[Federal Register Volume 68, Number 226 (Monday, November 24, 2003)]
[Notices]
[Pages 65993-65995]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-29241]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

November 17, 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, Pub. L. 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,

[[Page 65994]]

Department of the Treasury, Room 11000, 1750 Pennsylvania Avenue, NW., 
Washington, DC 20220.

DATES: Written comments should be received on or before December 24, 
2003 to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0002.
    Form Number: IRS Form CT-2.
    Type of Review: Extension.
    Title: Employee Representative's Quarterly Railroad Tax Return.
    Description: Employee representatives file Form CT-2 quarterly 
compensation on which railroad retirement taxes are due. IRS uses this 
information to ensure that employee representatives have paid the 
correct tax. Form CT-2 also transmits the tax payment.
    Respondents: Individuals or households.
    Estimated Number of Respondents/Recordkeeping: 28.

    Estimated Burden Hours Respondent/Recordkeeper:
Recordkeeping--13 minutes
Learning about the law or the form--13 minutes
Preparing the form--24 minutes
Copying, assembling, and sending the form to the IRS--16 minutes


    Frequency of Response: Quarterly.
    Estimated Total Responding/Recordkeeping Burden: 127 hours.

    OMB Number: 1545-0135.
    Form Number: IRS Form 1138.
    Type of Review: Extension.
    Title: Extension of Time for Payment of Taxes by a Corporation 
Expecting a Net Operating Loss Carryback.
    Description: Form 1138 is filed by corporations to request an 
extension of time to pay their income taxes, including estimated taxes. 
Corporations may only file for an extension when they expect a net 
operating loss carryback in the tax year and want to delay the payment 
of taxes from a prior tax year.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 2,033.
    Estimated Burden Hours Respondent/Recordkeeper:

Recordkeeping--3 hr., 21 min.
Learning about the law or the form--42 min.
Preparing and sending the form to the IRS--46 min.

    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 9,800 hours.

    OMB Number: 1545-0794.
    Regulation Project Number: LR-311-81 Final (TD 7925).
    Type of Review: Extension.
    Title: Penalties for Underpayment of Deposits and Overstated 
Deposit Claims, and Time of Filing Information Returns of Owners, 
Officers and Directors of Foreign Corporation.
    Description: Section 6406 requires information returns with respect 
to certain foreign corporations and the regulations provide the date by 
which these returns must be filed.
    Respondents: Business or other for-profit, Individuals or 
households, Not-for-profit institutions.
    Estimated Number of Respondents: 1.
    Estimated Burden Hours Respondent: 1 hour.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 1 hour.

    OMB Number: 1545-0946.
    Form Number: IRS Form 8554.
    Type of Review: Extension.
    Title: Application for Renewal of Enrollment to Practice before the 
Internal Revenue Service.
    Description: This information relates to the approval of continuing 
professional education programs and the renewal of the enrollment 
status for those individuals admitted (enrolled) by the Internal 
Revenue Service.
    Respondents: Individuals or households.
    Estimated Number of Respondents/Recordkeepers: 39,500.
    Estimated Burden Hours Respondent/Recordkeeper: 1 hour, 12 minutes.
    Frequency of Response: Other (on-time filing).
    Estimated Total Reporting/Recordkeeping Burden: 47,400 hours.

    OMB Number: 1545-0949.
    Form Number: IRS Form 2587.
    Type of Review: Extension.
    Title: Application for Special Enrollment Examination.
    Description: This information relates to the determination of the 
eligibility of individuals seeking enrollment status to practice before 
the Internal Revenue Service.
    Respondents: Individuals or households.
    Estimated Number of Respondents: 8,000.
    Estimated Burden Hours Respondent: 6 minutes.
    Frequency of Response: Other (one-time filing).
    Estimated Total Reporting Burden: 800 hours.

    OMB Number: 1545-1098.
    Regulation Project Number: TD 8418 Final (FI-91-86; FI-90-86; FI-
90-91; and FI-1-90).
    Type of Review: Extension.
    Title: Arbitrage Restrictions on Tax-Exempt Bonds.
    Description: This regulation requires state and local governmental 
issuers of tax-exempt bonds to rebate arbitrage profits earned on 
nonpurpose investments acquired with the bond proceeds. Issuers are 
required to submit a form with the rebate. The regulations provide for 
several elections, all of which must be in writing.
    Respondents: Not-for-profit institutions, State, Local or Tribal 
Government.
    Estimated Number of Respondents/Recordkeepers: 3,100.
    Estimated Burden Hours Respondent/Recordkeeper: 2 hours, 45 
minutes.
    Frequency of Response: On occasion, Other (at most every 5 years).
    Estimated Total Reporting/Recordkeeping Burden: 8,550 hours.

