[Federal Register Volume 66, Number 156 (Monday, August 13, 2001)]
[Notices]
[Pages 42583-42584]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-20266]


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DEPARTMENT OF THE TREASURY

Submission for OMB Review; Comment Request


  

August 2, 2001.
    The Department of the 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 September 12, 
2001 to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0923.
    Regulation Project Number: INTL-45-86 Final (TD 8125).
    Type of Review: Extension.
    Title: Foreign Management and Foreign Economic Processes 
Requirements of a Foreign Sales Corporation.
    Description: These regulations provide rules for complying with 
foreign management and foreign economic process requirements to enable 
Foreign Sales Corporations to produce foreign trading gross receipts 
and qualify for reduced tax rates. Rules are included for maintaining 
records to substantiate compliance. Affected public is limited to large 
corporations that export goods or services.
    Respondents: Business or other for-profit.
    Estimated Number of Recordkeepers: 11,001.
    Estimated Burden Hours Per Recordkeeper: 2 hours.
    Frequency of Response: Other (one-time only).
    Estimated Total Recordkeeping Burden: 22,001 hours.

    OMB Number: 1545-1186.
    Form Number: IRS Form 8825.
    Type of Review: Extension.
    Title: Rental Real Estate Income and Expense of a Partnership or an 
S Corporation.
    Description: Form 8825 is used to verify that partnerships and S 
corporations have correctly reported their income and expenses from 
rental real estate property. The form is filed with either Form 1065 or 
Form 1120S.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 705,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

 
 
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Recordkeeping.........................  6 hr., 28 min.
Learning about the law or the form....  34 min.
Preparing the form....................  1 hr., 38 min.
Copying, assembling, and sending the    16 min.
 form to the IRS.
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    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 6,288,600 hours.
    OMB Number: 1545-1357.
    Regulation Project Number: PS-78-91 Final, PS-50-92 Final and REG-
114664-97 Final.

[[Page 42584]]

    Type of Review: Extension
    Title: Procedure for Monitoring Compliance with Low-Income Housing 
Credit Requirements (PS-78-91);
    Rules to Carry Out the Purposes of Section 42 and for Correcting 
Administrative Errors and Omissions (PS-50-92); and
    Compliance Monitoring and Miscellaneous Issues Relating to the Low-
Income Housing Credit (REG-114664-97)
    Description: PS-78-91  The regulations require state allocation 
plans to provide a procedure for state and local housing credit 
agencies to monitor for compliance with the requirements of section 42 
and report noncompliance to the IRS.
    PS-50-92  These regulations concern the Secretary's authority to 
provide guidance under section 42, and provide for the correction of 
administrative errors and omissions related to the allocation of low-
income housing credit dollar amounts and recordkeeping.
    REG-114664-97  The regulation amends the procedures for State and 
local housing credit agencies' compliance monitoring and the rules for 
State and local housing credit agencies' correction of administrative 
errors or omissions.
    Respondents: Business or other for-profit, Individuals or 
household, Not-for-profit institutions, State, Local or Tribal 
Government.
    Estimated Number of Respondents/Recordkeepers: 22,055.
    Estimated Burden Hours Per Respondent/Recordkeeper: 4 hours, 45 
minutes.
    Frequency of Response: Annually
    Estimated Total Reporting/Recordkeeping Burden: 104,899 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. 01-20266 Filed 8-10-01; 8:45 am]
BILLING CODE 4830-01-P