[Federal Register Volume 70, Number 119 (Wednesday, June 22, 2005)]
[Notices]
[Pages 36232-36234]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-12325]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

June 14, 2005.
    The Department of the 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 22, 2005 
to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0173.
    Form Number: IRS Form 4563.
    Type of Review: Extension.
    Title: Exclusion of Income for Bona Fide Residents of American 
Samoa.
    Description: Form 4563 is used by bona fide residents of American 
Samoa whose income is from sources within American Samoa, Guam, and the 
Northern Mariana Islands to the extent specified in Internal Revenue 
Code (IRC) section 931. This information is used by the IRS to 
determine if an individual is eligible to exclude possession source 
income.
    Respondents: Individuals or households.
    Estimated Number of Respondents/Recordkeepers: 100.
    Estimated Burden Hours Respondent/Recordkeeper:

Recordkeeping--33 min.
Learning about the law or the form--7 min.
Preparing the form--25 min.
Copying, assembling, and sending the form to the IRS--17 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 174 hours.
    OMB Number: 1545-0256.
    Form Number: IRS Forms 941c and 941cPR.
    Type of Review: Extension.
    Title: Form 941c: Supporting Statement to Correct Information.
    Form 941cPR: Planilla Para La Correccion de Informacion.
    Description: Used by employers to correct previously reported FICA 
or income tax data. It may be used to support a credit or adjustment 
claimed on a current return for an error in a prior return period. The 
information is used to reconcile wages and taxes previously reported or 
used to support a claim for refund, credit, or adjustment of FICA or 
income tax.
    Respondents: Business or other for-profit, not-for-profit 
institutions, State, local or tribal government.
    Estimated Number of Respondents/Recordkeepers: 958,050.
    Estimated Burden Hours Respondent/Recordkeeper:

------------------------------------------------------------------------
                                       Form 941c          Form 941cPR
------------------------------------------------------------------------
Recordkeeping...................  8 hr., 51 min.....  7 hr., 24 min.
Learning about the law or the     6 min.............  6 min.
 form.
Preparing the form..............  15 min............  15 min
------------------------------------------------------------------------

    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 8,729,307 hours.
    OMB Number: 1545-1204.
    Form Number: IRS Form 8823.
    Type of Review: Extension.
    Title: Low-Income Housing Credit Agencies Report of Noncompliance 
or Building Disposition.
    Description: Form 8823 is used by housing agencies to report 
noncompliance with the low-income housing provisions of Code section 
42.
    Respondents: State, local or tribal government.
    Estimated Number of Respondents/Recordkeepers: 20,000.
    Estimated Burden Hours Respondent/Recordkeeper:
Recordkeeping--7 hr., 39 min.
Learning about the law or the form--2 hr., 52 min.
Preparing and sending the form to the IRS--3 hr., 7 min,
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 273,200 hours.
    OMB Number: 1545-1435.
    Regulation Project Number: EE-45-93 Final.
    Type of Review: Extension.
    Title: Electronic Filing of Form W-4.
    Description: Information is required by the Internal Revenue 
Service to verify compliance with section 31.3402(f)(2)-1(g)(1), which 
requires submission to the Service of certain withholding exemption 
certificates. The affected respondents are employers that choose to 
make electronic filing of Forms W-4 available to their employees.
    Respondents: Business or other for-profit, not-for-profit 
institutions, Federal Government, State, local or tribal government.
    Estimated Number of Respondents: 2,000.
    Estimated Burden Hours Respondent: 20 hours.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 40,000 hours.
    OMB Number: 1545-1485.
    Regulation Project Number: PS-4-96 Final.
    Type of Review: Extension.
    Title: Sale of Residence from Qualified Personal Residence Trust.
    Description: Internal Revenue Code section 2702(a)(3) provides 
special favorable valuation rules for valuing the gift of a personal 
residence trust. Regulation section 25.2702-5(a)(2) provides that if 
the trust fails to comply with the requirements contained in the 
regulations, the trust will be treated as complying if a statement is 
attached to the gift tax return reporting the gift stating that a 
proceeding has been commenced to reform the instrument to comply with 
the requirements of the regulations.
    Respondents: Individuals or households.
    Estimated Number of Respondents: 200.
    Estimated Burden Hours Respondent: 3 hours, 7 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 625 hours.
    OMB Number: 1545-1493.
    Regulation Project Number: PS-7-89 Final.
    Type of Review: Extension.
    Title: Treatment of Gain from the Disposition of Interest in 
Certain Natural Resource Recapture Property by S Corporations and Their 
Shareholders.
    Description: The regulation prescribes rules under section 1254 
relating to the treatment by S corporations and their shareholders of 
gain from the disposition of natural resource recapture property and 
from the sale or exchange of S corporation stock. Shareholders

