[Federal Register Volume 65, Number 104 (Tuesday, May 30, 2000)]
[Notices]
[Page 34529]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-13336]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 1120-IC-DISC, 
Schedules K and P

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Department of the Treasury, as part of its continuing 
effort to reduce paperwork and respondent burden, invites the general 
public and other Federal agencies to take this opportunity to comment 
on proposed and/or continuing information collections, as required by 
the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning 
Form 1120-IC-DISC, Interest Charge Domestic International Sales 
Corporation Return, Schedule K (Form 1120-IC-DISC), Shareholder's 
Statement of IC-DISC Distributions, and Schedule P (Form 1120-IC-DISC), 
Intercompany Transfer Price or Commission.

DATES: Written comments should be received on or before July 31, 2000 
to be assured of consideration.

ADDRESSES: Direct all written comments to Garrick R. Shear, Internal 
Revenue Service, room 5244, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form(s) and instructions should be directed to Carol 
Savage, (202) 622-3945, Internal Revenue Service, room 5242, 1111 
Constitution Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Form 1120-IC-DISC, Interest Charge Domestic International 
Sales Corporation Return, Schedule K (Form 1120-IC-DISC), Shareholder's 
Statement of IC-DISC Distributions, and Schedule P (Form 1120-IC-DISC), 
Intercompany Transfer Price or Commission.
    OMB Number: 1545-0938.
    Form Numbers: 1120-IC-DISC, Schedules K and P.
    Abstract: U.S. corporations that have elected to be an interest 
charge domestic international sales corporation (IC-DISC) file Form 
1120-IC-DISC to report their income and deductions. The IC-DISC is not 
taxed, but IC-DISC shareholders are taxed on their share of IC-DISC 
income. IRS uses Form 1120-IC-DISC to check the IC-DISC's computation 
of income. Schedule K (Form 1120-IC-DISC) is used to report income to 
shareholders. Schedule P (Form 1120-IC-DISC) is used by the IC-DISC to 
report its dealings with related suppliers.
    Current Actions: Questions 2, 7, and 8 on Form 1120-IC-DISC 
(Schedule O) were deleted. The three deleted questions are a part of 
the new Schedule N (Form 1120), Foreign Operations of U.S. 
Corporations, that corporations will attach to their Form 1120-IC-DISC 
for the 2000 tax year.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations and 
individuals or households.
    Estimated Number of Respondents: 1,200.
    Estimated Time Per Respondent: 191 hours, 28 minutes.
    Estimated Total Annual Burden Hours: 229,747.
    The following paragraph applies to all of the collections of 
information covered by this notice:
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless the collection of 
information displays a valid OMB control number. Books or records 
relating to a collection of information must be retained as long as 
their contents may become material in the administration of any 
internal revenue law. Generally, tax returns and tax return information 
are confidential, as required by 26 U.S.C. 6103.

Request for Comments

    Comments submitted in response to this notice will be summarized 
and/or included in the request for OMB approval. All comments will 
become a matter of public record. Comments are invited on: (a) Whether 
the collection of information is necessary for the proper performance 
of the functions of the agency, including whether the information shall 
have practical utility; (b) the accuracy of the agency's estimate of 
the burden of the collection of information; (c) ways to enhance the 
quality, utility, and clarity of the information to be collected; (d) 
ways to minimize the burden of the collection of information on 
respondents, including through the use of automated collection 
techniques or other forms of information technology; and (e) estimates 
of capital or start-up costs and costs of operation, maintenance, and 
purchase of services to provide information.

    Approved: May 11, 2000.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 00-13336 Filed 5-26-00; 8:45 am]
BILLING CODE 4830-01-U