[Federal Register Volume 66, Number 85 (Wednesday, May 2, 2001)]
[Notices]
[Pages 22071-22072]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-10961]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

April 24, 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 June 1, 2001 to 
be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0042.
    Form Number: IRS Form 970.
    Type of Review: Extension.
    Title: Application To Use LIFO Inventory Method.
    Description: Form 970 is filed by individuals, partnerships, 
trusts, estates, or corporations to elect to use the LIFO inventory 
method or to extend the LIFO method to additional goods. The IRS uses 
Form 970 to determine if the election was properly made.
    Respondents: Individuals or households, Business or other for-
profit.
    Estimated Number of Respondents/Recordkeepers: 3,000.

           Estimated Burden Hours per Respondent/Recordkeeper
------------------------------------------------------------------------
 
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Recordkeeping.............................  8 hr., 7 min.
Learning about the law or the form........  2 hr., 47 min.
Preparing and sending the form to the IRA.  3 hr., 2 min.
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    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 41,850 hours.

    OMB Number: 1545-1668.
    Form Number: IRS Form 8865 and Schedules.
    Type of Review: Extension.

[[Page 22072]]

    Title: Return of U.S. Persons With Respect to Certain Foreign 
Partnerships.
    Description: The Taxpayer Relief Act of 1997 significantly modified 
the information reporting requirements with respect to foreign 
partnerships. The Act made the following three changes (1) Expanded 
section 6038B to require U.S. persons transferring property to foreign 
partnerships in certain transactions to report those transfers; (2) 
expanded section 6038 to require certain U.S. Partners of controlled 
foreign partnerships to report information about the partnerships; and 
(3) modified the reporting required under section 6046A with respect to 
acquisitions and dispositions of foreign partnership interests. Form 
8865 is used by U.S. persons to fulfill their reporting obligations 
under sections 6038B, 6038, and 6046A.
    Respondents: Business or other for-profit, Individuals or 
households, Not-for-profit institutions.
    Estimated Number of Respondents/Recordkeepers: 5,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

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                                                                                           Preparing, copying,
          Form/Schedule                  Recordkeeping         Learning about the law    assembling and sending
                                                                     or the form           the form to the IRS
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8865.............................  96 hr., 45 min...........  21 hr., 32 min..........  35 hr., 59 min.
Schedule K-1 (Form 8865).........  30 hr., 7 min............  9 hr., 39 min...........  17 hr., 45 min.
Schedule O (Form 8865)...........  13 hr., 9 min............  2 hr., 22 min...........  2 hr., 42 min.
Schedule P (Form 8865)...........  5 hr., 15 min............  30 min..................  36 min.
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    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 444,600.
    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. 01-10961 Filed 5-1-01; 8:45 am]
BILLING CODE 4830-01-U