[Federal Register Volume 68, Number 70 (Friday, April 11, 2003)]
[Notices]
[Page 17863]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-8966]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Forms 5712 and 5712-A

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Department of the Treasury, as part of its continuing 
effort to reduce paperwork and respondent burden, invites the general 
public and other Federal agencies to take this opportunity to comment 
on proposed and/or continuing information collections, as required by 
the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning 
Form 5712, Election To Be Treated as a Possessions Corporation Under 
Section 936, and Form 5712-A, Election and Verification of the Cost 
Sharing or Profit Split Method Under Section 936(h)(5).

DATES: Written comments should be received on or before June 10, 2003, 
to be assured of consideration.

ADDRESSES: Direct all written comments to Glenn P. Kirkland, Internal 
Revenue Service, room 6411, 1111 Constitution Avenue, NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the forms and instructions should be directed to Carol 
Savage, (202) 622-3945, or through the internet 
([email protected].), Internal Revenue Service, room 6407, 1111 
Constitution Avenue, NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Election To Be Treated as a Possessions Corporation Under 
Section 936 (Form 5712), and Election and Verification of the Cost 
Sharing or Profit Split Method Under Section 936(h)(5) (Form 5712-A).
    OMB Number: 1545-0215. Form Number: Forms 5712 and 5712-A.
    Abstract: Domestic corporations may elect to be treated as 
possessions corporations on Form 5712. This election allows the 
corporation to take a tax credit. Possession corporations may elect on 
Form 5712-A to share their taxable income with their affiliates under 
Internal Revenue Code section 936(h)(5). These forms are used by the 
IRS to ascertain if corporations are entitled to the credit and if they 
may share their taxable income with their affiliates.
    Current Actions: There are no changes being made to the forms at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 2,600.
    Estimated Time Per Respondent: 7 hrs., 47 min.
    Estimated Total Annual Burden Hours: 20,234.
    The following paragraph applies to all of the collections of 
information covered by this notice:
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless the collection of 
information displays a valid OMB control number. Books or records 
relating to a collection of information must be retained as long as 
their contents may become material in the administration of any 
internal revenue law. Generally, tax returns and tax return information 
are confidential, as required by 26 U.S.C. 6103.
    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in the request for OMB approval. All 
comments will become a matter of public record. Comments are invited 
on: (a) Whether the collection of information is necessary for the 
proper performance of the functions of the agency, including whether 
the information shall have practical utility; (b) the accuracy of the 
agency's estimate of the burden of the collection of information; (c) 
ways to enhance the quality, utility, and clarity of the information to 
be collected; (d) ways to minimize the burden of the collection of 
information on respondents, including through the use of automated 
collection techniques or other forms of information technology; and (e) 
estimates of capital or start-up costs and costs of operation, 
maintenance, and purchase of services to provide information.

    Approved: April 7, 2003.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. 03-8966 Filed 4-10-03; 8:45 am]
BILLING CODE 4830-01-P