[Federal Register Volume 69, Number 170 (Thursday, September 2, 2004)]
[Notices]
[Pages 53771-53773]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-20026]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

August 26, 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, 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 October 4, 
2004, to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0020.
    Form Number: IRS Form 709.
    Type of Review: Extension.
    Title: United States Gift (and Generation-Skipping Transfer) Tax 
Return.
    Description: Form 709 is used by individuals to report transfers 
subject to the gift and generation-skipping transfer taxes and to 
compute these taxes. IRS uses the information to enforce these taxes 
and to compute the estate tax.
    Respondents: Individuals or households.
    Estimated Number of Respondents/Recordkeepers: 278,500.
    Estimated Burden Hours Respondent/Recordkeeper:
     Recordkeeping--52 min.
     Learning about the law or the form--1 hr., 53 min.
     Preparing the form--1 hr., 58 min.
     Copying, assembling, and sending the form to the IRS--1 hr., 3 
min.
    Frequency of response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 1,609,730 hours.
    OMB Number: 1545-0051.
    Form Number: IRS Form 990-C.
    Type of Review: Revision.
    Title: Farmers' Cooperative Association Income Tax Return.
    Description: Form 990-C is used by farmers' cooperatives to report 
the tax imposed by Internal Revenue code section 1381. The IRS uses the 
information on the form to determine whether the cooperative has 
correctly computed and reported its income tax liability.
    Respondents: Business or other for-profit, farms.
    Estimated Number of Respondents/Recordkeepers: 5,600.
    Estimated Burden Hours Respondent/Recordkeeper:
     Recordkeeping--75 hr., 34 min.
     Learning about the law or the form--27 hr., 19 min.
     Preparing the form--45 hr., 34 min.
     Copying, assembling, and sending the form to the IRS--4 hr., 33 
min.
    Frequency of response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 856,640 hours.
    OMB Number: 1545-0086.
    Form Number: IRS Form 1040-C.
    Type of Review: Revision.
    Title: U.S. Departing Alien Income Tax Return.
    Description: Form 1040-C is used by aliens departing the U.S. to 
report income received or expected to be received for the entire year. 
The data collected are used to insure that the departing alien has no 
outstanding U.S. tax liability.
    Respondents: Individuals or households.
    Estimated Number of Respondents/Recordkeepers: 2,000.
    Estimated Burden Hours Respondent/Recordkeeper:
     Recordkeeping--2 hr., 4 min.
     Learning about the law or the form--45 min.
     Preparing the form--2 hr., 20 min.
     Copying, assembling, and sending the form to the IRS--59 min.
    Frequency of response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 11,632 hours.
    OMB Number: 1545-0128.
    Form Number: IRS Form 1120-L.
    Type of Review: Revision.
    Title: U.S. Life Insurance Company Income Tax Return.
    Description: Life insurance companies are required to file an 
annual return of income and compute and pay the tax due. The data is 
used to insure that companies have correctly reported taxable income 
and paid the correct tax.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 2,440.
    Estimated Burden Hours Respondent/Recordkeeper:
     Recordkeeping--83 hr., 41 min.
     Learning about the law or the form--40 hr., 6 min.
     Preparing the form--62 hr., 47 min.

[[Page 53772]]

