[Federal Register Volume 70, Number 108 (Tuesday, June 7, 2005)]
[Notices]
[Pages 33254-33255]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-11277]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

May 31, 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 July 7, 2005 to 
be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0094.
    Form Number: IRS Form 1041-A.
    Type of Review: Extension.
    Title: U.S. Information Return-Trust Accumulation of Charitable 
Amounts.
    Description: Form 1041-A is used to report the information required 
in 26 U.S.C. 6034 concerning accumulation and distribution of 
charitable amounts. The data is used to verify that amounts for which a 
charitable deduction was allowed are used for charitable purposes.
    Respondents: Business or other for-profit, Individuals or 
households.
    Estimated Number of Respondents/Recordkeepers: 18,000.
    Estimated Burden Hours Respondent/Recordkeeper:

Recordkeeping--24 hr., 9 min.
Learning about the law or the form--3 hr., 25 min.
Preparing the form--8 hr., 37 min
Copying, assembling, and sending the form to the IRS--1 hr., 20 min.

    Frequency of response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 675,900 hours.
    OMB Number: 1545-1381.
    Regulation Project Number: CO-49-88 Final.
    Type of Review: Extension.
    Title: Limitations on Corporate Net Operating Loss.
    Description: This regulation provides rules for the allocation of a 
loss corporation's taxable income or net operating loss between the 
periods before and after an ownership change under section 382 of the 
Code, including an election to make the allocation based on a closing 
of the books as of the change date.
    Respondents: Business or other for-profit, Individuals or 
households.
    Estimated Number of Respondents: 2,000.
    Estimated Burden Hours Respondent: 6 minutes.
    Frequency of response: On occasion, Other (when needed).
    Estimated Total Reporting Burden: 200 hours.
    OMB Number: 1545-1486.
    Regulation Project Number: REG-209793-95 Final.
    Type of Review: Extension.
    Title: Simplification of Entity Classification Rules.
    Description: These rules allow certain unincorporated business 
organizations to elect to be treated as corporations or partnerships 
for federal tax purposes. The information collected on the election 
will be used to verify the classification of electing organizations.
    Respondents: Business or other for-profit, State, Local or Tribal 
Government.
    Estimated Number of Respondents: 1.
    Estimated Burden Hours Respondent: 1 hour.
    Frequency of response: Annually.
    Estimated Total Reporting Burden: 1 hour.
    OMB Number: 1545-1641.
    Revenue Procedure Number: Revenue Procedure 99-17.
    Type of Review: Extension.
    Title: Mark to Market Election for Commodities Dealers and 
Securities and Commodities Traders.
    Description: The revenue procedure prescribes the time and manner 
for dealers in commodities and traders in securities or commodities to 
elect to use the mark-to-market method of accounting under Sec.  475(e) 
or (f) of the Internal Revenue Code. The collections of information in 
sections 5 and 6 of this

[[Page 33255]]

revenue procedure are required by the IRS in order to facilitate 
monitoring taxpayers changing accounting methods resulting from making 
the elections under Sec.  475(e) or (f).
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 1,000.
    Estimated Burden Hours Respondent/Recordkeeper: 30 minutes.
    Frequency of response: Other (one time).
    Estimated Total Reporting/Recordkeeping Burden: 500 hours.
    OMB Number: 1545-1643.
    Regulation Project Number: REG-209484-87 Final.
    Type of Review: Extension.
    Title: Federal Insurance Contributions Act (FCA) Taxation of 
Amounts Under Employee Benefit Plans.
    Description: This regulation provides guidance as to when amounts 
deferred under or paid from a nonqualified deferred compensation plan 
are taken into account as wages for purposes of the employment taxes 
imposed by the Federal Insurance Contributions Act (FICA). Section 
31.3121(v)(2)-1(a)(2) requires that the material terms of a plan be set 
forth in writing.
    Respondents: Business or other for-profit, Not-for-profit 
institutions.
    Estimated Number of Respondents/Recordkeepers: 2,500.
    Estimated Burden Hours Respondent/Recordkeeper: 5 hours.
    Frequency of response: On occasion, Other (once).
    Estimated Total Reporting/Recordkeeping Burden: 12,500 hours.
    OMB Number: 1545-1759.
    Form Number: IRS Form 720X.
    Type of Review: Extension.
    Title: Amended Quarterly Federal Excise Tax Return.
    Description: Representatives of the motor fuel industry, statement 
governments, and the Federal government are working to ensure 
compliance with excise taxes on motor fuels. This joint effort has 
resulted in a system to track the movement of all products to and from 
terminals. Form 720-TO is an information return that will be used by 
terminal operators to report their monthly receipts and disbursements 
of products.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 5,500.
    Estimated Burden Hours Respondent/Recordkeeper:

Recordkeeping--6 hr., 13 min.
Learning about the law or the form--18 min.
Preparing, copying, and sending the form to the IRS--24 min.