[[Page 36233]]

that sell or exchange stock may submit a statement to rebut presumption 
of gain treatment.
    Respondents: Business or other for-profit, Individuals or 
households.
    Estimated Number of Respondents: 1,000.
    Estimated Burden Hours Respondent: 1 hour.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 1,000 hours.
    OMB Number: 1545-1496.
    Regulation Project Number: REG-209673-93 Final.
    Type of Review: Extension.
    Title: Mark to Market for Dealers in Securities.
    Description: Under section 1,475(b)-4, the information required to 
be recorded is required by the IRS to determine whether exemption from 
mark-to-market treatment is properly claimed, and will be used to make 
that determination upon audit of taxpayer's books and records. Also, 
under section 1.475(c)-1(a)(3)(iii), the information is necessary for 
the Service to determine whether a consolidated group has elected to 
disregard inter-member transactions in determining a member's status as 
a dealer in securities.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 3,400.
    Estimated Burden Hours Respondent/Recordkeeper: 52 minutes.
    Frequency of Response: Other (once).
    Estimated Total Reporting/Recordkeeping Burden: 2,950 hours.
    OMB Number: 1545-1638.
    Form Number: IRS Form 12196 (formerly Form 7130-A).
    Type of Review: Reinstatement.
    Title: Small Business Office Order Blank.
    Description: Form 12196 is to be used by small business outlets to 
order IRS tax forms and publications. The form can be faxed directly to 
the IRS Area Distribution Center for order fulfillment, packaging and 
mailing.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 500.
    Estimated Burden Hours Respondent: 5 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 42 hours.

    OMB Number: 1545-1649.
    Revenue Procedure Number: Revenue Procedure 99-21.
    Type of Review: Extension.
    Title: Disability Suspension.
    Description: The information is needed to establish a claim that a 
taxpayer was financially disabled for purposes of section 6511(h) of 
the Internal Revenue Code (which was added by section 3203 of the 
Internal Revenue Service Restructuring and Reform Act of 1998). Under 
section 6511(h), the statute of limitations on claims for credit or 
refund is suspended for any period of an individual taxpayer's life 
during which the taxpayer is unable to manage his or her financial 
affairs because of a medically determinable mental or physical 
impairment, if the impairment can be expected to result in death, or 
has lasted (or can be expected to last) for a continuous period of not 
less than 12 months. Section 6511(h)(2)(A) requires that proof of the 
taxpayer's financial disability be furnished to the Internal Revenue 
Service.
    Respondents: Individuals or households.
    Estimated Number of Respondents: 48,200.
    Estimated Burden Hours Respondent: 30 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 24,100 hours.

    OMB Number: 1545-1655.
    Regulation Project Number: REG-121946-98 Final.
    Type of Review: Extension.
    Title: Private Foundation Disclosure Rules.
    Description: The collections of information in sections 
301.6104(d)-1, 301.6104(d)-2 and 301.6104(d)-3 are necessary so that 
private foundations can make copies of their applications for tax-
exemption and annual information returns available to the public.
    Respondents: Not-for-profit institutions.
    Estimated Number of Respondents/Recordkeepers: 65,065.
    Estimated Burden Hours Respondent/Recordkeeper: 30 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 32,596 hours.

