[Federal Register Volume 66, Number 164 (Thursday, August 23, 2001)]
[Notices]
[Pages 44436-44437]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-21233]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

August 14, 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 September 24, 
2001 to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0203.
    Form Number: IRS Form 5329.
    Type of Review: Extension.
    Title: Additional Taxes to IRAs, Other Qualified Retirement Plans, 
Annuities, Modified Endowment Contracts and MSAs.
    Description: This form is used to compute and collect taxes related 
to early distributions from individual retirement arrangements (IRAs) 
and other qualified retirement plans; distributions from education (ED) 
IRAs not used for educational expenses; excess contributions to 
traditional IRAs, ED IRAs and medical savings accounts (MSAs); and 
excess accumulations in qualified retirement plans.
    Respondents: Individuals or households.
    Estimated Number of Respondents/Recordkeepers: 1,000,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--2 hr., 5 min.
Learning about the law or the form--33 min.
Preparing the form--2 hr., 7 min.
Copying, assembling, and sending the form to the IRS--14 min.
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 937,000 hours.

    OMB Number: 1545-1032.
    Form Number: IRS Form 8689.
    Type of Review: Extension.
    Title: Allocation of Individual Income Tax to the Virgin Islands.
    Description: Form 8689 is used by U.S. citizens or residents as an 
attachment to Form 1040 when they have Virgin Islands source income. 
The data is used by IRS to verify the amount claimed on Form 1040 for 
taxes paid to the Virgin Islands.
    Respondents: Individuals or households.
    Estimated Number of Respondents/Recordkeepers: 800.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--2 hr., 44 min.
Learning about the law or the form--19 min.
Preparing the form--1 hr., 1 min.
Copying, assembling, and sending the form to the IRS--20 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 3,512 hours.

    OMB Number: 1545-1141.
    Notice Number: Notice 89-102.
    Type of Review: Extension.

[[Page 44437]]

    Title: Treatment of Acquisition of Certain Financial Institutions; 
Tax Consequences of Federal Financial Assistance.
    Description: Section 597 of the Internal Revenue Code provides that 
the Secretary provide guidance concerning the tax consequences of 
Federal financial assistance received by qualifying institutions. These 
institutions may defer payment of Federal income tax attributable to 
the assistance. Required information identifies deferred tax 
liabilities.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 250.
    Estimated Burden Hours Per Respondent: 30 minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 125 hours.
    OMB Number: 1545-1552.
    Form Number: IRS Form 8839.
    Type of Review: Extension.
    Title: Qualified Adoption Expenses.
    Description: Section 23 of the Internal Revenue Code allows 
taxpayers to claim a nonrefundable tax credit for qualified adoption 
expenses paid or incurred by the taxpayer. Code section 137 allows 
taxpayers to exclude amounts paid or expenses incurred by an employer 
for the qualified adoption expenses of the employee which are paid 
under an adoption assistance program. Form 8839 is used to figure the 
credit and/or exclusion.
    Respondents: Individuals or households.
    Estimated Number of Respondents/Recordkeepers: 27,271.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--45 min.
Learning about the law or the form--17 min.
Preparing the form--1 hr., 49 min.
Copying, assembling, and sending the form to the IRS--34 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 92,724 hours.

    OMB Number: 1545-1619.
    Form Number: IRS Form 8862.
    Type of Review: Extension.
    Title: Information to Claim Earned Income Credit After 
Disallowance.
    Description: Section 32 of the Internal Revenue Code allows 
taxpayers as earned income credit (EIC) for each of their qualifying 
children. Section 32(k), as enacted by section 1085(a)(1) of P.L. 105-
34, disallows the EIC for a statutory period if the taxpayer improperly 
claimed it in a prior year. Form 8862 helps taxpayers reestablish their 
eligibility to claim the EIC.
    Respondents: Individuals or households.
    Estimated Number of Respondents/Recordkeepers: 1,000,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--52 min.
Learning about the law or the form--7 min.
Preparing the form--1 hr., 11 min.
Copying, assembling, and sending the form to the IRS--34 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 2,760,000 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. 01-21233 Filed 8-22-01; 8:45 am]
BILLING CODE 4830-01-P