[Federal Register Volume 66, Number 79 (Tuesday, April 24, 2001)]
[Notices]
[Pages 20710-20711]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-10126]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

April 18, 2001.

    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 May 24, 2001 to 
be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0232.
    Form Number: IRS Form 6497.
    Type of Review: Extension.
    Title: Information Return of Nontaxable Energy Grants or Subsidized 
Energy Financing.
    Description: Form 6497 is used by any governmental agency or its 
agents that make nontaxable grants or subsidized financing for energy 
conservation or production programs. IRS uses the information from the 
form to ensure that recipients have not claimed tax credits or other 
benefits with respect to the grant or subsidized financing (no ``double 
dipping'').
    Respondents: Business or other for-profit, Federal Government, 
State, Local or Tribal Government.
    Estimated Number of Recordkeepers: 250.
    Estimated Burden Hours Per Recordkeeper:
Recordkeeping--2 hr. 23 min.
Learning about the law or the form--24 min.
Preparing, copying, and sending the form to the IRS--27 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 810 hours.

    OMB Number: 1545-0763.

[[Page 20711]]

    Regulation Project Number: LR-200-76 Final.
    Type of Review: Extension.
    Title: Qualified Conservation Contributions.
    Description: The information is necessary to comply with various 
substantative requirements of section 170(h), which describes situation 
in which a taypayer is entitled to an income tax deduction for a 
charitable contribution for conservation purposes of a partial interest 
in real estate.
    Respondents: Business or other for-profit, Individuals or 
households, Not-for-profit institutions, Farms, Federal Government, 
State, Local or Tribal Government.
    Estimated Number of Respondents/Recordkeeper: 1,000.
    Estimated Burden Hours Per Recordkeeper: 1 hour, 15 minutes
    Estimated Total Recordkeeping Burden: 1,250 hours.

    OMB Number: 1545-1308.
    Regulation Project Number: PS-260-82 Final.
    Type of Review: Extension.
    Title: Election, Revocation, Termination, and Tax Effect of 
Subchapter S Status.
    Description: Sections 1.1362-1 through 1.1362-7 of the Income Tax 
Regulations provide the specific procedures and requirements necessary 
to implement section 1362, including the filing of various elections 
and statements with the Internal Revenue Service.
    Respondents: Individuals or households, Business or other for-
profit, Farms.
    Estimated Number of Respondents/Recordkeeper: 133.
    Estimated Burden Hours Per Respondent/Recordkeeper: 2 hours, 25 
minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 322 hours.

    OMB Number: 1545-1595.
    Revenue Procedure Number: Revenue Procedure 98-25.
    Type of Review: Extension.
    Title: Automatic Data Processing.
    Description: Revenue Procedure 98-25 specifies the basic 
requirements that the IRS considers to be essential in cases where a 
taxpayer's records are maintained within an Automatic Data Processing 
System (ADP). If machine--sensible records are lost, stolen, destroyed, 
or materially inaccurate, the Revenue Procedure requires that a 
taxpayer promptly notify its District Director and submit a plan to 
replace the affected records. The District Director will notify the 
taxpayer of any objection(s) to the taxpayer's plan. Also, the Revenue 
Procedure provides that a taxpayer who maintains machine-sensible 
records may request to enter into a Record Retention Limitation 
Agreement (RRLA) with its District Director. The taxpayer's request 
must identify and describe those records the taxpayer proposes not to 
retain and explain why those records will not become material to the 
administration of any internal revenue law. The District Director will 
notify the taxpayer whether or not the District Director will enter 
into an RRLA. Finally, Revenue Procedure 98-25 provides that the 
District Director may conduct an evaluation of a taxpayer's machine-
sensible records and may initiate testing to establish the 
authenticity, readability, completeness, and integrity of such records.
    Respondents: Business or other for-profit, Individuals or 
households, Not-for-profit institutions, Farms, Federal Government, 
State, Local or Tribal Government.
    Estimated Number of Respondents/Recordkeeper: 3,000.
    Estimated Burden Hours Per Respondent/Recordkeeper: 40 hours.
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 120,000 hours.

    OMB Number: 1545-1722.
    Form Number: IRS Form 8873.
    Type of Review: Extension.
    Title: Extraterritorial Income Exclusion.
    Description: A taxpayer uses Form 8873 to claim the gross income 
exclusion provided for by section 114 of the Internal Revenue Code.
    Respondents: Business or other for-profit, Individuals or 
households.
    Estimated Number of Respondents/Recordkeeper: 1,000,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping 21-- 21 hr., 45 min.
Learning about the law or the form--1 hr., 53 min.
Preparing, copying, assembling, and sending the form to the IRS--2 hr., 
19 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 25,970,000 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.

Mary A. Able,
Departmental Reports, Management Officer.
[FR Doc. 01-10126 Filed 4-23-01; 8:45 am]
BILLING CODE 4830-01-P