[Federal Register Volume 70, Number 23 (Friday, February 4, 2005)]
[Notices]
[Pages 6066-6067]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-2167]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

January 25, 2005.
    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 March 7, 2005 
to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-1394.
    Form Number: IRS Form 1120-SF.
    Type of Review: Extension.
    Title: U.S. Income Tax Return for Settlement Funds (Under Section 
468B).
    Description: Form 1120-SF is used by settlement funds to report 
income and taxes on earnings of the fund. The fund may be established 
by court order, a breach of contract, a violation of law, an 
arbitration panel, or the Environmental Protection Agency. The IRS uses 
Form 1120-F to determine if income and taxes are correctly computed.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 1,000.
    Estimated Burden Hours Respondent/Recordkeeper:

Recordkeeping--18 hr., 24 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.

    Frequency of response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 26,880 hours.

    OMB Number: 1545-1423.
    Regulation Project Number: PS-106-91 Final.
    Type of Review: Extension.
    Title: State Housing Credit Ceiling and Other Rules Relating to the 
Low-Income Housing Credit.
    Description: The regulations provide the order in which credits are 
allocated from each State's credit ceiling under section 
422(h)(3)(copyright) and the determination of which states qualify for 
credits from a National Pool of credits under section 42(h)(3)(D). 
Allocating agencies need this information to correctly allocate credits 
and determine National Pool eligibility.
    Respondents: Business or other for-profit, Individuals or 
households. Not-for-profit institutions, State, Local or Tribal 
Government.
    Estimated Number of Respondents: 110.
    Estimated Burden Hours Respondent: 2 hours, 30 minutes.
    Frequency of response: Other (one time per event).

[[Page 6067]]

    Estimated Total Reporting Burden: 275 hours.

    OMB Number: 1545-1478.
    Regulation Project Number: INTL-9-95 Final.
    Type of Review: Extension.
    Title: Certain Transfers of Domestic Stock or Securities by U.S. 
Persons to Foreign Corporations.
    Description: Transfers of stock or securities by U.S. persons in 
tax-free transactions are treated as taxable transactions when the 
acquirer is a foreign corporation, unless an exception applies (section 
367(a)). Under the regulations, no U.S. person will qualify for an 
exception unless the U.S. target company complies with certain 
reporting requirements.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 100.
    Estimated Burden Hours Respondent: 10 hours.
    Frequency of Response: Other (once).
    Estimated Total Reporting Burden: 1,000 hours.

    OMB Number: 1545-1634.
    Regulation Project Number: REG-106902-98 Final.
    Type of Review: Extension.
    Title: Consolidated Returns--Consolidated Overall Foreign Losses 
and Separate Limitation Losses.
    Description: The regulations provide guidance relating to the 
amount of overall foreign losses and separate limitation losses in the 
computation of the foreign tax credit. The regulations affect 
consolidated groups of corporations that compute the foreign tax credit 
limitation or that disposes of property used in a foreign trade or 
business.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 2,000.
    Estimated Burden Hours Respondent: 1 hour, 30 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 3,000 hours.

    OMB Number: 1545-1750.
    Form Number: IRS Form 8038-R.
    Type of Review: Extension.
    Title: Request for Recovery of Overpayments under Arbitrage Rebate 
Provisions.
    Description: Under Treasury Regulations section 1.148-3(i), bond 
issuers may recover an overpayment of arbitrage rebate paid to the 
United States under Internal Revenue Code section 148. Form 8038-R is 
used to request recovery of any overpayment of arbitrage rebate made 
under the arbitrage rebate provisions.
    Respondents: State, Local or Tribal Government.
    Estimated Number of Respondents/Recordkeepers: 200.
    Estimated Burden Hours Respondent/Recordkeeper:

Recordkeeping--5 hr., 44 min.
Learning about the law or the form--3 hr., 16 min.
Preparing, copying, assembling, and sending the form to the IRS--3 hr., 
30 min.

    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 2,458 hours.

    Clearance Officer: Paul H. Finger, Internal Revenue Service, Room 
6516, 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. 05-2167 Filed 2-3-05; 8:45 am]
BILLING CODE 4830-01-P