[Federal Register Volume 64, Number 102 (Thursday, May 27, 1999)]
[Notices]
[Pages 28868-28870]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-13517]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

May 20, 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

[[Page 28869]]

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 28, 1999 
to be assured of consideration.
Internal Revenue Service (IRS)
    OMB Number: 1545-0988.
    Form Number: IRS Form 8609 and Schedule A.
    Type of Review: Extension.
    Title: Low-Income Housing Credit Allocation Certification (8609); 
and Annual Statement (Schedule A).
    Description: Owners of residential low-income rental buildings may 
claim a low-income housing credit for each qualified building over a 
10-year credit period. Form 8609 is used to get a credit allocation 
from the housing credit agency. The form, along with Schedule A, is 
used by the owner to certify necessary information required by the law.
    Respondents: Business or others for-profit, Individuals or 
households, State, Local or Tribal Government.
    Estimated Number of Respondents/Recordkeepers: 120,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

----------------------------------------------------------------------------------------------------------------
                                                            Learning about the law or  Preparing and sending the
             Form                     Recordkeeping                 the form                form to the IRS
----------------------------------------------------------------------------------------------------------------
8609.........................  8 hr., 37 min.............  2 hr., 17 min.............  2 hr., 31 min.
Schedule A (Form 8609).......  6 hr., 41 min.............  47 min....................  56 min.
----------------------------------------------------------------------------------------------------------------

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 2,447,400 hours.

    OMB Number: 1545-1031.
    Form Number: IRS Form 8697.
    Type of Review: Extension.
    Title: Interest Computation Under the Look-Back Method for 
Completed Long-Term Contracts.
    Description: Taxpayers required to account for all or part of any 
long-term contract entered into after February 28, 1996, under the 
percentage of completion method must use Form 8697 to compute and 
report interest due or to be refunded under Internal Revenue Code (IRC) 
section 469(b)(3). The IRS uses Form 8697 to determine if the interest 
has been figured correctly. Taxpayers may compute interest using the 
actual method (Part I) or the Simplified Marginal Impact Method (Part 
II).
    Respondents: Business or other for-profit, Individuals or 
households.
    Estimated Number of Respondents/Recordkeepers: 5,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

----------------------------------------------------------------------------------------------------------------
                                                                                          Preparing, copying,
             Form                     Recordkeeping         Learning about the law of   assembling, and sending
                                                                    the form              the form to the IRS
----------------------------------------------------------------------------------------------------------------
8697 (Part I)................  8 hr., 37 min.............  2 hr., 23 min.............  2 hr., 38 min.
8697 (Part II)...............  9 hr., 20 min.............  2 hr., 5 min..............  2 hr., 20 min.
----------------------------------------------------------------------------------------------------------------

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 63,360 hours.

    OMB Number: 1545-1186.
    Form Number: IRS Form 8825.
    Type of Review: Extension.
    Title: Rental Real Estate Income and Expenses of a Partnership or 
an S corporation.
    Description: Form 8825 is used to verify that partnerships and S 
corporations have correctly reported their income and expenses from 
rental real estate property. The form is filed with either Form 1065 or 
Form 1120S.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 705,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--8 hr., 28 min.
Learning about the law or the form--34 min.
Preparing the form--1 hr., 38 min.
Copying, assembling, and sending the form to the IRS--16 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 6,295,650 hours.

    OMB Number: 1545-1395.
    Form Number: IRS Form 8838.
    Type of Review: Extension.
    Title: Consent to Extend the Time to Assess Tax Under Section 367--
Gain Recognition Agreement.
    Description: Form 8838 is used to extend the statute of limitations 
for U.S. persons who transfer stock or securities to a foreign 
corporation. The form is filed when the transferor makes a gain 
recognition agreement. This agreement allows the transferor to defer 
the payment of tax on the transfer. The IRS uses Form 8838 so that it 
may assess tax against the transferor after the expiration of the 
original statute of limitations.
    Respondents: Business or other for-profit, Individuals or 
households.
    Estimated Number of Respondents/Recordkeepers: 1,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--4 hr., 32 min.
Learning about the law or the form--2 hr., 10 min.
Preparing the form--3 hr., 16 min.
Copying, assembling, and sending the form to the IRS--16 min.

    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 10,220 hours.

    OMB Number: 1545-1409.
    Form Number: IRS Form 8842.
    Type of Review: Extension.
    Title: Election to Use Different Annualization Periods for 
Corporate Estimated Tax.
    Description: Form 8842 is used by corporations (including S 
corporations), tax-exempt organizations subject to the unrelated 
business income tax, and private foundations to annually elect the use 
of an annualization period in section 6655(e)(2)(c)(I) or (ii) for 
purposes of figuring the corporation's estimated tax payments under the 
annualized income installment method.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 1,700.

[[Page 28870]]

    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--1 hr., 55 min.
Learning about the law or the form--18 min.
Preparing and sending the form to the IRS--20 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 4,335 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. 99-13517 Filed 5-26-99; 8:45 am]
BILLING CODE 4830-01-P