[Federal Register Volume 69, Number 15 (Friday, January 23, 2004)]
[Notices]
[Pages 3427-3428]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-1427]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

January 16, 2004.
    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, Department of the Treasury, Room 
11000, 1750 Pennsylvania Avenue, NW., Washington, DC 20220.

DATES: Written comments should be received on or before February 23, 
2004 to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0159.
    Form Number: IRS Form 3520.
    Type of Review: Extension.
    Title: Annual Return to Report Transactions With Foreign Trusts and 
Receipt of Certain Foreign Gifts.
    Description: Form 3520 is filed by U.S. persons who create a 
foreign trust, transfer properly to a foreign trust, receive a 
distribution from a foreign trust, or receive a large gift from a 
foreign source. IRS uses the form to identify U.S. persons who may have 
transactions that may trigger a taxable event in the future.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 2,000.
    Estimated Burden Hours Respondent/Recordkeeper:

Recordkeeping--42 hr., 34 min.
Learning about the law or the form--4 hr., 38 min.
Preparing the form--6 hr., 28 min.
Sending the form to the IRS--18 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 108,300 hours.

    OMB Number: 1545-1224.
    Regulation Project Number: INTL-112-88 Final.
    Type of Review: Extension.
    Title: Allocation and Apportionment of Deduction for State Income 
Taxes.
    Description: This regulation provides guidance on when and how the 
deduction for state income taxes is to be allocated and proportioned 
between gross income from sources within and without the United States 
in order to determine the amount of taxable income from those sources. 
The reporting requirements in the regulation affect those taxpayers 
claiming foreign tax credits who elect to use an alternative method 
from that described in the regulation to allocate and apportion 
deductions for state income taxes.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 1,000.
    Estimated Burden Hours Respondent: 1 hour.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 1,000 hours.

    OMB Number: 1545-1566.
    Notice Number: Notice 97-66.
    Type of Review: Extension.
    Title: Certain Payments Made Pursuant to a Securities Lending 
Transaction.
    Description: Notice 97-66 modifies final regulations which are 
effective

[[Page 3428]]

November 145, 1997. The Notices relaxes the statement requirement with 
respect to substitute interest payments relating to securities loans 
and repurchased transactions. It also provides a withholding mechanism 
to eliminate excessive withholding on multiple payments in a chain of 
substitute dividend payments.
    Respondents: Business or other for-profit, Not-for-profit-
institutions.
    Estimated Number of Respondents: 377,500.
    Estimated Burden Hours Respondent: 10 minutes.
    Frequency of Response: Other (once).
    Estimated Total Reporting Burden: 61,750 hours.
    Clearance Officer: Robert M. Coar, (202) 622-3579, Internal Revenue 
Service, Room 6411, 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.

Lois K. Holland,
Treasury PRA Clearance Officer.
[FR Doc. 04-1427 Filed 1-22-04; 8:45 am]
BILLING CODE 4830-01-P