[Federal Register Volume 64, Number 97 (Thursday, May 20, 1999)]
[Notices]
[Pages 27620-27621]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-12715]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

May 14, 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 21, 1999 
to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0065.
    Form Number: IRS Forms 4070, 4070A, 4070PR and 4070A-PR.
    Type of Review: Revision.
    Title: Employee's Report of Tips to Employer (4070); Employee's 
Daily Record of Tips (4070A); Informe al Patrono de Propinas Recobidas 
por el Empleado (4070PR); and Registro Diario de Propinas del Empleado 
(4070A-PR).
    Description: Employees who receive at least $20 per month in tips 
must report the tips to their employers monthly for purposes of 
withholding of employment taxes. Forms 4070 and 4070PR (Puerto Rico 
only) are used for this purpose. Employees must keep a daily record of 
tips they receive. Forms 4070A and 4070A-PR are used this purpose.
    Respondents: Individuals or households.
    Estimated Number of Respondents/Recordkeepers: 570,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

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                                                           Learning about                         Copying, and
               Form                    Recordkeeping       the law or the     Preparing the      providing the
                                                         form (in minutes)  form (in minutes)  form (in minutes)
----------------------------------------------------------------------------------------------------------------
4070.............................  7 min...............                  2                 13                 10
4070A............................  3 hr., 23 min.......                  2                 28                 28
4070PR...........................  7 min...............                  2                 55                 28
4070A-PR.........................  3 hr., 23 min.......                  3                 13                 10
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    Frequency of Response: Monthly.
    Estimated Total Reporting/Recordkeeping Burden: 36,322,800 hours.
    OMB Number: 1545-0122.
    Form Number: IRS Form 1118, Schedules I and J.
    Type of Review: Extension.
    Title: Foreign Tax Credit--Corporation.
    Description: Form 1118 and separate Schedules I and J are used by 
domestic and foreign corporations to claim a credit for taxes paid to 
foreign countries. The IRS uses Form 118 and related schedules to 
determine if the corporation has computed the foreign tax credit.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 30,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

----------------------------------------------------------------------------------------------------------------
                                                             Learning about the law   Preparing and sending the
                Form                      Recordkeeping            of the form             form to the IRS
----------------------------------------------------------------------------------------------------------------
1118...............................  97 hr., 20 min........  17 hr., 9 min.........  20 hr., 42 min.
Schedule I (Form 1118).............  9 hr., 20 min.........  1 hr., 0 min..........  1 hr., 11 min.
Schedule J (Form 1118).............  106 hr., 25 min.......  1 hr., 12 min.........  2 hr., 59 min.
----------------------------------------------------------------------------------------------------------------

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 4,071,298 hours.
    OMB Number: 1545-1493.
    Regulation Project Number: PS-7-89 Final.
    Type of Review: Extension.
    Title: Treatment of Gain From the Disposition of Interest in 
Certain Natural Resource Recapture Property by S Corporations and Their 
Shareholders.
    Description: The regulation prescribes rules under section 1254 
relating to the treatment by S corporations and their shareholders of 
gain from the disposition of natural resource recapture property and 
from the sale or exchange of S corporation stock. Shareholders that 
sell or exchange stock may submit a statement to rebut presumption of 
gain treatment.
    Respondents: Business or other for-profit, Individuals or 
households.
    Estimated Number of Respondents: 1,000.
    Estimated Burden Hours Per Respondent: 1 hour.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 1,000 hours.
    OMB Number: 1545-1647.
    Revenue Procedure Number: Revenue Procedure 99-18.
    Type of Review: Extension.
    Title: Debt Roll-Ups.
    Description: This revenue procedure provides for an election that 
will facilitate the consolidation of two or more outstanding debt 
instruments into a single debt instrument. Under the election, 
taxpayers can treat certain exchanges of debt instruments as 
realization events for federal income tax purposes even though the 
exchanges do not result in significant modifications

[[Page 27621]]

under Sec. 1.1001-3 of the Income Tax Regulations.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 100.
    Estimated Burden Hours Per Respondent/Recordkeeper: 45 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 75 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. 99-12715 Filed 5-19-99; 8:45 am]
BILLING CODE 4830-01-P