[Federal Register Volume 67, Number 161 (Tuesday, August 20, 2002)]
[Notices]
[Pages 54015-54016]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-21164]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

August 14, 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 
19, 2002 to be assured of consideration.

Internal Revenue Service

    OMB Number: 1545-0120.
    Form Number: IRS Form 1099-G.
    Type of Review: Extension.
    Title: Certain Government and Qualified State Tuition Program 
Payments.
    Description: Form 1099-G is used by governments (primarily state 
and local) to report to the IRS (and notify recipients of) certain 
payments (e.g., unemployment compensation and income tax refunds). IRS 
uses the information to insure that the income is being properly 
reported by the recipients on their returns.
    Respondents: Federal Government, State, Local or Tribal Government.
    Estimated Number of Respondents: 2,900.
    Estimated Burden Hours Per Respondent: 11 minutes.
    Frequency of Response: Annually.

[[Page 54016]]

    Estimated Total Reporting Burden: 11,590,000 hours.

    OMB Number: 1545-0126.
    Form Number: IRS Form 1120-F.
    Type of Review: Revision.
    Title: U.S. Income Tax Return of a Foreign Corporation.
    Description: Form 1120-F is used by foreign corporations that have 
investments, or a business, or a branch in the U.S. The IRS uses Form 
1120-F to determine if the foreign corporation has correctly reported 
its income, deductions, and tax, and to determine if it has paid the 
correct amount of tax.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 21,618.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--105 hr., 28 min.
Learning about the law or the form-41 hr., 9 min.
Preparing the form--68 hr., 52 min.
Copying, assembling, and sending the form to the IRS--61 hr., 58 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 4,809,573 hours.

    OMB Number: 1545-1007.
    Form Number: IRS Form 8606.
    Type of Review: Revision.
    Title: Nondeductible IRAs.
    Description: Internal Revenue Code (IRC) section 408(o) requires 
certain information regarding nondeductible contributions to 
traditional IRAs (reported on Part I of Form 8606). IRC section 408A(d) 
requires information regarding conversions from traditional IRAs to 
Roth IRAs and distributions from Roth IRAs (reported on Parts II & III 
of Form 8606). IRC section 530 requires information regarding 
distributions from ED IRAs (reported on Part IV of Form 8606).
    Respondents: Individuals or households.
    Estimated Number of Respondents/Recordkeepers: 1,800,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--1 hr., 4 min.
Learning about the law or the form--1 hr., 12 min.
Preparing the form--49 min.
Copying, assembling, and sending the form to the IRS--41 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 2,427,770 hours.

    OMB Number: 1545-1653.
    Revenue Procedure Number: Revenue Procedure 99-26.
    Type of Review: Extension.
    Title: Secured Employee Benefits Settlement Initiative.
    Description: This revenue procedure provides taxpayers options to 
settle cases in which they accelerated deductions for accrued employee 
benefits secured by a letter of credit, bond, or other similar 
financial instrument.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 100.
    Estimated Burden Hours Per Respondent/Recordkeeper: 20 hours.
    Frequency of Response: Other (one-time).
    Estimated Total Reporting/Recordkeeping Burden: 2,000 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. 02-21164 Filed 8-19-02; 8:45 am]
BILLING CODE 4830-01-P