[Federal Register Volume 67, Number 85 (Thursday, May 2, 2002)]
[Notices]
[Page 22162]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-10887]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

April 25, 2002.
    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 June 3, 2002 to 
be assured of consideration.

Internal Revenue Service

    OMB Number: 1545-0863.
    Regulation Project Number: LR-218-78 Final.
    Type of Review: Extension.
    Title: Product Liability Losses and Accumulations for Product 
Liability Losses.
    Description: Generally, a taxpayer who sustains a product liability 
loss must carry the loss back 10 years. However, a taxpayer may elect 
to have such loss treated as a regular net operating loss under section 
172. If desired, such election is made by attaching a statement to the 
tax return. The statement will enable the IRS to monitor compliance 
with the statutory requirements.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 5,000.
    Estimated Burden Hours Per Respondent: 30 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 2,500 hours.

    OMB Number: 1545-1126.
    Regulation Project Number: INTL-121-90, INTL-292-90, and INTL-361-
89 Final.
    Type of Review: Extension.
    Title: Treaty-Based Return Positions.
    Description: Regulation section 301-6114-1 sets forth the reporting 
requirements under Sec. 6114. Persons or entities subject to this 
reporting requirement must make the required disclosure on a statement 
attached to their return, in the manner set forth or be subject to a 
penalty. Regulation section 301.7701(b)-7(a)(4)(iv)(C) sets forth the 
reporting requirement for dual resident S corporation shareholders who 
claim treaty benefits as nonresidents of the United States.
    Respondents: Individuals or households, Business or other for-
profit.
    Estimated Number of Respondents: 6,020.
    Estimated Burden Hours Per Respondent: 1 hour.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 6,015 hours.

    OMB Number: 1545-1244.
    Regulation Project Number: PS-39-89 NPRM.
    Type of Review: Extension.
    Title: Limitation on Passive Activity Losses and Credits--Treatment 
of Self-Charged Items of Income and Expense.
    Description: The IRS will use this information to determine whether 
the entity has made a proper timely election and to determine that 
taxpayers are complying with the election in the taxable year of the 
election and subsequent taxable years.
    Respondents: Business or other for-profit, Individuals or 
households.
    Estimated Number of Respondents: 1,000.
    Estimated Burden Hours Per Respondent: 6 minutes.
    Frequency of Response: Other (First taxable year that entity seeks 
to make election.).
    Estimated Total Reporting Burden: 100 hours.

    OMB Number: 1545-1768.
    Revenue Procedure Number: Revenue Procedure 2002-16.
    Type of Review: Extension.
    Title: Optional Election to Make Monthly Sec. 706 Allocations.
    Description: This revenue procedure allows certain partnerships 
with money market fund partners to make an optional election to close 
the partnership's books on a monthly basis with respect to the money 
market fund partners.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 1,000.
    Estimated Burden Hours Per Respondent/Recordkeeper: 12 hours.
    Frequency of Response: Other (once).
    Estimated Total Reporting/Recordkeeping Burden: 12,000 hours.
    Clearance Officer: Glenn Kirkland, Internal Revenue Service, Room 
6411-03, 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. 02-10887 Filed 5-1-02; 8:45 am]
BILLING CODE 4830-01-P