[Federal Register Volume 66, Number 40 (Wednesday, February 28, 2001)]
[Notices]
[Pages 12832-12833]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-4818]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

February 21, 2001.
    The Department of the 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 March 30, 2001 
to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0044.
    Form Number: IRS Form 973.
    Type of Review: Extension.
    Title: Corporation Claim for Deduction for Consent Dividends.
    Description: Corporations file Form 973 to claim a deduction for 
dividends paid. If shareholders consent and IRS approves, the 
corporation may claim a deduction for dividends paid, which reduces the 
corporation's tax liability. IRS uses Form 973 to determine if 
shareholders have included the dividend in gross income.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 500.
    Estimated Burden Hours Per Respondent/Recordkeepers:

Recordkeeping--4 hr., 4 min.
Learning about the law and the form--30 min.
Preparing and sending the form to the IRS--35 min.

    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 2,575 hours.

    OMB Number: 1545-0117.
    Form Number: IRS Form 1099-OID.
    Type of Review: Extension.
    Title: Original Issue Discount.
    Description: This form is used for reporting original issue 
discount as required by section 6049 of the Internal Revenue Code. It 
is used to verify that income earned on discount obligations is 
properly reported by the recipient.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 9,185.
    Estimated Burden Hours Per Respondent/Recordkeeper: 12 minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 1,142,323 hours.

    OMB Number: 1545-0148.
    Form Number: IRS Form 2758.
    Type of Review: Extension.
    Title: Application for Extension of Time To File Certain Excise, 
Income, Information, and Other Returns.
    Description: Internal Revenue Code 6081 permits the Secretary to 
grant a reasonable extension of time for filing any return, 
declaration, statement, or other document. This form is used by 
fiduciaries and certain organizations to request an extension of time 
to file their returns. The information is used to determine whether the 
extension should be granted.
    Respondents: Business or other for-profit, not-for-profit 
institutions.
    Estimated Number of Respondents/Recordkeepers: 70,371.
    Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--5 hr.
Learning about the law or the form--12 min.
Preparing and sending the form to the IRS--16 min.

    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 375,923 hours.

    OMB Number: 1545-0746.
    Regulation Project Number: LR-100-78 Final.
    Type of Review: Extension.
    Title: Creditability of Foreign Taxes.
    Description: The information needed is a statement by the taxpayer 
that it has elected to apply the safe harbor formula of section 1.901-
2A(e) of the foreign tax credit regulations. This statement is 
necessary in order that the IRS may properly determine the taxpayer's 
tax liability.
    Respondents: Individuals or households, business or other for-
profit, farms.
    Estimated Number of Respondents: 110.
    Estimated Burden Hours Per Respondent: 20 minutes.
    Frequency of Response: Other (nonrecurring).
    Estimated Total Reporting Burden: 37 hours.
    OMB Number: 1545-0755.
    Regulation Project Number: LR-58-83 Final.
    Type of Review: Extension.
    Title: Related Group Election With Respect to Qualified Investments 
in Foreign Base Company Shipping.
    Description: The election described in the attached justification 
converted an

[[Page 12833]]

annual election to an election effective until revoked. The 
computational information required is necessary to assure that the U.S. 
shareholder correctly reports any shipping income of its controlled 
foreign corporations which is taxable to that shareholder.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 100.
    Estimated Burden Hours Per Respondent: 2 hours, 3 minutes.
    Frequency of Response: Other (nonrecurring).
    Estimated Total Reporting Burden: 205 hours.

    OMB Number: 1545-0768.
    Regulation Project Number: EE-178-78 Final (TD 7898).
    Type of Review: Extension.
    Title: Employers' Qualified Educational Assistance Programs.
    Description: Respondents include employers who maintain education 
assistance programs for their employees. Information verifies that 
programs are qualified and that employees may exclude educational 
assistance from their gross incomes.
    Respondents: Individuals or households, business or other for-
profit.
    Estimated Number of Respondents/Recordkeepers: 5,200.
    Estimated Burden Hours Per Respondent/Recordkeeper: 7 minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 615 hours.

    OMB Number: 1545-1316.
    Form Number: IRS Form 9452.
    Type of Review: Extension.
    Title: Filing Assistance Program (Do you have to file a tax 
return?).
    Description: The RUF (Reduce Unnecessary Filing) Program was 
initiated in 1992. Each year approximately 72% of the taxpayers 
contacted through he RUF Program stop filing unnecessary returns. This 
has reduced taxpayer burden and been cost effective for the Service. 
This is in accord with the Service's compliance initiatives.
    Respondents: Individuals or households.
    Estimated Number of Respondents: 1,650,000.
    Estimated Burden Hours Per Respondent: 30 minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 825,000 hours.

    OMB Number: 1545-1379.
    Form Number: IRS Form 8831.
    Type of Review: Extension.
    Title: Excise Taxes on Excess Inclusions of REMIC Residual 
Interests.
    Description: Form 8831 is used by a real estate mortgage investment 
conduit (REMIC) to figure its excise tax liability under Code sections 
860E(e)(1), 860E(e)(6), and 860E(e)(7). IRS uses the information to 
determine the correct tax liability of the REMIC.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 31.
    Estimated Burden Hours Per Respondent/Recordkeepers:
Recordkeeping--4 hr., 32 min.
Learning about the law or the form--1 hr., 29 min.
Preparing and sending the form to the IRS--1 hr., 38 min.
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 237 hours.

    OMB Number: 1545-1555.
    Regulation Project Number: REG-115795-97 Final.
    Type of Review: Extension.
    Title: General Rules for Making and Maintaining Qualified Electing 
Fund Elections.
    Description: The regulations provide rules for making section 1295 
elections and satisfying annual reporting requirements for such 
elections, revoking section 1295 elections, and making retroactive 
section 1295 elections.
    Respondents: Business or other for-profit, individuals or 
households, not-for-profit institutions.
    Estimated Number of Respondents/Recordkeepers: 1,290.
    Estimated Burden Hours Per Respondent/Recordkeeper: 29 minutes.
    Frequency of Response: Other (one time only).
    Estimated Total Reporting/Recordkeeping Burden: 623 hours.

    OMB Number: 1545-1568.
    Announcement Number: Announcement 97-122.
    Type of Review: Extension.
    Title: Interim Guidance for Roth IRAs.
    Description: This announcement provides interim guidance concerning 
the establishment of Roth IRAs (described in section 408A of the 
Internal Revenue Code as added by section 302 of the Taxpayer Relief 
Act of 1997). The guidance is directed mainly at banks, etc., that will 
market prototype Roth IRAs to the public.
    Respondents: Business or other for-profit, not-for-profit 
institutions.
    Estimated Number of Respondents: 4,000.
    Estimated Burden Hours Per Respondent: 2 hours.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 8,000 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. 01-4818 Filed 2-27-01; 8:45 am]
BILLING CODE 4830-01-P