequency of Response: Other (For the first taxable year the 
taxpayer changes it method).
    Estimated Total Reporting Burden: 25,000 hours.

    OMB Number: 1545-1100.
    Regulation Project Number: REG-209106-89 NPRM (formerly EE-84-89).
    Type of Review: Extension.
    Title: Changes With Respect to Prizes and Awards and Employee 
Achievement Awards.
    Description: This regulation requires recipients of prizes and 
awards to maintain records to determine whether a qualifying 
designation has been made. The affected public are prize and award 
recipients who seek to exclude the cost of a qualifying prize or award.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 5,100.
    Estimated Burden Hours Per Respondent: 15 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 1,275 hours.

    OMB Number: 1545-1135.
    Regulation Project Numbers: INTL-121-90, INTL-292-90, and INTL-361-
89 Final.
    Type of Review: Extension.
    Title: Treaty-Based Return Positions.
    Description: Regulations section 301.6114-1 sets forth the 
reporting requirement under Sec. 6114. Persons or entities subject to 
this reporting requirement must make the required disclosure on a 
statement attached to their return, in the manner set forth, or be 
subject to a penalty. Regulations section 301.770(b)-7(a)(4)(iv)(C) 
sets forth the reporting requirement for dual requirement for dual 
resident S corporation shareholders who claim treaty benefits as 
nonresidents of the United States.
    Respondents: Individuals or households, Business or other for-
profit.
    Estimated Number of Respondents: 6,020.
    Estimated Burden Hours Per Respondent: 1 hour.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 6015 hours.

    OMB Number: 1545-1244.
    Regulation Project Number: PS-39-89 NPRM.
    Type of Review: Extension.
    Title: Limitation on Passive Activity Losses and Credits-Treatment 
of Self-Charged Items of Income and Expense.
    Description: The IRS will use this information to determine whether 
the entity has made a proper timely election and to determine that 
taxpayers are complying with the election in the taxable year of the 
election and subsequent tax years.
    Respondents: Business or other for-profit, Individuals or 
households.
    Estimated Number of Respondents: 1,000.
    Estimated Burden Hours Per Respondent: 6 minutes.
    Frequency of Response: Other (First taxable year that entity seeks 
to make election.).
    Estimated Total Reporting Burden: 100 hours.

    OMB Number: 1545-1269.
    Regulation Project Number: PS-7-90 Final.
    Type of Review: Extension.
    Title: Nuclear Decommissioning Fund Qualification Requirements.
    Description: If a taxpayer requests, in connection with a request 
for a schedule of ruling as to the classification of certain 
unincorporated organizations, the taxpayer is required to submit a copy 
of the documents establishing or governing the organization.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 50.
    Estimated Burden Hours Per Respondent: 3 hours.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 150 hours.

    OMB Number: 1545-1393.
    Regulation Project Number: EE-14-81 NPRM.
    Type of Review: Extension.
    Title: Deductions and Reductions in Earnings and Profits (for 
Accumulated

[[Page 23394]]

Profits) With Respect to Certain Foreign Deferred Compensation Plans 
Maintained by Certain Foreign Corporations or by Foreign Branches of 
Domestic Corporations.
    Description: The regulation provides guidance regarding the 
limitations on deductions and adjustments to earnings and profits (or 
accumulated profits) for certain foreign deferred compensation plans. 
Respondents will be multinational corporations.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 1,250.
    Estimated Burden Hours Per Respondent/Recordkeeper: 508 hours.
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 634,450 hours.

    OMB Number: 1545-1435.
    Form Number: EE-45-93 Final.
    Type of Review: Extension.
    Title: Electronic Filing of Form W-4.
    Description: Information is required by the Internal Revenue 
Service to verify compliance with section 31.3402(f)(2)-1(g)(1), which 
requires submission to the Service of certain withholding exemption 
certificates. The affected respondents are employers that choose to 
make electronic filing of Forms W-4 available to their employees.
    Respondents: Business or other for-profit, Not-for-profit 
institutions, Federal Government, State, Local or Tribal Government.
    Estimated Number of Respondents: 2,000.
    Estimated Burden Hours Per Respondent: 20 hours.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 40,000 hours.

    OMB Number: 1545-1486.
    Regulation Project Number: PS-4-96 Final.
    Type of Review: Extension.
    Title: Sale of Residence From Qualified Personal Residence Trust.
    Description: Internal Revenue Code section 202(a)(3) provides 
special favorable valuation rules for valuing the gift of a personal 
residence trust. Regulation section 25.2702-5(a)(2) provides that if 
the trust fails to comply with the requirements contained in the 
regulations, the trust will be treated as complying if a statement is 
attached to the gift tax return reporting the gift stating that a 
proceeding has been commenced to reform the instrument to comply with 
the requirements of the regulations.
    Respondents: Individuals or households.
    Estimated Number of Respondents: 200.
    Estimated Burden Hours Per Respondent: 3 hours.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 625 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. 99-10845 Filed 4-29-99; 8:45 am]
BILLING CODE 4830-01-P