[Federal Register Volume 69, Number 3 (Tuesday, January 6, 2004)]
[Notices]
[Page 722]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-207]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

December 23, 2003.
    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 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 February 5, 
2004, to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-1448.
    Regulation Project Numbers: EE-81-88 Final.
    Type of Review: Extension.
    Title: Deduction for Transfers of Property.
    Description: These regulations concern the Secretary's authority to 
require the filing of an information return under Code section 6041 and 
expand the requirement to furnish forms to certain corporate service 
providers.
    Respondents: Business or other for-profit, Individuals or 
households, Not-for-profit institutions, Farms.
    Estimated Number of Respondents: 1.
    Estimated Burden Hours Respondent: 1 hour.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 1 hour.

    OMB Number: 1545-1452.
    Regulation Project Number: FI-43-94 Final.
    Type of Review: Extension.
    Title: Regulations under section 1258 of the Internal Revenue Code 
of 1986; Netting Rule for Certain Conversion Transactions.
    Description: Section 1258 recharacterizes capital gains from 
conversion transactions as ordinary income to the extent of the time 
value element. This regulation provides that certain gains and losses 
may be netted for purposes of determining the amount of gain.
    Respondents: Business or other for-profit, Not-for-profit 
institutions, Farms.
    Estimated Number of Recordkeepers: 50,000.
    Estimated Burden Hours Recordkeeper: 6 minutes.
    Estimated Total Recordkeeping Burden: 5,000 hours.

    OMB Number: 1545-1582.
    Regulation Project Number: REG-209373-81 Final.
    Type of Review: Extension.
    Title: Election to Amortize Start-Up Expenditures for Active Trade 
or Business.
    Description: The information is needed to comply with section 195 
of the Internal Revenue Code, which requires taxpayers to make an 
election in order to amortize start-up expenditures. The information 
will be used for compliance and audit purposes.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 150,000.
    Estimated Burden Hours Respondent: 15 minutes.
    Frequency of Response: Other (one-time election).
    Estimated Total Reporting Burden: 37,500 hours.

    OMB Number: 1545-1583.
    Regulation Project Number: REG-209322-82 Final.
    Type of Review: Extension.
    Title: Return of Partnership Income.
    Description: Information is required to enable the IRS to verify 
that a taxpayer is reporting the correct amount of income or gain or 
claiming the correct amount of losses, deductions, or credits from the 
taxpayer's interest in the partnership.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 1.
    Estimated Burden Hours Respondent: 1 hour.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 1 hour.

    OMB Number: 1545-1702.
    Form Number: IRS Form 8870.
    Type of Review: Extension.
    Title: Information Return for Transfers Associated with Certain 
Personal Benefit Contracts.
    Description: Section 170(c) charitable organizations or section 
664(d) charitable remainder trusts that paid premiums after February 8, 
1999, on certain ``personal benefit contracts'' must file Form 8870.
    Respondents: Not-for-profit institutions.
    Estimated Number of Respondents/Recordkeepers: 5,000.
    Estimated Burden Hours Respondent/Recordkeeper:

Recordkeeping--10 hr., 17 min.
Learning about the law or the form--2 hrs., 23 min.
Preparing, copying, assembling, and sending the form to the IRS--2 
hrs., 40 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 74,200 hours.

    Clearance Officer: Robert M. Coar, Internal Revenue Service, Room 
6411, 1111 Constitution Avenue, NW., Washington, DC 20224, (202) 622-
3579.
    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. 04-207 Filed 1-5-04; 8:45 am]
BILLING CODE 4830-01-P