[Federal Register Volume 66, Number 191 (Tuesday, October 2, 2001)]
[Notices]
[Page 50247]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-24610]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

September 26, 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 November 1, 
2001 to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0803.
    Form Number: IRS Form 5074.
    Type of Review: Extension.
    Title: Allocation of Individual Income Tax to Guam or the 
Commonwealth of the Northern Mariana Islands (CNMI).
    Description: Form 5074 is used by U.S. citizens or residents as an 
attachment to Form 1040 when they have $50,000 or more in adjusted 
gross income from U.S. sources and $5,000 or more in gross income from 
Guam or the Commonwealth of the Northern Mariana Islands (CNMI). The 
data is used by IRS to allocate income tax due to Guam or CNMI as 
required by 26 U.S.C. 7654.
    Respondents: Individuals or households, Not-for-profit 
institutions.
    Estimated Number of Respondents/Recordkeepers: 50.
    Estimated Burden Hours Per Respondent/Recordkeeper:

------------------------------------------------------------------------
 
------------------------------------------------------------------------
Recordkeeping..............................  2 hr.,
                                             57 min.
Learning about the law or the form.........  8 min.
Preparing the form.........................  49 min.
Copying, assembling, and sending the form    17 min.
 to the IRS.
------------------------------------------------------------------------

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 209 hours.

    OMB Number: 1545-1135.
    Form Number: IRS Form 8817.
    Type of Review: Extension.
    Title: Allocation of Patronage and Nonpatronage Income and 
Deductions.
    Description: Form 8817 is filed by taxable farmers cooperatives to 
report their income and deductions by patronage and nonpatronage 
sources. The IRS uses the information on the form to ascertain the 
amounts of patronage and nonpatronage income or loss were properly 
computed.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 1,650.
    Estimated Burden Hours Per Respondent/Recordkeeper:

------------------------------------------------------------------------
 
------------------------------------------------------------------------
Recordkeeping..............................  16 hr.,
                                             44 min.
Learning about the law or the form.........  36 min.
Preparing, copying, assembling, and sending  52 min.
 the form to the IRS.
------------------------------------------------------------------------

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 22,006 hours.

    OMB Number: 1545-1352.
    Regulation Project Number: PS-276-76 Final.
    Type of Review: Extension.
    Title: Treatment of Gain From Disposition of Certain Natural 
Resource Recapture Property.
    Description: This regulation prescribes rules for determining the 
tax treatment of gain from the disposition of natural resource 
recapture property in accordance with Internal Revenue Code section 
1254. Gain is treated as ordinary income in an amount equal to the 
intangible drilling and development costs and depletion deductions 
taken with respect to the property. The information that taxpayers are 
required to retain will be used by the IRS to determine whether a 
taxpayer has properly characterized gain on the disposition of section 
1254 property.
    Respondents: Individuals or households, Business or other for-
profit.
    Estimated Number of Respondents/Recordkeepers: 400.
    Estimated Burden Hours Per Respondent/Recordkeeper: 5 hours.
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 2,000 hours.

    OMB Number: 1545-1416.
    Form Number: IRS Form 8847.
    Type of Review: Extension.
    Title: Credit for Contributions to Selected Community Development 
Corporations.
    Description: Form 8847 is used to claim a credit for qualified 
contributions to a selected community development corporation (CDC).
    Respondents: Individuals or households, Business or other for-
profit.
    Estimated Number of Respondents/Recordkeepers: 34.
    Estimated Burden Hours Per Respondent/Recordkeeper:

------------------------------------------------------------------------
 
------------------------------------------------------------------------
Recordkeeping..............................  6 hr.,
                                             42 min.
Learning about the law or the form.........  24 min.
Preparing and sending the form to the IRS..  31 min.
------------------------------------------------------------------------

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 260 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. 01-24610 Filed 10-1-01; 8:45 am]
BILLING CODE 4830-01-P