[Federal Register Volume 67, Number 157 (Wednesday, August 14, 2002)]
[Notices]
[Pages 53042-53043]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-20553]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

August 7, 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 September 13, 
2002 to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-1004.
    Form Number: IRS Form 1120-REIT.
    Type of Review: Revision.
    Title: U.S. Income Tax Return for Real Estate Investment Trusts.
    Description: Form 1120-REIT is filed by a corporation, trust, or 
association electing to be taxed as a REIT in order to report its 
income, and deductions, and to compute its tax liability. IRS uses Form 
1120-REIT to determine whether the REIT has correctly reported its 
income, deductions, and tax liability.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 363.

[[Page 53043]]

    Estimated Burden Hours Per Respondent/Recordkeeper:

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Recordkeeping.............................  58 hr., 35 min.
Learning about the law or the form........  24 hr., 7 min.
Preparing the form........................  42 hr., 51 min.
Copying, assembling, and sending the form   4 hr., 49 min.
 to the IRS.
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    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 46,490 hours.
    OMB Number: 1545-1008.
    Form Number: IRS Form 8582.
    Type of Review: Revision.
    Title: Passive Activity Loss Limitation.
    Description: Under Internal Revenue Code section 469, losses from 
passive activities, to the extent that they exceed income from passive 
activities, cannot be deducted against nonpassive income. Form 8582 is 
used to figure the passive activity loss allowed and the loss to be 
reported on the tax return.
    Respondents: Business or other for-profit, Individuals or 
households, Farms.
    Estimated Number of Respondents/Recordkeepers: 3,622,282.
    Estimated Burden Hours Per Respondent/Recordkeeper:

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Recordkeeping.............................  1 hr., 25 min.
Learning about the law or the form........  1 hr., 43 min.
Preparing the form........................  1 hr., 45 min.
Copying, assembling, and sending the form   20 min.
 to the IRS.
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    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 19,355,758 hours.
    Clearance Officer: Glenn Kirkland, (202) 622-3428, Internal Revenue 
Service, Room 6411-03, 1111 Constitution Avenue, NW, Washington, DC 
20224.
    OMB Reviewer: Joseph F. Lackey, Jr., (202) 395-7316, Office of 
Management and Budget, Room 10235, New Executive Office Building, 
Washington, DC 20503.

Mary A. Able,
Departmental Reports, Management Officer.
[FR Doc. 02-20553 Filed 8-13-02; 8:45 am]
BILLING CODE 4830-01-P