[Federal Register Volume 66, Number 104 (Wednesday, May 30, 2001)]
[Notices]
[Pages 29377-29378]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-13470]


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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 
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 29, 2001 
to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0041.
    Form Number: IRS Form 966.
    Type of Review: Revision.
    Title: Corporate Dissolution or Liquidation.
    Description: Form 966 is filed by a corporation whose shareholders 
have agreed to liquidate the corporation. As a result of the 
liquidation, the shareholders receive the property of the corporation 
in exchange for their stock. The IRS uses Form 966 to determine if the 
liquidation election was properly made and if any taxes are due on the 
transfer of property.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 26,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:
    Recordkeeping--5 hr., 1 min.
    Learning about the law or the form--24 min.
    Preparing and sending the form to the IRS--29 min.
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 153,920 hours.

    OMB Number: 1545-0754.
    Regulation Project Number: LR-255-81 Final.
    Type of Review: Extension.
    Title: Substantiation of Charitable Contributions.
    Description: Congress intended that the IRS prescribe rules and 
requirements to assure substantiation and verification of charitable 
contributions. The regulations serve these purposes.
    Respondents: Individuals or households, Business or other for-
profit.
    Estimated Number of Recordkeepers: 26,000,000.
    Estimated Burden Hours Per Recordkeeper: 5 minutes.
    Estimated Total Reporting/Recordkeeping Burden: 2,158,000 hours.

    OMB Number: 1545-0782
    Regulation Project Number: LR-7 Final (TD 6629).
    Type of Review: Extension.
    Title: Limitation on Reduction in Income Tax Liability Incurred to 
the Virgin Islands.
    Description: The Tax Reform Act of 1986 repealed the mandatory 
reporting and recordkeeping requirements of section 934(d) (1954 Code). 
The prior exception to the general rule of section

[[Page 29378]]

934 (1954 Code) to prevent the Government of the Virgin Islands from 
granting tax rebates with regard to taxes attributable to income 
derived from sources with the United States was contingent upon the 
taxpayers' compliance with the reporting requirements of section 
934(d).
    Respondents: Individuals or households, Business or other for-
profit.
    Estimated Number of Respondents/Recordkeepers: 500.
    Estimated Burden Hours Per Respondent/Recordkeeper: 22 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 184 hours.

    OMB Number: 1545-1138.
    Regulation Project Number: INTL-955-86 Final (TD 8350).
    Type of Review: Extension.
    Title: Requirements for Investments to Qualify Under Section 
936(d)(4) As Investments in Qualified Caribbean Basin Countries.
    Description: The collection of information is required by the 
Internal Revenue Service to verify that an investment qualifies under 
Internal Revenue Code (IRC) section 936(d)(4). The recordkeepers will 
be possession corporations, certain financial institutions located in 
Puerto Rico, and borrowers of funds covered by this regulation.
    Respondents: Business or other for-profit.
    Estimated Number of Recordkeepers: 50.
    Estimated Burden Hours Per Recordkeeper: 30 hours.
    Estimated Total Recordkeeping Burden: 1,500 hours.

    OMB Number: 1545-1443.
    Regulation Project Number: PS-25-94 Final (TD 8686).
    Type of Review: Extension.
    Title: Requirements to Ensure Collection of Section 2050A Estate 
Tax.
    Description: The regulation provides guidance relating to the 
additional requirements necessary to ensure the collection of the 
estate of tax imposed under Section 2056A(b) with respect to taxable 
events involving qualified domestic trusts (QDOT'S). In order to ensure 
collection of the tax, the regulation provides various security options 
that may be selected by the trust and the requirements associate with 
each option. In addition, under certain circumstances the trust is 
required to file an annual statement with the IRS disclosing assets 
held by the trust.
    Respondents: Individuals or households.
    Estimated Number of Respondents: 4,390.
    Estimated Burden Hours Per Respondent: 1 hour, 23 minutes.
    Frequency of Response: On occasion, Annually.
    Estimated Total Reporting Burden: 6,070 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. 01-13470 Filed 5-29-01; 8:45 am]
BILLING CODE 4830-01-P