[Federal Register Volume 66, Number 91 (Thursday, May 10, 2001)]
[Notices]
[Pages 23976-23977]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-11822]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

May 3, 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 11, 2001 
to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0134.
    Form Number: IRS Form 1128.
    Type of Review: Extension.
    Title: Application to Adopt, Change, or Retain a Tax Year.
    Description: Form 1128 is needed in order to process taxpayers' 
requests to change their tax year. All information requested is used to 
determine whether the application should be approved. Respondents are 
taxable and nontaxable entities including individuals, partnerships, 
corporations, estates, tax-exempt organizations and cooperatives.
    Respondents: Business or other for-profit, Individuals or 
households, Not-for-profit institutions, Farms.
    Estimated Number of Respondents/Recordkeepers: 11,800.
    Estimated Burden Hours Per Respondent/Recordkeeper:

 
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                                                         Learning about the   Preparing, copying, assembling and
             Form                   Recordkeeping         law or the form        sending the forms to the IRS
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Form 1128, Parts I and II.....  8 hr., 36 min........  6 hr., 34 min........  6 hr., 59 min.
Form 1128, Parts I and III....  20 hr., 48 min.......  5 hr., 25 min........  7 hr., 12 min.
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    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 361,720 hours.

    OMB Number: 1545-0200.
    Form Number: IRS Form 5307.
    Type of Review: Extension.
    Title: Application for Determination for Adopters of Master or 
Prototype, Regional Prototype or Volume Submitter Plans.
    Description: This form is filed by employers or plan administrators 
who have adopted a master or prototype plan approved by the IRS 
National Office or regional prototype plan approved by the IRS District 
Director to obtain a ruling that the plan adopted is qualified under 
Internal Revenue Code (IRC) sections 401(a) and 501(a). It may not be 
used to request a letter for multiple employer plan.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 39,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--5 hr., 15 min.
Learning about the law or the form--4 hr., 9 min.
Preparing the form--8 hr., 9 min.
Copying, assembling, and sending the form to the IRS--1 hr., 4 min.

    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 726,570 hours.

    OMB Number: 1545-0704.
    Form Number: IRS Form 5471 and Related Schedules.
    Type of Review: Extension.
    Title: Information Return of U.S. Persons with Respect to Certain 
Foreign Corporations.
    Description: Form 5471 and related schedules are used by U.S. 
persons that have an interest in a foreign corporation. The form is 
used to report income from the foreign corporation. The form and 
schedules are used to satisfy the reporting requirements of sections 
6035, 6038 and the regulations thereunder pertaining to the involvement 
of U.S. persons with certain foreign corporations.
    Respondents: Business or other for-profit, Individuals or 
households.
    Estimated Number of Respondents/Recordkeepers: 43,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

 
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                                                         Learning about the   Preparing, copying, assembling and
         Form/schedule              Recordkeeping         law or the form         sending the form to the IRS
----------------------------------------------------------------------------------------------------------------
5471..........................  82 hr., 45 min.......  15 hr., 50 min.......  23 hr., 53 min.
Schedule J (5471).............  3 hr., 49 min........  1 hr., 29 min........  1 hr., 37 min.
Schedule M (5471).............  26 hr., 33 min.......  6 min................  32 min.

[[Page 23977]]

 
Schedule N (5471).............  8 hr., 22 min........  2 hr., 28 min........  2 hr., 43 min.
Schedule O (5471).............  10 hr., 45 min.......  24 min...............  35 min.
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    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 6,665,205 hours.

    OMB Number: 1545-0954.
    Form Number: IRS Form 1120-ND.
    Type of Review: Extension.
    Title: Return for Nuclear Decommissioning Funds and Certain Related 
Persons.
    Description: A nuclear utility files Form 1120-ND to report the 
income and taxes of a fund set up by the public utility to provide cash 
for dismantling of the nuclear power plant. The IRS uses Form 1120-ND 
to determine if the fund income taxes are correctly computed and if a 
person related to the fund or the nuclear utility must pay taxes on 
self-dealing.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 100.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--23 hr., 12 min.
Learning about the law or the form--3 hr., 7 min.
Preparing the form--5 hr., 30 min.
Copying, assembling, and sending the form to the IRS--32 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 3,235 hours.
    OMB Number: 1545-1038.
    Form Number: IRS Form 8703.
    Type of Review: Extension.
    Title: Annual Certification of a Residential Rental Project.
    Description: Operators of qualified residential projects will use 
to certify annually that their projects meet the requirements of 
Internal Revenue Code (IRC) section 142(d). Operators are required to 
file this certification under section 142(d)(7).
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 6,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--3 hr., 49 min.
Learning about the law or the form--1 hr., 17 min.
Preparing and sending the form to the IRS--1 hr., 24 min.
    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 39,180 hours.
    OMB Number: 1545-1189.
    Form Number: IRS Form 8819.
    Type of Review: Extension.
    Title: Dollar Election Under Section 985.
    Description: Form 8819 is filed by U.S. and foreign businesses to 
elect the U.S. dollar as their functional currency or as the functional 
currency of their controlled entities. The IRS uses Form 8819 to 
determine if the election is properly made.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 1,500.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--2 hr., 52 min.
Learning about the law or the form--1 hr., 17 min.
Preparing and sending the form to the IRS--1 hr., 23 min.

    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 8,340 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. 01-11822 Filed 5-9-01; 8:45 am]
BILLING CODE 4830-01-P