[Federal Register Volume 65, Number 61 (Wednesday, March 29, 2000)]
[Notices]
[Pages 16689-16690]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-7756]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

March 22, 2000.
    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, 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 April 28, 2000 
to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-1668.
    Form Number: IRS Form 8865 and Schedules.
    Type of Review: Extension.
    Title: Return of U.S. Persons With Respect to Certain Foreign 
Partnerships.
    Description: The Taxpayer Relief Act of 1997 significantly modified 
the information reporting requirements with respect to foreign 
partnerships. The Act made the following three changes: (1) Expanded 
section 6038B to require U.S. persons transferring property to foreign 
partnerships in certain transactions to report those transfers; (2) 
expanded section 6038 to require certain U.S. partners of controlled 
foreign partnerships to report information about the partnerships; and 
(3) modified the reporting required under section 6046A with respect to 
acquisitions and dispositions of foreign partnership interests. Form 
8865 will be used by U.S. persons to fulfill their reporting 
obligations under sections 6038B, 6038, and 6046A.
    Respondents: Business or other for-profit, Individuals or 
households, Not-for-profit institutions.
    Estimated Number of Respondents/Recordkeepers: 5,000.

                               Estimated Burden Hours Per Respondent/Recordkeeper
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                                                                 Learning about the law   Preparing and sending
                 Form                       Recordkeeping             of the form          the form to the IRS
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8865.................................  15 hr., 32 min.........  3 hr., 59 min..........  4 hr., 25 min.
Schedule O (Form 8865)...............  12 hr., 55 min.........  2 hr., 23 min..........  2 hr., 42 min.
Schedule P (Form 8865)...............  5 hr., 16 min..........  24 min.................  30 min.
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[[Page 16690]]

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 154,015 hours.
    Clearance Officer: Garrick Shear, Internal Revenue Service, Room 
5244, 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. 00-7756 Filed 3-28-00; 8:45 am]
BILLING CODE 4830-01-P