[Federal Register Volume 70, Number 126 (Friday, July 1, 2005)]
[Notices]
[Pages 38251-38253]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-13023]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

June 24, 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, Pub. L. 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 August 1, 2005 
to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0001.
    Form Number: IRS Form CT-1.
    Type of Review: Extension.
    Title: Employer's Annual Railroad Retirement Tax Return.
    Description: Railroad employers are required to file an annual 
return to report employer and employee Railroad Retirement Tax Act 
(RRTA). Form CT-1 is used for this purpose. IRS uses the information to 
insure that the employer has paid the correct tax.
    Respondents: Business and other for-profit, Not-for-profit 
institutions, State, local or tribal government.
    Estimated Number of Respondents/Recordkeepers: 2,817.
    Estimated Burden Hours Respondent/Recordkeeper:
Recordkeeping:
    Part I--10 hr., 31 min.
    Part II--4 hr., 4 min.
Learning about the law or the form:
    Part I--1 hr., 1 min.
Preparing, copying, assembling, and sending the form to the IRS:
    Part I--4 hr., 39 min.
    Part II--4 min.
    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 46,359 hours.

    OMB Number: 1545-0003.
    Form Number: IRS Forms SS-4 and SS-4PR.
    Type of Review: Extension.
    Title: SS-4: Application for Employer Identification Number; and 
SS-4PR: Solicitud de N[uacute]mero de Identificaci[oacute]n Patronal 
(EIN).
    Description: Taxpayers required to have an identification number 
for use on any return, statement, or other document must prepare and 
file Form SS-4 or Form SS-4PR (Puerto Rico only) to obtain a number. 
The information is used by the IRS and the SSA in tax administration 
and by the Bureau of the Census for business statistics.
    Respondents: Business and other for-profit, Individuals or 
households, Not-for-profit institutions, Farms, Federal Government, 
State, local or tribal government.
    Estimated Number of Respondents/Recordkeepers: 2,419,064.
    Estimated Burden Hours Respondent/Recordkeeper:

------------------------------------------------------------------------
                                      Form SS-4           Form SS-4PR
------------------------------------------------------------------------
Recordkeeping..................  6 min..............  7 min.
Learning about the law and the   22 min.............  22 min.
 form.
Preparing the form.............  46 min.............  46 min.
Copying, assembling, and         20 min.............  20 min.
 sending the form to the IRS.
------------------------------------------------------------------------

    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 3,919,265 hours.

    OMB Number: 1545-0110.
    Form Number: IRS Form 1099-DIV.
    Type of Review: Extension.
    Title: Dividends and Distributions.
    Description: The form is used by the Service to insure that 
dividends are properly reported as required by Code section 6042 and 
that liquidation distributions are correctly reported as required by 
Code section 6043, and to determine whether payees are correctly 
reporting their income.
    Respondents: Business and other for-profit.
    Estimated Number of Respondents: 140,560.
    Estimated Burden Hours Respondent: 18 minutes.

[[Page 38252]]

    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 38,156,033 hours.

    OMB Number: 1545-0216.
    Form Number: IRS Form 5713 and Schedules A, B, and C.
    Type of Review: Extension.
    Title: International Boycott Report.
    Description: Form 5713 and related Schedules A, B, and C are used 
by an entity that has operations in a ``boycotting'' country. If that 
entity cooperates with or participates in an international boycott it 
loses a portion of the foreign tax credit, or deferral or FSC and IC-
DISC benefits. The IRS uses Form 5713 to determine if any of the above 
benefits should be lost. The information is also used as the basis for 
a report to the Congress.
    Respondents: Business and other for-profit, Individuals or 
households.
    Estimated Number of Respondents/Recordkeepers: 3,875.
    Estimated Burden Hours Respondent/Recordkeeper:

----------------------------------------------------------------------------------------------------------------
                                                               Learning about the law     Preparing and sending
               Form                      Recordkeeping               or the form           the form to the IRS
----------------------------------------------------------------------------------------------------------------
5713.............................  22 hr., 0 min............  2 hr., 21 min...........  4 hr., 1 min.
Schedule A (5713)................  3 hr., 6 min.............  12 min..................  15 min.
Schedule B (5713)................  3 hr., 21 min............  1 hr., 59 min...........  2 hr., 7 min.
Schedule C (5713)................  5 hr., 15 min............  1 hr., 47 min...........  1 hr., 57 min.
----------------------------------------------------------------------------------------------------------------

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 104,236 hours.