     Copying, assembling, and sending the form to the IRS--5 hr., 37 
min.
    Frequency of response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 448,007 hours.
    OMB Number: 1545-0245.
    Form Number: IRS Form 6627.
    Type of Review: Extension.
    Title: Environmental Taxes.
    Description: Form 6627 is attached to Form 720 to complete and 
collect tax on chemicals, imported chemical substances, and ozone-
depleting chemicals.
    Respondents: Business or other for-profit, individuals or 
households.
    Estimated Number of Respondents/Recordkeepers: 2,894.
    Estimated Burden Hours Respondent/Recordkeeper:
     Recordkeeping--6 hr., 54 min.
     Learning about the law or the form--6 min.
     Preparing and sending the form to the IRS--12 min.
    Frequency of response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 6,971 hours.
    OMB Number: 1545-0531.
    Form Number: IRS Form 706-NA.
    Type of Review: Revision.
    Title: United States Estate (and Generation-Skipping Transfer) Tax 
Return, Estate of Nonresident Not a Citizen of the United States.
    Description: Under section 6018, executors must file estate tax 
returns for nonresident noncitizens who had property in the U.S. 
Executors use Form 706-NA for this purpose. IRS uses the information to 
determine correct tax and credits.
    Respondents: Individuals or households.
    Estimated Number of Respondents/Recordkeepers: 800.
    Estimated Burden Hours Respondent/Recordkeeper:
     Recordkeeping--1 hr., 38 min.
     Learning about the law or the form--40 min.
     Preparing the form--1 hr., 42 min.
     Copying, assembling, and sending the form to the IRS--34 min.
    Frequency of response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 3,680 hours.
    OMB Number: 1545-0803.
    Form Number: IRS Form 5074.
    Type of Review: Extension.
    Title: Allocation of Individual Income Tax on Guam or the 
Commonwealth of the Northern Mariana Islands (CNMI).
    Description: Form 5074 is used by U.S. citizens or residents as an 
attachment to Form 1040 when they have $50,000 or more in adjusted 
gross income from U.S. sources and $5,000 or more in gross income from 
Guam or the Commonwealth of the Northern Mariana Islands (CNMI). The 
data is used by IRS to allocate income tax due to Guam or CNMI as 
required by 26 U.S.C. 7654.
    Respondents: Individuals or households, not-for-profit 
institutions.
    Estimated Number of Respondents/Recordkeepers: 50.
    Estimated Burden Hours Respondent/Recordkeeper:
     Recordkeeping--3 hr., 16 min.
     Learning about the law or the form--10 min.
     Preparing the form--53 min.
     Copying, assembling, and sending the form to the IRS--16 min.
    Frequency of response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 232 hours.
    OMB Number: 1545-0895.
    Form Number: IRS Form 3800.
    Type of Review: Revision.
    Title: General Business Credit.
    Description: Internal Revenue Code (IRC) section 38 permits 
taxpayers to reduce their income tax liability by the amount of their 
general business credit, which is an aggregation of their investment 
credit, jobs credit, alcohol fuel credit, research credit, low-income 
housing credit, disabled access credit, enhanced oil recovery credit, 
etc. Form 3800 is used to figure the correct credit.
    Respondents: Business or other for-profit, individuals or 
households, farms.
    Estimated Number of Respondents/Recordkeepers: 272,197.
    Estimated Burden Hours Respondent/Recordkeeper:
     Recordkeeping--15 hr., 46 min.
     Learning about the law or the form--1 hr., 23 min.
     Preparing and sending the form to the IRS--1 hr., 42 min.
    Frequency of response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 5,139,080 hours.
    OMB Number: 1545-0904.
    Regulation Project Number: INTL-45-86 Final (TD 8125) .
    Type of Review: Extension.
    Title: Foreign Management and Foreign Economic Processes 
Requirements of a Foreign Sales Corporation.
    Description: The regulations provide rules for complying with 
foreign management and foreign economic process requirements to enable 
Foreign Sales Corporations to produce foreign training gross receipts 
and qualify for reduced tax rates. Rules are included for maintaining 
records to substantiate compliance. Affected public is limited to large 
corporations that export goods or services.
    Respondents: Business or other for-profit.
    Estimated Number of Recordkeepers: 11,001.
    Estimated Burden Hours Recordkeeper: 2 hours.
    Frequency of response: Other (one-time only).
    Estimated Total Recordkeeping Burden: 22,001 hours.
    OMB Number: 1545-1135.
    Form Number: IRS Form 8817.
    Type of Review: Extension.
    Title: Allocation of Patronage and Nonpatronage Income and 
Deductions.
    Description: Form 8817 is filed by taxable farmers' cooperatives to 
report their income and deductions by patronage and nonpartronage 
sources. The IRS uses the information on the form to ascertain the 
amounts of patronage and nonpatronage income or loss were properly 
computed.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 1,650.
    Estimated Burden Hours Respondent/Recordkeeper:

     Recordkeeping--16 hrs., 44 min.
     Learning about the law or the form--36 min.
     Preparing and sending the form to the IRS--52 min.

    Frequency of response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 22,006 hours.
    OMB Number: 1545-1142.
    Regulation Project Number: INTL-939-86 NPRM.
    Type of Review: Extension.
    Title: Insurance Income of a Controlled Foreign Corporation for 
Taxable Years Beginning after December 31, 1986.
    Description: The information is required to determine the location 
of moveable property; allocate income and deductions to the proper 
category of insurance income, determine those amounts for computing 
taxable income that are derived from an insurance company annual 
statement, and permit a CFC to elect to treat related person insurance 
income as income effectively connected with the conduct of a U.S. trade 
or business. The respondents will be business or other for-profit 
institutions.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 500.
    Estimated Burden Hours Respondent/Recordkeeper: 28 hr., 12 min.
    Frequency of response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 14,100 hours.
    OMB Number: 1545-1355.
    Regulation Project Number: REG-208985-89 (formerly INTL-848-890 
NPRM.

[[Page 53773]]

    Type of Review: Extension.
    Title: Taxable Year of Certain Foreign Corporations Beginning after 
July 10, 1989.
    Description: Proposed regulations set forth the ``required year'' 
for ``specified foreign corporations'' for taxable years beginning 
after July 10, 1989, and give guidance on which foreign corporations 
must change their taxable year and how to effect the change in taxable 
year. Specified foreign corporations must conform to the required year 
and must state so on Form 5471.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 700.
    Estimated Burden Hours Respondent: 1 hour.
    Frequency of response: On occasion.
    Estimated Total Reporting Burden: 700 hours.
    OMB Number: 1545-1615.
    Regulation Project Number: REG-118926-97 Final.
    Type of Review: Extension.
    Title: Notice of Certain Transfers to Foreign Partnerships and 
Foreign Corporations.
    Description: Section 6038B requires U.S. persons to provide certain 
information when they transfer certain property to a foreign 
partnership or foreign corporation. This regulation provides reporting 
rules to identify United States persons who contribute property to 
foreign partnerships and to ensure the correct reporting of items with 
respect to those partnerships.
    Respondents: Business or other for-profit, Individuals or 
households.
    Estimated Number of Respondents: 1.
    Estimated Burden Hours Respondent: 1 hour.
    Frequency of response: On occasion.
    Estimated Total Reporting Burden: 1 hour.
    Clearance Officer: Paul H. Finger, (202) 622-4078, Internal Revenue 
Service, Room 6516, 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. 04-20026 Filed 9-1-04; 8:45 am]
BILLING CODE 4830-01-P