    Frequency of response: Quarterly.
    Estimated Total Reporting/Recordkeeping Burden: 152,460 hours.
    OMB Number: 1545-1763.
    Form Numbers: IRS Form 8302.
    Type of Review: Extension.
    Title: Direct Deposit of Refund of $1 Million or More.
    Description: This form is used to request a deposit of a tax refund 
of $1 million or more directly into an account at any U.S. bank or 
other financial institution.
    Respondents: Business or other for-profit, Individuals or 
households.
    Estimated Number of Respondents/Recordkeepers: 400.
    Estimated Burden Hours Respondent/Recordkeeper:

Recordkeeping--1 hr., 40 min.
Learning about the law or the form--30 min.
Preparing, copying, assembling, and sending the form to the IRS--33 
min.

    Frequency of response: On occasion, Annually.
    Estimated Total Reporting/Recordkeeping Burden: 988 hours.
    OMB Number: 1545-1776.
    Form Numbers: IRS Form 1041-N.
    Type of Review: Extension.
    Title: U.S. Income Tax Return for Electing Alaska Native Settlement 
Trusts.
    Description: An Alaska Native Settlement Trust (ANST) may elect 
under section 646 to have the special income tax treatment of that 
section apply to the trust and its beneficiaries. This one-time 
election is made by filing Form 1041-N and the form is used by the ANST 
to report its income, etc., and to compute and pay any income tax. Form 
1041-N is also used for the special information reporting requirements 
that apply to ANSTs.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 20.
    Estimated Burden Hours Respondent/Recordkeeper:

Recordkeeping--22 hr., 43 min.
Learning about the law or the form--2 hr., 3 min.
Preparing the form--3 hr., 27 min.
Copying, assembling, and sending the form to the IRS--16 min.

    Frequency of response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 680 hours.
    OMB Number: 1545-1926.
    Notice Number: Notice 102132-05.
    Type of Review: Extension.
    Title: Domestic Reinvestment Plans and Other Guidance under Section 
965.
    Description: The document provides guidance under new section 965 
enacted by the American Jobs Creation Act of 2004 (P. L. 108-357). In 
general, and subject to limitations and conditions, section 965(a) 
provides that a corporation that is a U.S. shareholder of a controlled 
foreign corporation (CFC) may elect, for one taxable year, an 85 
percent dividend received deduction (DRD) with respect to certain cash 
dividends it receives from its CFCs. Section 965(f) provides that 
taxpayers may elect the application of section 965 for either the 
taxpayer's last taxable year which begins before October 22, 2004, or 
the taxpayer's first taxable year which begins during the one-year 
period beginning on October 22, 2004. In general, a taxpayer elects to 
apply section 965 to a taxable year by filing Form 8895 with its 
timely-filed tax return (including extensions) for such tax year. If, 
however, a taxpayer files its tax return for the taxable year to which 
the taxpayer intends to election section 965 to apply prior to the 
issuance of Form 8895, the election must be made on a statement that is 
attached to its timely-filed tax return (including extensions) for such 
taxable year. In addition, because the taxpayer must establish to the 
satisfaction of the Commissioner that it has satisfied the conditions 
to take the DRD, the taxpayer is required under this guidance to report 
specified information and provide specified documentation.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 25,000.
    Estimated Burden Hours Respondent/Recordkeeper: 150 hours.
    Frequency of response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 3,750,000 hours.
    Clearance Officer: Glenn P. Kirkland, (202) 622-3428, Internal 
Revenue Service, Room 6516, 1111 Constitution Avenue, NW., Washington, 
DC 20224.
    OMB Reviewer: Alexander T. Hunt, (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. 05-11277 Filed 6-6-05; 8:45 am]
BILLING CODE 4830-01-P