[Federal Register Volume 66, Number 125 (Thursday, June 28, 2001)]
[Notices]
[Page 34521]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-16209]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

June 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 July 30, 2001 
to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0122.
    Form Number: IRS Form 1118, Schedule I and Schedule J.
    Type of Review: Revision.
    Title: Foreign Tax Credit-Corporations.
    Description: Form 1118 and separate Schedules I and J are used by 
domestic and foreign corporations to claim a credit for taxes paid to 
foreign countries. The IRS uses Form 1118 and related schedules to 
determine if the corporation has computed the foreign tax credit 
correctly.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 30,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

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                                                                 Learning about the law   Preparing and sending
           Form of schedule                 Recordkeeping             or the form          the form to the IRS
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Form 1118............................  97 hr., 19 min.........  17 hr., 51 min.........  21 hr., 9 min.
Schedule I (Form 1118)...............  9hr., 19 min...........  1 hr., 0 min...........  1 hr., 11 min.
Schedule J (Form 1118)...............  106 hr., 25 min........  1 hr., 12 min..........  2 hr., 58 min.
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    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 4,113,889 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. 01-16209 Filed 6-27-01; 8:45 am]
BILLING CODE 4830-01-P