[Federal Register Volume 70, Number 106 (Friday, June 3, 2005)]
[Notices]
[Pages 32705-32706]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-2837]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 8404

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Department of the Treasury, as part of its continuing 
effort to reduce paperwork and respondent burden, invites the general 
public and other Federal agencies to take this opportunity to comment 
on proposed and/or continuing information collections, as required by 
the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning 
Form 8404, Interest Charge on DISC-Related Deferred Tax Liability.

DATES: Written comments should be received on or before August 2, 2005 
to be assured of consideration.

ADDRESSES: Direct all written comments to Glenn Kirkland, Internal 
Revenue Service, Room 6516, 1111 Constitution Avenue, NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to Allan 
Hopkins, at (202) 622-6665, or at Internal Revenue Service, Room 6516, 
1111 Constitution Avenue, NW., Washington, DC 20224, or through the 
internet, at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: Interest Charge on DISC-Related Deferred Tax Liability.
    OMB Number: 1545-0939.
    Form Number: 8404.
    Abstract: Shareholders of Interest Charge Domestic International 
Sales Corporations (IC-DISCs) use Form 8404 to figure and report an 
interest charge on their DISC-related deferred tax liability. The 
interest charge is required by Internal Revenue Code section 995(f). 
IRS uses Form 8404 to determine whether the shareholder has correctly 
figured and paid the interest charge on a timely basis.
    Current Actions: There are no changes being made to the form at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Businesses or other for-profit organizations and 
individuals.
    Estimated Number of Responses: 2,000.
    Estimated Time per Response: 8 hrs., 48 min.
    Estimated Total Annual Burden Hours: 17,600.
    The following paragraph applies to all of the collections of 
information covered by this notice:
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless the collection of 
information displays a valid OMB control number. Books or records 
relating to a collection of information must be retained as long as 
their contents may become material in the administration of any 
internal revenue law. Generally, tax returns and tax return information 
are confidential, as required by 26 U.S.C. 6103.
    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in the request for OMB approval. All 
comments will become a matter of public record. Comments are invited 
on: (a) Whether the collection of information is necessary for the 
proper performance of the functions of the

[[Page 32706]]

agency, including whether the information shall have practical utility; 
(b) the accuracy of the agency's estimate of the burden of the 
collection of information; (c) ways to enhance the quality, utility, 
and clarity of the information to be collected; (d) ways to minimize 
the burden of the collection of information on respondents, including 
through the use of automated collection techniques or other forms of 
information technology; and (e) estimates of capital or start-up costs 
and costs of operation, maintenance, and purchase of services to 
provide information.

    Approved: May 13, 2005.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E5-2837 Filed 6-2-05; 8:45 am]
BILLING CODE 4830-01-P