[Federal Register Volume 65, Number 122 (Friday, June 23, 2000)]
[Notices]
[Pages 39229-39230]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-15872]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request For Form 1120, Schedule D, 
Schedule H, Schedule N, and Schedule PH

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, U.S. Corporation Income Tax Return, Schedule D, Capital 
Gains and Losses, Schedule H, Section 280H Limitations for a Personal 
Service Corporation (PSC), Schedule N, Foreign Operations of U.S. 
Corporations, and Schedule PH, U.S. Personal Holding Company (PHC) Tax.

DATES: Written comments should be received on or before August 22, 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 forms 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, U.S. Corporation Income Tax Return, Schedule D, 
Capital

[[Page 39230]]

Gains and Losses, Schedule H, Section 280H Limitations for a Personal 
Service Corporation (PSC), Schedule N, Foreign Operations of U.S. 
Corporations, and Schedule PH, U.S. Personal Holding Company (PHC) Tax.
    OMB Number: 1545-0123.
    Form Number: 1120, Schedule D, Schedule H, Schedule N, and Schedule 
PH.
    Abstract: Form 1120 is used by corporations to compute their 
taxable income and tax liability. Schedule D (Form 1120) is used by 
corporations to report gains and losses from the sale of capital 
assets. Schedule H (Form 1120) is used by personal service corporations 
to determine if they have met the minimum distribution requirements of 
Internal Revenue Code section 280H. Schedule N (Form 1120) is used by 
corporations that have assets or business operations in a foreign 
country or a U.S. possession to provide international tax and 
passthrough entity information. Schedule PH (Form 1120) is used by 
personal holding companies to compute their tax liability.
    Current Actions: The following changes are being considered:
    As a result of changes made to the alternative minimum tax (AMT) 
lines on the individual tax forms due to section 501 of the Tax Relief 
Extension Act of 1999, the business credit forms are being revised to 
relocate their AMT lines. For consistency of presentation, on Schedule 
J of Form 1120 the AMT line (line 9) and the subtotal line (line 10) 
are similarly being relocated to lines 4 and 5, respectively. Also, the 
qualified zone academy bond credit is moved from line 11 to new line 
6f. On Schedule K, questions 7, 8, and 9 are being deleted and are part 
of new Schedule N. Schedule N is a new schedule that will be completed 
by corporations that have assets or business operations in a foreign 
country or a U.S. possession to provide international tax and 
passthrough entity information. On Schedule D, new line 10 is added to 
the form to report capital gain distributions. Previously, corporations 
entered their capital gain distributions as a long-term capital gain on 
line 6.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations and 
farms.
    Estimated Number of Respondents: 2,835,248.
    Estimated Time Per Respondent: 169 hours, 31 minutes.
    Estimated Total Annual Burden Hours: 480,611,258.
    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: June 16, 2000.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 00-15872 Filed 6-22-00; 8:45 am]
BILLING CODE 4830-01-P