[Federal Register Volume 67, Number 112 (Tuesday, June 11, 2002)]
[Notices]
[Pages 40040-40041]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-14642]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

June 3, 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: 1545-0014.
    Form Number: IRS Form 637.
    Type of Review: Extension.
    Title: Application for Registration (For Certain Excise Tax 
Activities).
    Description: Form 637 is used to apply for excise tax registration. 
The registration applies to a person required to be registered under 
Internal Revenue Code (IRC) section 4101 for purposes of the federal 
excise tax on taxable fuel imposed by IRC 4041 and 4081; and to certain 
manufacturers or sellers and purchasers that must register under IRC 
4222 to be exempt from the excise tax on taxable articles. The data is 
used to determine if the applicant qualifies for exemption. Taxable 
fuel producers are required by IRC 4101 to register with the Service 
before incurring any tax liability.
    Respondents: Business or other for-profit, Not-for-profit 
institutions.
    Estimated Number of Respondents/Recordkeepers: 2,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--10 hr., 17 min.
Learning about the law or the form--1 hr., 41 min.
Preparing and sending the form to the IRS--1 hr., 56 min.

    Frequency of Response: Other (one time only).
    Estimated Total Reporting/Recordkeeping Burden: 27,800 hours.

    OMB Number: 1545-1381.
    Regulation Project Number: CO-49-88 Final.
    Type of Review: Extension.
    Title: Limitations on Corporate Net Operating Loss.
    Description: This regulation provides rules for the allocation of a 
loss corporation's taxable income or net operating loss between the 
periods before and after an ownership changes under section 382 of the 
Code, including an election to make the allocation based on a closing 
of the books as of the change date.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 2,000.
    Estimated Burden Hours Per Respondent: 6 minutes.
    Frequency of Response: On occasion, Other (when needed).
    Estimated Total Reporting Burden: 200 hours.

    OMB Number: 1545-1496.
    Regulation Project Number: REG-209673-93 Final.
    Type of Review: Extension.
    Title: Mark to Market for Dealers in Securities.
    Description: Under section 1.475(b)-4, the information required to 
be recorded is required by the IRS to determine whether exemption from 
mark-to-market treatment is properly claimed, and will be used to make 
that determination upon audit of taxpayer's books and records. Also, 
under section 1.475(c)-1(a)(3)(iii), the information is necessary for 
the Service to determine whether a consolidated group has elected to 
disregard inter-member transactions in determining a member's status as 
a dealer in securities.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 3,400.
    Estimated Burden Hours Per Respondent/Recordkeeper: 52 minutes.
    Frequency of Response: Other (once).
    Estimated Total Reporting/Recordkeeping Burden: 2,950 hours.

    OMB Number: 1545-1774.
    Regulation Project Number: REG-123305-02 (formerly REG-102305-02) 
NPRM and Temporary; REG-102740-02 NPRM and Temporary Final.

[[Page 40041]]

    Type of Review: Extension.
    Title: Loss Limitation Rules.
    Description: The information is necessary to allow the taxpayer to 
make certain elections to determine the amount of allowable loss under 
Sec. 1.337(d)-2T, Sec. 1.1502-20 as currently in effect or under 
Sec. 1.1502-20 as modified; to allow the taxpayer to waive loss 
carryovers up to the amount of the Sec. 1.1502-20(g) election; and to 
ensure that loss is not disallowed under Sec. 1.337(d)-2T and basis is 
not reduced under Sec. 1.337(d)-2T to the extent the taxpayer 
establishes that the loss or basis is not attributable to the 
recognition of built in gain on the disposition of an asset.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 15,000.
    Estimated Burden Hours Per Respondent: 2 hours.
    Frequency of Response: Other (once per transition).
    Estimated Total Reporting Burden: 30,000 hours.

    OMB Number: 1545-1776.
    Form Number: IRS Form 1041-N.
    Type of Review: Revision.
    Title: U.S. Income Tax Return for Electing Alaska Native Settlement 
Trusts.
    Description: An Alaska Native Settlement Trust (ANST) may elect 
under section 646 to have the special income tax treatment of that 
section apply to the trust and its beneficiaries. This one-time 
election is made by filing Form 1041-N and the form is used by the ANST 
to report its income, etc., and to compute and pay any income tax. Form 
1041-N is also used for the special information reporting requirements 
that apply to ANSTs.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 20.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--32 hr., 45 min.
Learning about the law or the form--1 hr., 57 min.
Preparing the form--3 hr., 30 min.
Copying, assembling, and sending the form to the IRS--16 min.
    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 770 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. 02-14642 Filed 6-10-02; 8:45 am]
BILLING CODE 4830-01-P