[Federal Register Volume 66, Number 244 (Wednesday, December 19, 2001)]
[Notices]
[Pages 65530-65531]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-31191]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

December 12, 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 January 18, 
2002 to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-1628.
    Regulation Project Number: REG-118620-97 Final.
    Type of Review: Extension.
    Title: Communications Excise Tax; Prepaid Telephone Cards.
    Description: Carriers must keep certain information documenting 
their sales of prepaid telephone cards to other carriers to avoid 
responsibility for collecting tax. The regulations provide rules for 
the application of the communications excise tax to prepaid telephone 
cards.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 104.
    Estimated Burden Hours Per Respondent/Recordkeeper: 20 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 34 hours.

    OMB Number: 1545-1637.
    Regulation Project Number: REG-106177-98 Final.
    Type of Review: Extension.
    Title: Adequate Disclosure of Gifts.
    Description: The information requested in regulation section 
301.6501(c)-1(f)(2) that must be provided on a gift tax return is 
necessary to give the IRS a complete and accurate description of the 
transfer in order to begin the running of the statute of limitations on 
the gift. Prior to the expiration of the statute of limitations, a gift 
tax may be assessed and the value may be adjusted in order to determine 
the value of prior taxable gifts for estate and gift tax purposes.
    Respondents: Individuals or households.

[[Page 65531]]

    Estimated Number of Respondents: 1.
    Estimated Burden Hours Per Respondent: 1 hour.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 1 hour.

    OMB Number: 1545-1642.
    Regulation Project Number: REG-104072-97 Final.
    Type of Review: Extension.
    Title: Recharacterizing Financing Arrangements Involving Fast-Pay 
Stock.
    Description: Section 1.7701(1)-3 recharacterizes fast-pay 
arrangements. Certain participants in such arrangements must file a 
statement that includes the name of the corporation that issued the 
fast-pay stock, and (to the extent the filing taxpayer knows or has 
reason to know) the terms of the fast-pay stock, the date on which it 
was issued, and the names and taxpayer identification numbers of any 
shareholders of any class of stock that is not traded on an established 
securities market.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 50.
    Estimated Burden Hours Per Respondent: 1 hour.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 50 hours.

Clearance Officer: George Freeland, Internal Revenue Service, Room 
5577, 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.

Mary A. Able,
Departmental Reports, Management Officer.
[FR Doc. 01-31191 Filed 12-18-01; 8:45 am]
BILLING CODE 4830-01-P