[Federal Register Volume 68, Number 162 (Thursday, August 21, 2003)]
[Notices]
[Pages 50588-50589]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-21403]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

August 14, 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 September 22, 
2003, to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0129.
    Form Number: IRS Form 1120-POL.
    Type of Review: Extension.
    Title: U.S. Income Tax Return for Certain Political Organizations.
    Description: Certain political organizations file Form 1120-POL to 
report the tax imposed by section 527. The form is used to designate a 
principal business campaign committee that is subject to a lower rate 
of tax under section 527(h). IRS uses Form 1120-POL to determine if the 
proper tax was paid.
    Respondents: Not-for-profit institutions.
    Estimated Number of Respondents/Recordkeepers: 6,527.
    Estimated Burden Hours per Respondent/Recordkeeper:
Recordkeeping--17 hr., 13 min.
Learning about the law or the form--5 hr., 15 min.
Preparing the form--12 hr., 17 min.
Copying, assembling, and sending the form to the IRS--1 hr., 52 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 239,150 hours.

    OMB Number: 1545-0935.
    Form Number: IRS Form 1120-FSC and Schedule P (1120-FSC).
    Type of Review: Revision.
    Title: U.S. Income Tax Return of a Foreign Sales Corporation (Form 
1120-FSC); and Transfer Price or Commission (Schedule P).
    Description: Form 1120-FSC is filed by foreign corporations that 
have elected to be FSCs or small FSCs. The FSC uses Form 1120-FSC to 
report income and expenses and to figure its tax liability. IRS uses 
Form 1120-FSC and Schedule P (Form 1120-FSC) to determine whether the 
FSC has correctly reported its income and expenses and figured its tax 
liability correctly.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 5,000.
    Estimated Burden Hours per Respondent/Recordkeeper:

------------------------------------------------------------------------
                                     1120-FSC      Schedule P (1120-FSC)
------------------------------------------------------------------------
Recordkeeping..................  94 hr., 13 min.  9 hr., 48 min.
Learning about the law or the    19 hr., 45 min.  1 hr., 29 min.
 form.
Preparing and sending the form   38 hr., 56 min.  1 hr., 43 min.
 to the IRS.
------------------------------------------------------------------------

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 1,089,900 hours.

    OMB Number: 1545-0956.
    Form Number: IRS Form 5500-EZ.
    Type of Review: Revision.
    Title: Annual Return of One-Participant (Owners and Their Spouses) 
Retirement Plan.
    Description: Form 5500-EZ is an annual return filed by a one-
participant or one-participant and spouse pension plan. The IRS uses 
this data to determine if the plan appears to be operating properly as 
required under the law or whether the plan should be audited.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 250,000.
    Estimated Burden Hours per Respondent/Recordkeeper:

Recordkeeping--18 hr., 10 min.
Learning about the law or the form--2 hr., 49 min.
Preparing the form--5 hr., 6 min.
Copying, assembling, and sending the form to the IRS--32 min.


[[Page 50589]]


    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 6,660,000 hours.

    OMB Number: 1545-1444.
    Form Number: IRS Form 8844.
    Type of Review: Revision.
    Title: Empowerment Zone Employment Credit.
    Description: Employers who hire employees who live and work in one 
of the 11 designated empowerment zones can receive a tax credit for the 
first $15,000 of wages paid to each employee. The credit is applicable 
from the date of designation through the year 2004.
    Respondents: Business or other for-profit Individuals or 
households, Not-for-profit institutions, Farms.
    Estimated Number of Respondents/Recordkeepers: 40,000.
    Estimated Burden Hours per Respondent/Recordkeeper:

Recordkeeping--10 hr., 2 min.
Learning about the law or the form--2 hr., 10 min.
Preparing and sending the form to the IRS--2 hr., 26 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 586,800 hours.

    OMB Number: 1545-1606.
    Form Number: IRS Form 8860.
    Type of Review: Extension.
    Title: Qualified Zone Academy Bond Credit.
    Description: A qualified zone academy bond is a taxable bond issued 
after 1997 by a state or local government, with the proceeds used to 
improve certain eligible public schools. In lieu of receiving interest 
payments from the issuer, an eligible holder of the bond is generally 
allowed an annual income tax credit. Eligible holders of qualified zone 
academy bonds use Form 8860 to figure and claim this credit.
    Respondents: Business or other for-profit, State, local or Tribal 
Government.
    Estimated Number of Respondents/Recordkeepers: 50.
    Estimated Burden Hours per Respondent/Recordkeeper:

Recordkeeping--6 hr., 56 min.
Learning about the law or the form--18 min.
Preparing and sending the form to the IRS--25 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 383 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. 03-21403 Filed 8-20-03; 8:45 am]
BILLING CODE 4830-01-P