[Federal Register Volume 65, Number 140 (Thursday, July 20, 2000)]
[Notices]
[Pages 45128-45129]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-18320]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

July 13, 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 August 21, 2000 
to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0160.
    Form Number: IRS Form 3520.
    Type of Review: Revision.
    Title: Annual Information Return of Foreign Trust With a U.S. 
Owner.
    Description: Section 6048(b) requires that foreign trusts with at 
least one U.S. beneficiary must file an annual information return on 
Form 3520-A. The form is used to report the income and deductions of 
the foreign trust and provide statements to the U.S. owners and 
beneficiaries. IRS uses Form 3520-A to determine if the U.S. owner of 
the trust has included the net income of the trust in it's gross 
income.
    Respondents: Individuals or households, Business or other for-
profit.
    Estimated Number of Respondents/Recordkeepers: 500.
    Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--36 hr., 50 min.
Learning about the law or the form--3 hr., 5 min.
Preparing and sending the form to the IRS--3 hr., 49 min.
    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 21,860 hours.
    OMB Number: 1545-0192.
    Form Number: IRS Form 4970.
    Type of Review: Extension.
    Title: Tax on Accumulation Distribution of Trusts.
    Description: Form 4970 is used by a beneficiary of a domestic or 
foreign trust to compute the tax adjustment attributable to an 
accumulation distribution. The form is used to verify whether the 
correct tax has been paid on the accumulation distribution.
    Respondents: Individuals or households.
    Estimated Number of Respondents/Recordkeepers: 30,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--1 hr., 12 min.
Learning about the law or the form--15 min.
Preparing the form--1 hr., 26 min.
Copying, assembling, and sending the form to the IRS--20 min.
    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 96,600.

    OMB Number: 1545-0193.
    Form Number: IRS Form 4972.
    Type of Review: Revision.
    Title: Tax on Lump-Sum Distributions (From Qualified Retirement 
Plans of Plan Participants Born Before 1936).
    Description: Internal Revenue Code (IRC) Section 402(e) allows 
taxpayers to compute a separate tax on lump-sum distribution from a 
qualified retirement plan. Form 4972 is used to correctly figure that 
tax. The data is used to verify the correctness of the separate tax. 
Form 4972 is also used to make the special 20% capital gain election 
attributable to pre-1974 participation from the lump-sum distribution.
    Respondents: Individuals or households.
    Estimated Number of Respondents/Recordkeepers: 35,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--52 min.
Learning about the law or the form--20 min.
Preparing the form--1 hr., 11 min.
Copying, assembling, and sending the form to the IRS--20 min.
    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 95,550.
    OMB Number: 1545-0890.

[[Page 45129]]

    Form Number: IRS Form 1120-A.
    Type of Review: Extension.
    Title: U.S. Corporation Short-Form Income Tax Return.
    Description: Form 1120-A is used by small corporations, those with 
less than $500,000 of income and assets, to compute their taxable 
income and tax liability. The IRS uses Form 1120-A to determine whether 
corporations have correctly computed their tax liability.
    Respondents: Business or other for-profit, Farms.
    Estimated Number of Respondents/Recordkeepers: 285,777.
    Estimated Burden Hours Per Respondent/Recordkeeper:

--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                    Learning about the law or                                  Copying, assembling, and
                Form                         Recordkeeping                   the form                Preparing the form      sending the form to the IRS
--------------------------------------------------------------------------------------------------------------------------------------------------------
1120................................  71 hr., 59 min.............  41 hr., 10 min.............  71 hr., 8 min..............  7 hr., 47 min.
1120-A..............................  44 hr., 43 min.............  22 hr., 51 min.............  40 hr., 25 min.............  4 hr., 29 min.
Schedule D (1120)...................  6 hr., 56 min..............  3 hr., 31 min..............  5 hr., 39 min..............  32 min.
Schedule H (1120)...................  5 hr., 59 min..............  35 min.....................  43 min.....................  0 min.
Schedule PH (1120)..................  15 hr., 19 min.............  6 hr., 12 min..............  8 hr., 35 min..............  32 min.
--------------------------------------------------------------------------------------------------------------------------------------------------------

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 32,161,344.

    OMB Number: 1545-1014.
    Form Number: IRS Form 1066 and Schedule Q (Form 1066).
    Type of Review: Extension.
    Title: U.S. Real Estate Mortgage Investment Conduit (REMIC) Income 
Tax Return (Form 1066); and Quarterly Notice to Residual Interest 
Holder of REMIC Taxable Income or Net Loss Allocation (Schedule Q).
    Description: Form 1066 and Schedule Q (Form 1066) are used by a 
real estate mortgage investment conduit (REMIC) to figure its tax 
liability and income and other tax-related information to pass through 
to its residual holders. IRS uses the information to determine the 
correct tax liability of the REMIC and its residual holders.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 4,917.
    Estimated Burden Hours Per Respondent/Recordkeeper:

------------------------------------------------------------------------
                                                      Schedule Q (Form
                                    Form 1066               1066)
------------------------------------------------------------------------
Recordkeeping...............  31 hr., 49 min......  6 hr., 28 min.
Learning about the law or     8 hr., 27 min.......  1 hr., 41 min.
 the form.
Preparing the form..........  12 hr., 8 min.......  1 hr., 52 min.
Copying, assembling, and      48 min..............  0 min.
 sending the form to the IRS.
------------------------------------------------------------------------

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 753,776.

    OMB Number: 1545-1020.
    Form Number: IRS Form 1041-T.
    Type of Review: Extension.
    Title: Allocation of Estimated Tax Payments to Beneficiaries.
    Description: This form was developed to allow a trustee of a trust 
or an executor of an estate to make an election under Internal Revenue 
Code (IRC) section 643(g) to allocate any payment of estimated tax to a 
beneficiary(ies). This form serves as a transmittal so that Service 
Center personnel can determine the correct amounts that are to be 
transferred from the fiduciary's account to the individual's account.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 1,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--20 min.
Learning about the law or the form--5 min.
Preparing the form--18 min.
Copying, assembling, and sending the form to the IRS--17 min.
    Frequency of Response: Other (When such election is made.).
    Estimated Total Reporting/Recordkeeping Burden: 1,010.
    OMB Number: 1545-1181.
    Form Number: IRS Form 8752.
    Type of Review: Extension.
    Title: Required Payment or Refund Under Section 7519.
    Description: This form is used to verify that partnerships and S 
corporations that have made a section 444 election have correctly 
reported the payment required under section 7519.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 72,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--5 hr., 44 min.
Learning about the law or the form--1 hr., 0 min.
Preparing, copying, assembling, and sending the form to the IRS--1 hr., 
7 min.
    Frequency of Response: 72,000
    Estimated Total Reporting/Recordkeeping Burden: 565,920.
    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. 00-18320 Filed 7-19-00; 8:45 am]
BILLING CODE 4830-01-P