[Federal Register Volume 68, Number 75 (Friday, April 18, 2003)]
[Notices]
[Pages 19251-19252]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-9614]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

April 10, 2003.
    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 
11000, 1750 Pennsylvania Avenue, NW., Washington, DC 20220.

DATES: Written comments should be received on or before May 19, 2003 to 
be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0919.
    Regulation Project Number: PS-105-75 Final.
    Type of Review: Extension.
    Title: Limitations on Percentage Depletion in the Case of Oil and 
Gas Wells.
    Description: These regulations require each partner to separately 
keep records of his share of the adjusted basis of partnership oil and 
gas property and require each partnership, trusts, estate, and operator 
to provide information necessary to certain persons to compute 
depletion with respect to oil and gas.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 1,500,000.
    Estimated Burden Hours Per Respondent/Recordkeeper: 1 hour.
    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 1 hour.

    OMB Number: 1545-1434.
    Regulation Project Number: CO-26-96 Final.
    Type of Review: Extension.
    Title: Regulations Under Section 382 of the Internal Revenue Code 
of 1986; Application of Section 382 in Short Taxable Years and with 
Respect to Controlled Groups.
    Description: Section 382 limits the amount of income that can be 
offset by loss carryovers after an ownership change. These regulations 
provide rules for applying section 382 in the case of short taxable 
years and with respect to controlled groups.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 3,500.
    Estimated Burden Hours Per Respondent: 15 minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 875 hours.

    OMB Number: 1545-1502.
    Form Number: IRS Forms 5304-SIMPLE and 5305-SIMPLE and Notice 98-4.
    Type of Review: Extension.
    Title: Form 5304-SIMPLE--Savings Incentive Match Plan for Employees 
of Small Employers (SIMPLE) (Not for Use With a Designated Financial 
Institution); Form 5305-SIMPLE--Savings Incentive Match Plan for 
Employees of Small Employers (SIMPLE)--(for Use With a Designated 
Financial Institution); and Notice 98-4--Simple IRA Plan Guidance.
    Description: Form 5304-SIMPLE and 5305-SIMPLE are used by an 
employer to permit employees to make salary reduction contributions to 
a savings incentive match plan (SIMPLE IRA) described in Code section 
408(p). These forms are not to be filed with IRS, but to be retained in 
the employers' records as proof of establishing such a plan, thereby 
justifying a deduction for contributions made to the SIMPLE IRA. The 
data is used to verify the deduction. Notice 98-4 provides guidance for 
employers and trustees regarding how they can comply with the 
requirements of Code section 408(p) in establishing and maintaining a 
SIMPLE Plan, including information regarding the notification and 
reporting requirements under Code section 408.
    Respondents: Business or other for-profit, Individuals or 
households, Not-for-profit institutions.
    Estimated Number of Respondents/Recordkeepers: 600,000.

[[Page 19252]]



                                                   Estimated Burden Hours Per Respondent/Recordkeeper:
--------------------------------------------------------------------------------------------------------------------------------------------------------
             Form/notice                            Recordkeeping                Learning about the law or the form           Preparing the form
--------------------------------------------------------------------------------------------------------------------------------------------------------
5304-SIMPLE..........................  3 hr., 37 min..........................  2 hr., 25 min......................  46 min
5305-SIMPLE..........................  3 hr., 37 min..........................  2 hr., 25 min......................  46 min
Notice 98-4..........................  15 min.................................
--------------------------------------------------------------------------------------------------------------------------------------------------------

    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 2,127,000 hours.

    OMB Number: 1545-1539.
    Regulation Project Number: REG-208172-91 Final.
    Type of Review: Extension.
    Title: Basis Reduction Due to Discharge of Indebtedness.
    Description:The IRS will use the information provided by taxpayers 
owning interests in partnerships and owning section 1221(I) real 
property to verify compliance with sections 1017(b)(3)(C), 
1017(b)(3)(E), 1017(b)(3)(F), and 1017(b)(4)(X).
    Respondents: Individuals or households, Business or other for-
profit.
    Estimated Number of Respondents/Recordkeepers: 2,000.
    Estimated Burden Hours Per Respondent/Recordkeeper: 1,000.
    Frequency of Response: On occasion.
    Estimated Total Recordkeeping Burden: 10,000 hours.
    Clearance Officer: Glenn Kirkland, Internal Revenue Service, Room 
6411-03, 1111 Constitution Avenue, NW., Washington, DC 20224, (202) 
622-3428.
    OMB Reviewer: Joseph F. Lackey, Jr., Office of Management and 
Budget, Room 10235, New Executive Office Building, Washington, DC 
20503, (202) 395-7316.

Mary A. Able,
Departmental Reports Management Officer.
[FR Doc. 03-9614 Filed 4-17-03; 8:45 am]
BILLING CODE 4830-01-P