[Federal Register Volume 66, Number 98 (Monday, May 21, 2001)]
[Notices]
[Pages 28027-28028]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-12734]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

May 15, 2001.
    The Department of Treasury has submitted the following public

[[Page 28028]]

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 20, 2001 
to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0773.
    Regulation Project Number: TD 8172 Final.
    Type of Review: Extension.
    Title: Qualification of Trustee or Like Fiduciary in Bankruptcy.
    Description: Internal Revenue Code (IRC) section 6036 requires 
executors or receivers to advise the district director of their 
appointment or authorization to act. This information is necessary so 
that IRS will know of the proceedings and who to contact for delinquent 
returns or taxes.
    Respondents: Individuals or households.
    Estimated Number of Respondents: 50,000.
    Estimated Burden Hours Per Respondent: 15 minutes.
    Frequency of Response: Other (nonrecurring).
    Estimated Total Reporting Burden: 12,500 hours.

    OMB Number: 1545-0874.
    Form Number: IRS Form 8328.
    Type of Review: Extension.
    Title: Carryforward Election of Unused Private Activity Bond Volume 
Cap.
    Description: Section 146(f) of the Internal Revenue Code requires 
that issuing authorities of certain types of tax-exempt bonds must 
notify the IRS if they intend to carry forward the unused limitation 
for specific projects. The IRS uses the information to complete the 
required study of tax-exempt bonds (required by Congress).
    Respondents: Business or other for-profit, State, Local or Tribal 
Government.
    Estimated Number of Respondents/Recordkeepers: 10,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

------------------------------------------------------------------------
 
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Recordkeeping.............................  6 hr., 27 min.
Learning about the law or the form........  2 hr., 10 min.
Preparing and sending the form to the IRS.  2 hr., 22 min.
------------------------------------------------------------------------

    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 110,300 hours.

    OMB Number: 1545-1068.
    Regulation Project Number: INTL-362-88 Final.
    Type of Review: Extension.
    Title: Definition of a Controlled Foreign Corporation, Foreign Base 
Company Income, and Foreign Personal Holding Company Income of a 
Controlled Foreign Corporation.
    Description: The election and recordkeeping requirements are 
necessary to exclude certain high-taxed or active business income from 
subpart F income or to include certain income in the appropriate 
category of subpart F income. The recordkeeping and election procedures 
allow the U.S. shareholders and the IRS to know the amount of the 
controlled foreign corporation's subpart F income.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 50,500.
    Estimated Burden Hours Per Respondent/Recordkeeper: 1 hour.
    Frequency of Response: Other (one-time currency election).
    Estimated Total Reporting/Recordkeeping Burden: 50,417 hours.

    OMB Number: 1545-1165.
    Form Number: IRS Form 8821.
    Type of Review: Extension.
    Title: Tax Information Authorization.
    Description: Form 8821 is used to appoint someone to receive or 
inspect certain tax information. Data is used to identify appointees 
and to ensure that confidential information is not divulged to 
unauthorized persons.
    Respondents: Individuals or households, Business or other for-
profit, Not-for-profit institutions, Farms.
    Estimated Number of Respondents/Recordkeepers: 200,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--6 min.
Learning about the law or the form--12 min.
Preparing the form--24 min.
Copying, assembling, and sending the form to the IRS--20 min.
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 210,000 hours.

    OMB Number: 1545-1243.
    Regulation Project Number: PS-163-84 Final.
    Type of Review: Extension.
    Title: Treatment of Transactions Between Partners and Partnerships.
    Description: Section 707(a)(2) provides that if there are transfers 
of money or property between a partner and a partnership, the transfer 
will be treated, in certain situations, as a disguised sale between the 
partner and the partnership. The regulations provide that the partner 
or the partnership should disclose the transfers and certain attendant 
facts in some situations.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 7,500.
    Estimated Burden Hours Per Respondent/Recordkeeper: 20 minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 2,500 hours.

    OMB Number: 1545-1255.
    Regulation Project Number: INTL-870-89 NPRM.
    Type of Review: Extension.
    Title: Earnings Stripping (Section 163(j)).
    Description: Certain taxpayers are allowed to write off the fixed 
basis of the stock of an acquired corporation rather than the adjusted 
basis of the assets acquired corporation to elect special treatment 
under section 163(j).
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 2,300.
    Estimated Burden Hours Per Respondent/Recordkeeper: 31 minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 1,196 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. 01-12734 Filed 5-18-01; 8:45 am]
BILLING CODE 4830-01-U