    OMB Number: 1545-1765.
    Regulation Project Number: REG-119436 (TD 9171).
    Type of Review: Extension.
    Title: New Markets Tax Credit.
    Description: The regulations provide guidance for taxpayers 
claiming the new markets tax credit under section 45D of the Internal 
Revenue Code. The reporting requirements in the regulations require a 
qualified community development entity (CDE) to provide written notice 
to: (1) Any taxpayer who acquires an equity investment in the CDE at 
its original issue that the equity investment is a qualified equity 
investment entitling the taxpayer to claim the new markets tax credit; 
and (2) each holder of a qualified equity investment, including all 
prior holders of that investment, that a recapture event has occurred. 
CDEs must comply with such reporting requirements to the Secretary as 
the Secretary may prescribe.
    Respondents: Business or other for-profit, not-for-profit 
institutions.
    Estimated Number of Respondents/Recordkeepers: 47.
    Estimated Burden Hours Respondent/Recordkeeper: 2 hours, 30 
minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 210 hours.

    OMB Number: 1545-1773.
    Revenue Procedure Number: Revenue Procedure 2002-23.
    Type of Review: Extension.
    Title: Taxation of Canadian Retirement Plans under U.S.-Canada 
Income Tax Treaty.
    Description: This Revenue Procedure provides guidance for the 
application by U.S. citizens and residents of the U.S.-Canada Income 
Tax Treaty, as amended by the 1995 protocol, order to defer U.S. income 
taxes on income accrued in certain Canadian retirement plans.
    Respondents: Individuals or households.
    Estimated Number of Respondents: 20,000.
    Estimated Burden Hours Respondent: 30 minutes.
    Frequency of Response: Other (once).
    Estimated Total Reporting Burden: 10,000 hours.

    OMB Number: 1545-1792.
    Regulation Project Number: REG-164754-01 NPRM.
    Type of Review: Extension.
    Title: Split-Dollar Life Insurance Arrangements.
    Description: The proposed regulations provide guidance for loans 
made pursuant to a split-dollar life insurance arrangement. To obtain a 
particular treatment under the regulations for certain split-dollar 
loans, the parties to the loan must make a written representation, 
which must be kept as part of their books and records and a copy filed 
with their federal income tax returns. In addition, if a split-dollar 
loan provides for contingent payments, the lender must produce a 
projected payment schedule for the loan and give the borrower a copy of 
the schedule. This schedule is used by the parties to compute their 
interest accruals and any imputed transfers for tax purposes.
    Respondents: Business or other for-profit, individuals or 
households, not-for-profit institutions.

[[Page 36234]]

    Estimated Number of Respondents/Recordkeepers: 115,000.
    Estimated Burden Hours Respondent/Recordkeeper: 45 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 32,500 hours.

    OMB Number: 1545-1922.
    Form Number: IRS Form 12884.
    Type of Review: Extension.
    Title: Survey Questionnaire.
    Description: Form 12884 is used to collect statistical information 
regarding advertising sources and RNO data.
    Respondents: Individuals or households, Federal Government.
    Estimated Number of Respondents: 33,085.
    Estimated Burden Hours Respondent: 5 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 2,757 hours.

    OMB Number: 1545-1924.
    Form Number: IRS Form 8864.
    Type of Review: Extension.
    Title: Biodiesel Fuels Credit.
    Description: New Internal Revenue Code (IRC) section 40A provides a 
credit for biodiesel or qualified mixtures. IRC section 38(b)(17) 
allows a nonrefundable income tax credit for businesses that sell or 
use biodiesel. Form 8864 is used to figure the credits.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 40.
    Estimated Burden Hours Respondent/Recordkeeper:

Recordkeeping--7 hr., 24 min.
Learning about the law or the form--45 min.
Preparing and sending the form to the IRS--2 hr., 7 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 412 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. 05-12325 Filed 6-21-05; 8:45 am]
BILLING CODE 4830-01-P