[Federal Register Volume 65, Number 152 (Monday, August 7, 2000)]
[Notices]
[Pages 48281-48283]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-19878]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

July 31, 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

[[Page 48282]]

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 September 6, 
2000 to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0087.
    Form Number: IRS Forms 1040-ES, 1040-ES (NR), and 1040-ES 
(Espanol).
    Type of Review: Revision.
    Title: Estimated Tax for Individuals (1040-ES); U.S. Estimated Tax 
for Nonresident Alien Individuals (1040-ES (NR)); and Contribuciones 
Federales Estimadas Del Trabajo Por Cuenta Propia Y Sobre El Empleo de 
Empleados Domesticos-Puerto Rico (1040-ES (Espanol))
    Description: Form 1040-ES is used by individuals (including self-
employed) to make estimated tax payments if their estimated tax due is 
$500 or more. IRS uses the data to credit taxpayers' accounts and to 
determine if estimated tax has been properly computed and timely paid.
    Respondents: Individuals or households.
    Estimated Number of Respondents/Recordkeepers: 14,563,250.
    Estimated Burden Hours Per Respondent/Recordkeeper:

------------------------------------------------------------------------
                                     1040-ES            1040-ES (NR)
------------------------------------------------------------------------
Recordkeeping...............  52 min..............  40 min.
Learning about the law or     28 min..............  19 min.
 the form.
Preparing the worksheets and  48 min..............  49 min.
 payment vouchers.
Copying, assembling, and      10 min..............  10 min.
 sending the payment voucher
 to the IRS.
------------------------------------------------------------------------


------------------------------------------------------------------------
                                              1040-ES (Espanol)
-----------------------------------------------------------------------
Mantener los records................  7 minutos.......................
Aprendiendo acerca de la ley........  7 minutos.......................
Preparando las hojas de               35 minutos......................
 computaciones y los ``Pago-
 Comprobantes'''.
Copiar, organizar y enviar los        10 minutos......................
 ``Pago-Comprobantes'' al IRS.
------------------------------------------------------------------------

    Frequency of response: Quarterly.
    Estimated Total Reporting/Recordkeeping Burden: 94,589,400 hours.
    OMB Number: 1545-0130.
    Form Number: IRS Form 1120S, Schedule D (Form 1120S), and Schedule 
K-1 (Form 1120S).
    Type of Review: Revision.
    Title: U.S. Income Tax Return for an S Corporation (1120S); Capital 
Gains and Losses and Built-In Gains (Schedule D); and Shareholder's 
Share of Income, Credits, Deductions, etc. (Schedule K-1)
    Description: Form 1120S, Schedule D (Form 1120S), and Schedule K-1 
(Form 1120S) are used by an S corporation to figure its tax liability, 
and income and other tax-related information to pass through to its 
shareholders. Schedule K-1 is used to report to shareholders their 
share of the corporation's income, deductions, credits, etc. IRS uses 
the information to determine the correct tax for the S corporation and 
its shareholders.
    Respondents: Business or other for-profit, Farms.
    Estimated Number of Respondents/Recordkeepers: 1,880,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

----------------------------------------------------------------------------------------------------------------
                                                                                                   Copying,
                                                      Learning about the                        assembling, and
              Form                   Recordkeeping      law or the form   Preparing the form   sending the form
                                                                                                  to the IRS
----------------------------------------------------------------------------------------------------------------
1120S...........................  63 hr., 37min.....  22 hr., 13 min....  40 hr., 59 min....  4 hr., 50 min.
Schedule D (1120S)..............  11 hr., 0 min.....  4 hr., 38 min.....  9 hr., 40 min.....  1 hr., 20 min.
Schedule K-1 (1120S)............  16 hr., 30 min....  10 hr., 25 min....  14 hr., 52 min....  1 hr., 4 min.
----------------------------------------------------------------------------------------------------------------

    Frequency of response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 477,877,810 hours.

    OMB Number: 1545-0938.
    Form Number: IRS Form 1120-IC-DISC, Schedule K (Form 1120-IC-DISC), 
and Schedule P (Form 1120-IC-DISC).
    Type of Review: Revision.
    Title: Interest Charge Domestic International Sales Corporation 
Return (1120-IC-DISC); Shareholder's Statement of IC-DISC Distributions 
(Schedule K); and Intercompany Transfer Price or Commission (Schedule 
P).
    Description: 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, etc.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 1,200.
    Estimated Burden Hours Per Respondent/Recordkeeper:

----------------------------------------------------------------------------------------------------------------
                                                                                                   Copying,
                                                      Learning about the                        assembling, and
              Form                   Recordkeeping      law or the form   Preparing the form   sending the form
                                                                                                  to the IRS
----------------------------------------------------------------------------------------------------------------
1120-IC-DISK....................  94 hr., 56 min....  19 hr., 54 min....  30 hr., 43 min....  2 h4., 25 min.

[[Page 48283]]

 
Schedule K......................  4 hr., 4 min......  18 min............  27 min............  0 min.
Schedule P......................  12 hr., 40 min....  1 hr., 29 min.....  1 hr., 46 min.....  0 min.
----------------------------------------------------------------------------------------------------------------

    Frequency of response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 229,435 hours.
    OMB Number: 1545-1016.
    Form Number: IRS Form 8613.
    Type of Review: Extension.
    Title: Return of Excise Tax on Undistributed Income of Regulated 
Investment Companies.
    Description: Form 8613 is used by regulated investment companies to 
compute and pay the excise tax on undistributed income imposed under 
4982. IRS uses the information to verify that the correct amount of tax 
has been reported.
    Respondents: Business or other-profit.
    Estimated Number of Respondents/Recordkeepers: 1,500.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--6 hr., 42 min.
Learning about the law or the form--2 hr., 28 min.
Preparing and sending the form to the IRS--2 hr., 42 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 17,820 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. 00-19878 Filed 8-4-00; 8:45 am]
BILLING CODE 4830-01-P