[Federal Register Volume 67, Number 171 (Wednesday, September 4, 2002)]
[Notices]
[Page 56612]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-22515]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

August 28, 2002.
    The Department of the 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 10413. Copies of 
the submission(s) may be obtained by calling the Treasury Bureau of 
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 October 4, 2002 
to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 15450127.
    Form Number: IRS Form 1120H.
    Type of Review: Extension.
    Title: U.S. Income Tax Return for Homeowners Associations.
    Description: Homeowners associations file Form 1120H to report 
income, deductions, and credits. The form is also used to report the 
income tax liability of the homeowners association. The IRS uses Form 
1120H to determine if the income, deductions, and credits have been 
correctly computed. The form is also used for statistical purposes.
    Respondents: Business or other for-profit, State, Local or Tribal 
Government, Individuals or households.
    Estimated Number of Respondents/Recordkeepers: 112,311.
    Estimated Burden Hours Per Respondent/Recordkeeper:

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Recordkeeping.............................  11 hr., 43 min.
Learning about the law or the form........  5 hr., 19 min.
Preparing the form........................  13 hr., 12 min.
Copying, assembling, and sending the form   2 hr., 9 min.
 to the IRS.
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    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 3,638,877 hours.

    OMB Number: 15450941.
    Form Number: IRS Form 8308.
    Type of Review: Extension.
    Title: Report of a Sale or Exchange of Certain Partnership 
Interests.
    Description: Form 8308 is an information return that gives the IRS 
the names of the parties involved in a section 751(a) exchange of a 
partnership interest. It is also used by the partnership as a statement 
to the transferor or transferee. It alters the transferor that a 
portion of the gain on the sale of a partnership interest may be 
ordinary income.
    Respondents: Business or other for-profit, State, Local or Tribal 
Government, Individuals or households, Farms.
    Estimated Number of Respondents/Recordkeepers: 200,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

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Recordkeeping.........................................................
Learning about the law or the form....................................
Preparing and sending the form to the IRS.............................
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    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 1,460,000 hours.

    OMB Number: 15451218.
    Regulation Project Number: CO2596 Final.
    Type of Review: Extension.
    Title: Regulations Under Section 1502 of the Internal Revenue Code 
of 1986; Limitations on Net Operating Loss Carryforwards and Certain 
Built-in Losses and Credits Following an Ownership Change of a 
Consolidated Group
    Description: Section 1502 provides for the promulgation of 
regulations with respect to corporations that file consolidated income 
tax returns. Section 382 limits the amount of income that can be offset 
by loss carryovers and credits after an ownership change. These final 
regulations provide rules for applying section 382 to groups of 
corporations that file a consolidated return.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 12,054.
    Estimated Burden Hours Per Respondent: 20 minutes.
    Frequency of Response: On occasion, Other (Changes in group 
membership)
    Estimated Total Reporting Burden: 662 hours.
    Clearance Officer: Glenn Kirkland (202) 6223428, Internal Revenue 
Service, Room 641103, 1111 Constitution Avenue, NW., Washington, DC 
20224.
    OMB Reviewer: Joseph F. Lackey, Jr. (202) 3957316, Office of 
Management and Budget, Room 10235, New Executive Office Building, 
Washington, DC 20503.

Mary A. Able,
Departmental Reports, Management Officer.
[FR Doc. 02-22515 Filed 9302; 8:45 am]
BILLING CODE 483001M