[Federal Register Volume 67, Number 112 (Tuesday, June 11, 2002)]
[Notices]
[Pages 40039-40040]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-14641]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

May 24, 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 July 11, 2002 
to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0094.
    Form Number: IRS Form 1041-A.
    Type of Review: Extension.
    Title: U.S. Information Return-Trust Accumulation of Charitable 
Amounts.
    Description: Form 1041-A is used to report the information required 
in 26 U.S.C. 6034 concerning accumulation and distribution of 
charitable amounts. The data is used to verify that amounts for which a 
charitable deduction was allowed are used for charitable purposes.
    Respondents: Business or other for-profit, Individuals or 
households.
    Estimated Number of Respondents/Recordkeepers: 18,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--24 hr., 9 min.
Learning about the law or the form--3 hr., 25 min.
Preparing the form--8 hr., 37 min.
Copying, assembling, and sending the form to the IRS--1 hr., 20 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 675,900 hours.

    OMB Number: 1545-1204.
    Form Number: IRS Form 8823.
    Type of Review: Extension.
    Title: Low-Income Housing Credit Agencies Report of Noncompliance 
of Building Disposition.
    Description: Form 8823 is used by housing agencies to report 
noncompliance with the low-income housing provisions of Code section 
42.
    Respondents: State, Local or Tribal Government.
    Estimated Number of Respondents/Recordkeepers: 20,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--7 hr., 39 min.
Learning about the law or the form--30 min.
Preparing and sending the form to the IRS--39 min.

    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 175,800 hours.

    OMB Number: 1545-1385.
    Regulation Project Number: GL-238-88 Final.
    Type of Review: Extension.
    Title: Preparer Penalties--Manual Signature Requirement.
    Description: The reporting requirements affect returns preparers of 
fiduciary returns. They will be required to submit a list of the names 
and identifying numbers of all fiduciary returns which are being filed 
with a facsimile signature of the returns preparer.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 20,000.
    Estimated Burden Hours Per Respondent/Recordkeeper: 1 hour, 17 
minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 25,825 hours.
    OMB Number: 1545-1485.
    Regulation Project Number: PS-4-96 Final.
    Type of Review: Extension.
    Title: Sale of Residence From Qualified Personal Residence Trust.
    Description: Internal Revenue Code section 2702(a)(3) provides 
special favorable valuation rules for valuing the gift of a personal 
residence trust. Regulation section 25.2702-5(a)(2) provides that if 
the trust fails to comply with the requirements contained in the 
regulations, the trust will be treated as complying if a statement is 
attached to the gift tax return reporting the gift stating that a 
proceeding has been commenced to reform the instrument to comply with 
the requirements of the regulations.
    Respondents: Individuals or households.
    Estimated Number of Respondents: 200.
    Estimated Burden Hours Per Respondent: 3 hours and 6 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 625 hours.

    OMB Number: 1545-1493.
    Regulation Project Number: PS-7-89 Final.
    Type of Review: Extension.
    Title: Treatment of Gain From the Disposition of Interest in 
Certain Natural Resource Recapture Property by S Corporations and Their 
Shareholders.
    Description: The regulation prescribes rules under section 1254 
relating to the treatment by S corporations and their shareholders of 
gain from the disposition of natural resource recapture property and 
from the sale or exchange of S corporation stock.
    Shareholders that sell or exchange stock may submit a statement to 
rebut presumption of gain treatment.
    Respondents: Business or other for-profit, Individuals or 
households.
    Estimated Number of Respondents: 1,000.
    Estimated Burden Hours Per Respondent: 1 hour.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 1,000 hours.

    OMB Number: 1545-1643.
    Regulation Project Number: REG-209484-87 Final.
    Type of Review: Extension.
    Title: Federal Insurance Contributions Act (FICA) Taxation of 
Amounts Under Employee Benefit Plan.
    Description: This regulation provides guidance as to when amounts 
of deferred under or paid from a nonqualified deferred compensation 
plan are taken into account as wages for

[[Page 40040]]

purposes of the employment taxes imposed by the Federal Insurance 
Contributions Act (FICA). Section 31.3121(v)(2)-1(a)(2) requires that 
the material terms of a plan be set forth in writing.
    Respondents: Business or other for-profit, Not-for-profit 
institutions.
    Estimated Number of Respondents/Recordkeepers: 2,500.
    Estimated Burden Hours Per Respondent/Recordkeeper: 5 hours.
    Frequency of Response: On occasion, Other (once).
    Estimated Total Reporting/Recordkeeping Burden: 12,500 hours.
    OMB Number: 1545-1759.
    Form Number: IRS Form 720X.
    Type of Review: Extension.
    Title: Amended Quarterly Federal Excise Tax Return.
    Description: Representatives of the motor fuel industry, statement 
governments, and the Federal government are working to ensure 
compliance with excise taxes on motor fuels. This joint effort has 
resulted in a system to track the movement of all product to and from 
terminals. Form 720-TO is an information return that will be used by 
terminal operators to report their monthly receipts and disbursements 
of products.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 5,500.
    Estimated Burden Hours Per Respondent/Recordkeeper: 4 hours, 59 
minutes.
    Frequency of Response: Quarterly.
    Estimated Total Reporting/Recordkeeping Burden: 152,460 hours.

    OMB Number: 1545-1763.
    Form Number: IRS Form 8302.
    Type of Review: Extension.
    Title: Direct Deposit of Refund of $1 Million or More.
    Description: This form is used to request a deposit of a tax refund 
of $1 million or more directly into an account at any U.S. bank or 
other financial institution.
    Respondents: Business or other for-profit, Individual or 
households.
    Estimated Number of Respondents/Recordkeepers: 400.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--1 hr., 25 min.
Learning about the law or the form--30 min.
Preparing, copying, assembling, and sending the form to the IRS--33 
min.
    Frequency of Response: On occasion, Annually.
    Estimated Total Reporting/Recordkeeping Burden: 988 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. 02-14641 Filed 6-10-02; 8:45 am]
BILLING CODE 4830-01-P