[Federal Register Volume 65, Number 92 (Thursday, May 11, 2000)]
[Notices]
[Pages 30475-30476]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-11754]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

May 4, 2000.
    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 June 12, 2000 
to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0805.
    Form Number: IRS Form 5472.
    Type of Review: Extension.
    Title: Information Return of a 25% Foreign-Owned U.S. Corporation 
or a Foreign Corporation or a Foreign Corporation Engaged in a U.S. 
Trade or Business.
    Description: Form 5472 is used to report information transactions 
between a U.S. corporation that is 25% foreign owned or a foreign 
corporation that is engaged in a U.S. trade or business and related 
foreign parties. The IRA uses Form 5472 to determine if inventory or 
other costs deducted by the U.S. or foreign corporation are correct.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 75,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--17 hr., 42 min.
Learning about the law or the form--3 hr., 5 min.
Preparing and sending the form to the IRS--3 hr., 30 min.

    Frequency of Response: Annually.

[[Page 30476]]

    Estimated Total Reporting/Recordkeeping Burden: 1,821,000 hours.

    OMB Number: 1545-1682.
    Form Number: None.
    Type of Review: Extension.
    Title: Return-Free Tax Filing System Focus Group Interviews.
    Description: As required by the IRS Restructuring and Reform Act of 
1998, the IRS will be reporting to Congress annually on its progress in 
developing a Return-Free Tax Filing System. The purpose of these focus 
groups is to collect information to accurately and objectively 
establish a benchmark of current levels of taxpayer acceptance and 
potential use of a Return-Free Tax System. The focus groups would also 
provide the IRS with information to be used in marketing and 
communications efforts related to Return-Free. Such a system may 
eliminate the need for taxpayer-initiated filing with the IRS, even 
electronic filing.
    Respondents: Individuals or households.
    Estimated Number of Respondents: 480.
    Estimated Burden Hours Per Respondent: 2 hours, 30 minutes.
    Frequency of Response: Other (one-time only).
    Estimated Total Reporting Burden: 160 hours.

    OMB Number: 1545-1684.
    Form Number: None.
    Type of Review: Extension.
    Title: Pre-Filing Agreements Pilot Program.
    Description: Notice 2000-12 describes a pilot program under which 
certain large business taxpayers may request examination and resolution 
of a specific issues relating to tax returns they expect to file 
between September and December, 2000. The resolution of such issues 
under the pilot program will be memorialized by a type of closing 
agreement under Code section 7121 called a pre-filing agreement.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 24.
    Estimated Burden Hours Per Respondent/Recordkeeper: 40 hours, 17 
minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 967 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. 00-11754 Filed 5-10-00; 8:45 am]
BILLING CODE 4830-01-P