[Federal Register Volume 67, Number 182 (Thursday, September 19, 2002)]
[Notices]
[Pages 59092-59093]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-23781]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

September 12, 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 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

[[Page 59093]]

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 21, 
2002 to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-1027.
    Form Number: IRS Form 1120-PC.
    Type of Review: Revision.
    Title: U.S. Property and Casualty Insurance Company Income Tax 
Return.
    Description: Property and casualty insurance companies are required 
to file an annual return of income and pay the tax due. The data is 
used to insure that companies have correctly reported income and paid 
the correct tax.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 2,200.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--93 hr., 59 min.
Learning about the law or the form--34 hr., 25 min.
Preparing the form--57 hr., 57 min.
Copying, assembling, and sending the form to the IRS--5 hr., 54 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 422,950 hours.

    OMB Number: 1545-1028.
    Regulation Project Number: INTL-941-86 NPRM and INTL-655-87 
Temporary.
    Type of Review: Extension.
    Title: Passive Foreign Investment Companies.
    Description: These regulations specify how U.S. persons who are 
shareholders of passive foreign investment companies (PFICs) make 
elections with respect to their PFIC stock.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 275,000.
    Estimated Burden Hours Per Respondent: 25 minutes.
    Frequency of Response: Annually, Other (one-time only).
    Estimated Total Reporting Burden: 112,500 hours.

    OMB Number: 1545-1424.
    Form Number: IRS Form 1099-C.
    Type of Review: Extension.
    Title: Cancellation of Debt.
    Description: Form 1099-C is used for reporting canceled debt, as 
required by section 6050P of the Internal Revenue Code. It is used to 
verify that debtors are correctly reporting their income.
    Respondents: Business or other for-profit, Not-for-profit 
institutions, Federal Government.
    Estimated Number of Respondents: 647,993.
    Estimated Burden Hours Per Respondent: 10 minutes.
    Frequency of Response: Monthly, Annually.
    Estimated Total Reporting Burden: 110,159 hours.

    OMB Number: 1545-1661.
    Regulation Project Number: REG-106010-98 Final.
    Type of Review: Extension.
    Title: Qualified Lessee Construction Allowances for Short-term 
Leases.
    Description: The regulations provide guidance with respect to Sec.  
110, which provides a safe harbor whereby it will be assumed that a 
construction allowance provided by a lessor to a lessee is used to 
construct or improve lessor property when long-term property is 
constructed or improved and used pursuant to a short-term lease. The 
regulations also provide a reporting requirement that ensures that both 
the lessee and lessor consistently treat the property subject to the 
construction allowance as a nonresidential real property owned by the 
lessor.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 10,000.
    Estimated Burden Hours Per Respondent: 1 hour.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 10,000 hours.

    OMB Number: 1545-1793.
    Revenue Procedure Number: Revenue Procedure 2002-43.
    Type of Review: Extension.
    Title: Determination of Substitute Agent for a Consolidated Group.
    Description: The information is needed in order for (i) a 
terminating common parent of a consolidated group to notify the IRS 
that it will terminate and to designate another corporation to be the 
group's substitute agent, pursuant to Treasury Regulation Sec.  1.1502-
77(d)(1) or Sec.  1.1502-77A(d); (ii) the remaining members of a 
consolidated group to designate a substitute agent pursuant to Sec.  
1.1502-77A(d); (iii) the default substitute agent to notify the IRS 
that it is the default substitute agent pursuant to Sec.  1.1502-
77(d)(2); or (iv) requests by a member of the group for the IRS to 
designate a substitute agent or replace a previously designated 
substitute agent. The IRS will use the information to determine whether 
to approve the designation (if approval is required), to designate a 
substitute agent, or to replace a substitute agent, and to change the 
IRS's records to reflect the name and other information about the 
substitute agent.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 200.
    Estimated Burden Hours Per Respondent: 2 hours.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 400 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.

Lois K. Holland,
Departmental Reports Management Officer.
[FR Doc. 02-23781 Filed 9-18-02; 8:45 am]
BILLING CODE 4830-01-P