[Federal Register Volume 65, Number 144 (Wednesday, July 26, 2000)]
[Notices]
[Pages 46042-46043]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-18846]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

July 18, 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 25, 2000 
to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0217.
    Form Number: IRS Form 5735 and Schedule P.
    Type of Review: Revision.
    Title: Possessions Corporation Tax Credit (Under Sections 936 and 
30A); and Allocation of Income and Expenses Under Section 936(h)(5) 
(Schedule P).
    Description: Form 5735 is used to compute the possessions tax 
credit under sections 936 and 30A. Schedule P is used by corporations 
that elect to share the income or expenses with their affiliates. Each 
form provides the IRS with information to determine if the corporations 
have correctly computed the tax credit and the cost-sharing or profit-
split method.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 1,371.
    Estimated Burden Hours Per Respondent/Recordkeeper:

[[Page 46043]]



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                                                           Form 5735                        Schedule P
----------------------------------------------------------------------------------------------------------------
Recordkeeping.................................  20 hr., 5 min..................  9 hr., 48 min.
Learning about the law or the form............  4 hr., 48 min..................  1 hr., 27 min.
Preparing the form............................  7 hr., 12 min..................  2 hr., 36 min.
Copying, assembling, and sending the form to    32 min.........................  16 min.
 the IRS.
----------------------------------------------------------------------------------------------------------------

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 33,656 hours.

    OMB Number: 1545-0314.
    Form Number: IRS Forms 6466 and 6467.
    Type of Review: Revision.
    Title: Transmittal of Forms W-4 Reported Magnetically/
Electronically (6466); and Transmittal of Forms W-4 Reported 
Magnetically/Electronically (Continuation) (6467).
    Description: Under Regulation Section 31.3402(f)(2)-1(g), employers 
are required to submit certain withholding certificates (Form W-4) to 
the IRS. Transmittal Form 6466 and the continuation sheet Form 6467 are 
submitted by an employer, or authorized agent of the employer, who will 
be reporting submissions of Form W-4 on magnetic/electronic media.
    Respondents: Business or other for-profit, Not-for-profit 
institutions, Farms, Federal Government, State, Local or Tribal 
Government.
    Estimated Number of Respondents/Recordkeepers: 100.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Preparing Form 6466.........................  18 min.
Preparing Form 6467.........................  20 min.
 

    Frequency of Response: Quarterly.
    Estimated Total Reporting/Recordkeeping Burden: 133 hours
    OMB Number: 1545-0140.
    Notice Number: Notice 1027.
    Type of Review: Extension.
    Title: How to Prepare Media Label for Form W-4.
    Description: 26 U.S.C. 3402 requires all employers making payment 
of wages to deduct (withhold) tax upon such payments. Employers are 
further required under regulation section 31.3402(f)(2)-1(g) to submit 
certain withholding certificates (Form W-4) to IRS. Notice 1027 is sent 
to employers who prefer to file this information on magnetic tape.
    Respondents: Business or other for-profit, Not-for-profit 
institutions, Farms, Federal Government, State, Local or Tribal 
Government.
    Estimated Number of Respondents: 400.
    Estimated Burden Hours Per Respondent: 5 minutes.
    Frequency of Response: Quarterly.
    Estimated Total Reporting Burden: 33 hours.
    OMB Number: 1545-0644.
    Form Number: IRS Form 6781.
    Type of Review: Extension.
    Title: Gains and Losses From Section 1256 Contracts and Straddles.
    Description: Form 6781 is used by taxpayers in computing their 
gains and losses from Section 1256 contracts and straddles and their 
special treatment. The data is used to verify that the tax reported 
accurately reflects any such gains and losses.
    Respondents: Business or other for-profit, Individuals or 
households.
    Estimated Number of Respondents/Recordkeepers: 100,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping........................  11 hr., 28 min.
Learning about the law or the form...  2 hr., 9 min.
Preparing the form...................  3 hr., 22 min.
Copying, assembling, and sending the   16 min.
 form to the IRS.
 

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 1,727,000 hours.
    OMB Number: 1545-1190.
    Form Number: IRS Form 8824.
    Type of Review: Extension.
    Title: Like-Kind Exchanges.
    Description: Form 8824 is used by individuals, partnerships, and 
other entities to report the exchange of business or investment 
property, and the deferral of gains from such transactions under 
section 1031. It is also used to report the deferral of gain under 
section 1043 by members of the executive branch of the Federal 
Government.
    Respondents: Individuals or households, Business or other for-
profit.
    Estimated Number of Respondents/Recordkeepers: 200,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping........................  27 min.
Learning about the law or the form...  27 min.
Preparing the form...................  1 hr., 2 min.
Copying, assembling, and sending the   34 min.
 form to the IRS.
 

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 499,865 hours.

    OMB Number: 1545-1326.
    Form Number: IRS Form 2555-EZ.
    Type of Review: Extension.
    Title: Foreign Earned Income Exclusion.
    Description: This form is used by U.S. citizens and resident aliens 
who qualify for the foreign earned income exclusion. This information 
is used by the Service to determine if a taxpayer qualifies for the 
exclusion. Form 2555-EZ is a less burdensome form that will be used 
where foreign earned income is $76,000 or less.
    Respondents: Individuals or households.
    Estimated Number of Respondents/Recordkeepers: 43,478.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping...............................  26 min.
Learning about the law or the form..........  17 min.
Preparing the form..........................  42 min.
Copying, assembling, and sending the form to  31 min.
 the IRS.
 

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 84,782 hours.

    OMB Number: 1545-1543.
    Revenue Procedure Number: Revenue Procedure 97-29.
    Type of Review: Extension.
    Title: Model Amendments and Prototype Program for SIMPLE IRAs.
    Description: The revenue procedure provides guidance to drafters of 
prototype SIMPLE IRAs on obtaining opinion letters, and provides 
permissive amendments to sponsors of nonSIMPLE IRAs.
    Respondents: Business or other for-profit, Not-for-profit 
institutions.
    Estimated Number of Respondents: 3,205.
    Estimated Burden Hours Per Respondent: 8 hours, 4 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 25,870 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. 00-18846 Filed 7-25-00; 8:45 am]
BILLING CODE 4830-01-P