    OMB Number: 1545-1145.
    Form Number: IRS Form 706-GS(T).
    Type of Review: Extension.
    Title: Generation-Skipping Transfer Tax Return for Termination.
    Description: Form 706-GS(T) is used by trustees to compute and 
report the Federal GST tax imposed by Internal Revenue Code (IRC) 
section 2601. IRS uses the information to enforce this tax and to 
verify that the tax has been properly computed.
    Respondents: Individuals or households.
    Estimated Number of Respondents/Recordkeepers: 100.
    Estimated Burden Hours Respondent/Recordkeeper:

----------------------------------------------------------------------------------------------------------------
                                                                                                     Copying,
                                                               Learning  about                   assembling, and
                    Form                       Recordkeeping   the law  or the   Preparing the     sending  the
                                                                     form             form       form to the IRS
                                                                                                     (minutes)
----------------------------------------------------------------------------------------------------------------
Form 706-GS(T)..............................               39               32               32               20
Schedule A..................................               13               13               37               20

[[Page 65995]]

 
Schedule B..................................               13                9               19               20
----------------------------------------------------------------------------------------------------------------

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 702 hours.

    OMB Number: 1545-1288.
    Form Number: IRS Form 8828.
    Type of Review: Revision.
    Title: Recapture of Federal Mortgage Subsidy.
    Description: Form 8828 is needed to compute the section 143(m) tax 
on recapture of the Federal subsidy from use of qualified mortgage 
bonds and mortgage credit certificates in cases where the financing is 
provided after 1990 and the home subject to the financing is sold 
during the first 9 years after financing was provided. IRS uses the 
information to determine that the proper amount of Federal subsidy is 
recaptured.
    Respondents: Individuals or households.
    Estimated Number of Respondents/Recordkeepers: 10,000.
    Estimated Burden Hours Respondent/Recordkeeper:
Recordkeeping--1 hr., 18 min.
Learning about the law or the form--22 min.
Preparing the form--46 min.
Copying, assembling, and sending the form to the IRS--20 min.

    Frequency of Response: Other (for year of sale of home).
    Estimated Total Reporting/Recordkeeping Burden: 26,340 hours.

    OMB Number: 1545-1567.
    Form Number: IRS Form 8854.
    Type of Review: Extension.
    Title: Expatriation Initial Information Statement.
    Description: Internal Revenue Code section 6039G requires persons 
who lose U.S. citizenship to provide information concerning 
citizenship, income tax liability, net worth, and net assets. Form 8854 
is used to report this information.
    Respondents: Individuals or households.
    Estimated Number of Respondents/Recordkeepers: 11,000.
    Estimated Burden Hours Respondent/Recordkeeper:

------------------------------------------------------------------------
                                     Part I
                                   (minutes)          Part I and II
------------------------------------------------------------------------
Recordkeeping.................               33  2 hr., 57 min.
Learning about the law or the                13  .25 min.
 form.
Preparing the form............               39  1 hr., 24 min.
Copying, assembling, and                     20  34 min.
 sending the form to the IRS.
------------------------------------------------------------------------

    Frequency of Response: Other (once).
    Estimated Total Reporting/Recordkeeping Burden: 23,060 hours.

    OMB Number: 1545-1711.
    Regulation Project Number: REG-116050-99 NPRM.
    Type of Review: Extension.
    Title: Stock Transfer Rules: Carryover of Earnings and Taxes.
    Description: This document contains proposed regulations governing 
the manner in which certain tax attributes (i.e., earnings and profits 
and foreign income tax accounts) carry over under section 381 and are 
allocated under section 312 in transactions described in section 367(b) 
of the Internal Revenue Code.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 600.
    Estimated Burden Hours Respondent: 3 hours.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 1,800 hours.

Clearance Officer: R. Joseph Durbala, Internal Revenue Service, Room 
6411, 1111 Constitution Avenue, NW., Washington, DC 20224, (202) 622-
3634.
OMB Reviewer: Joseph F. Lackey, Jr., Office of Management and Budget, 
Room 10235, New Executive Office Building, Washington, DC 20503, (202) 
395-7316.

Lois K. Holland,
Treasury PRA Clearance Officer.
[FR Doc. 03-29241 Filed 11-21-03; 8:45 am]
BILLING CODE 4830-01-P