[Federal Register Volume 65, Number 173 (Wednesday, September 6, 2000)]
[Notices]
[Pages 54100-54101]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-22705]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

August 28, 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 October 6, 2000 
to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0098.
    Form Number: IRS Form 1045.
    Type of Review: Extension.
    Title: Application for Tentative Refund.
    Description: Form 1045 is used by individuals, estates, and trusts 
to apply for a quick refund of taxes due to carryback of a net 
operating loss, unused general business credit, or claim of right 
adjustment under section 1351(b). The information obtained is used to 
determine the validity of the application.
    Respondents: Individuals or households, business or other for-
profit, farms.
    Estimated Number of Respondents/Recordkeepers: 65,220.
    Estimated Burden Hours Per Respondent/Recordkeeper:

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Recordkeeping.............................  4 hr., 9 min.
Learning about the law or the form........  46 min.
Preparing the form........................  6 hr., 44 min.
Copying, assembling, and sending the form   1 hr., 3 min.
 to the IRS.
------------------------------------------------------------------------

    Frequency of response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 828,947 hours.
    OMB Number: 1545-0123.
    Form Number: IRS Form 1120, Schedule D (Form 1120), Schedule H 
(Form 1120), Schedule N (Form 1120) and Schedule PH (Form 1120).
    Type of Review: Revision.
    Title: U.S. Corporation Income Tax Return (Form 1120); Capital 
Gains and Losses (Schedule D); Section 280H Limitations for a Personal 
Service Corporation (PSC) (Schedule H); Foreign Operations of U.S. 
Corporations (Schedule H); and U.S. Personal Holding Company (PHC) Tax 
(Schedule PH).
    Description: 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 PH (Form 1120) is used by personal holding companies 
to figure the personal holding company tax under section 541. Schedule 
H (Form 1120) is used by personal service corporations to determine if 
they have met the minimum distribution requirements of section 280H. 
Schedule N (Form 1120) is used by corporations that have assets in or 
business operations in a foreign country or a U.S. possession. The IRS 
uses these forms to determine whether corporations have correctly 
computed their tax liability.
    Respondents: Business or other for-profit, farms.
    Estimated Number of Respondents/Recordkeepers: 2,462,931.
    Estimated Burden Hours Per Respondent/Recordkeeper:

----------------------------------------------------------------------------------------------------------------
                                                                                                    Copying,
                                                       Learning about the                       assembling, and
          Form/Schedule               Recordkeeping      law or the form   Preparing the form   sending the form
                                                                                                   to the IRS
----------------------------------------------------------------------------------------------------------------
1120.............................  70 hr., 47 min....  41 hr., 50 min....  72 hr., 45 min....  8 hr., 2 min.
1120-A...........................  44 hr., 14 min....  23 hr., 33 min....  41 hr., 7 min.....  4 hr., 34 min.
Sch. D (1120)....................  7 hr., 10 min.....  4 hr., 16 min.....  6 hr., 16 min.....  32 min.
Sch. H (1120)....................  5 hr., 58 min.....  35 min............  43 min............  0 min.
Sch. N (1120)....................  2 hr., 52 min.....  45 min............  1 hr., 46 min.....  16 min.
Sch. PH (1120)...................  15 hr., 18 min....  6 hr., 12 min.....  8 hr., 35 min.....  32 min.
----------------------------------------------------------------------------------------------------------------

    Frequency of response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 484,502,671 hours.
    OMB Number: 1545-0935.
    Form Number: IRS Form 1120-FSC and Schedule P (1120-FSC).
    Type of Review: Revision.
    Title: U.S. Income Tax Return of a Foreign Sales Corporation (Form 
1120-FSC); and Transfer Price or Commission (Schedule P).
    Description: Form 1120-FSC is filed by foreign sales corporations 
that have elected to be FSCs or small FSCs. The FSC uses Form 1120-FSC 
to report income and expenses and to figure its tax liability. IRS uses 
Form 1120-FSC and Schedule P (Form 1120-FSC) to determine whether the 
FSC has correctly reported its income and expenses and figured its tax 
liability correctly.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 5,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

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                                                                 1120-FSC               Schedule P  (1120-FSC)
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Recordkeeping........................................  93 hr., 59 min..............  9 hr., 48 min.
Learning about the law or the form...................  18 hr., 30 min..............  1 hr., 29 min.
Preparing and sending the form to the IRS............  36 hr., 24 min..............  1 hr., 43 min.
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[[Page 54101]]

    Frequency of response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 1,069,750 hours.
    OMB Number: 1545-1561.
    Form Number: IRS Form 8853.
    Type of Review: Revision.
    Title: Medical Savings Accounts and Long-Term Care Insurance 
Contracts.
    Description: This form is used by individuals to report general 
information about their medical savings accounts (MSAs), to figure 
their MSA deductions, and to figure their taxable distributions from 
MSAs. The form is also used to report taxable payments from long-term 
care (LTC) contracts.
    Respondents: Individuals or households.
    Estimated Number of Respondents/Recordkeepers: 36,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--1 hr., 32 min.
Learning about the law or the form--34 min.
Preparing the form--1 hr., 37 min.
Copying, assembling, and sending the form to the IRS--20 min.

    Frequency of response: Annually
    Estimated Total Reporting/Recordkeeping Burden: 61,995 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. 00-22705 Filed 9-5-00; 8:45 am]
BILLING CODE 4830-01-P