    OMB Number: 1545-1658.
    Regulation Project Number: REG-107069-97 Final.
    Type of Review: Extension.
    Title: Purchase Price Allocations in Deemed Actual Asset 
Acquisitions.
    Description: Section 338 of the Internal Revenue Code provides 
rules under which a qualifying stock acquisition is treated as an asset 
acquisition (as ``deemed asset acquisition'') when an appropriate 
election is made. Section 1060 provides rules for the allocation of 
consideration when a trade or business is transferred. The collection 
of information is necessary to make the election, to calculate and 
collect the appropriate amount of tax liability when a qualifying stock 
acquisition is made, to determine the person liable for such tax, and 
to determine the bases of assets acquired in the deemed asset 
acquisition.
    Respondents: Business and other for-profit, Farms.
    Estimated Number of Respondents: 45.
    Estimated Burden Hours Respondent: 34 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 25 hours.

    OMB Number: 1545-1783.
    Regulation Project Number: REG-107184-00 NPRM and Temporary.
    Type of Review: Extension.
    Title: Guidance Necessary to Facilitate Electronic Tax 
Administration.
    Description: The regulations provide a regulatory statement of IRS 
authority to prescribe what return information or documentation must be 
filed with a return, statement or other document required to be made 
under any provision of the Internal Revenue laws or regulations. In 
addition, the regulations eliminate regulatory impediments to 
electronic filing of Form 1040.
    Respondents: Individuals or households. Business and other for-
profit.
    Estimated Number of Respondents: 1.
    Estimated Burden Hours Respondent: 1 hour.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 1 hour.

    OMB Number: 1545-1794.
    Regulation Project Number: REG-106359-02 NPRM.
    Type of Review: Extension.
    Title: Compensatory Stock Options under Section 482.
    Description: The information will be used to determine whether the 
participants in a qualified cost sharing arrangements are sharing 
stock-based compensation costs attributable to the intangible 
development area in proportion to reasonably anticipated benefits as 
required by the proposed amendment to the cost sharing regulations.
    Respondents: Business and other for-profit.
    Estimated Number of Respondents/Recordkeepers: 500.
    Estimated Burden Hours Respondent/Recordkeeper: 2 hours.
    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 2,000 hours.

    OMB Number: 1545-1910.
    Form Number: IRS Form 8858 and Schedule M.
    Type of Review: Extension.
    Title: Form 8858: Information Return of U.S. Persons with Respect 
to Foreign Disregarded Entities; and Schedule M: Transactions between 
Foreign Disregarded Entity of a Foreign Tax Owner and the Filer or 
Other Related Entities.
    Description: Form 8858 and Schedule M (Form 8858) are used by 
certain U.S. persons that own a foreign disregarded entity (FDE) 
directly or, in certain circumstances, indirectly or constructively.
    Respondents: Business and other for-profit, Individuals or 
households.
    Estimated Number of Respondents/Recordkeepers: 50,000.
    Estimated Burden Hours Respondent/Recordkeeper:

----------------------------------------------------------------------------------------------------------------
                                                            Learning about the law or  Preparing and sending the
             Form                      Recordkeeping                 the form               form to the IRS
----------------------------------------------------------------------------------------------------------------
8858..........................  17 hr., 56 min............  4 hr., 10 min              4 hr., 38 min.
Schedule M (8858).............  24 hr., 9 min.............  6 min....................  30 min.
----------------------------------------------------------------------------------------------------------------

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 1,832,500 hours.
    OMB Number: 1545-1928.
    Form Number: IRS Form 8891.
    Type of Review: Extension.
    Title: U.S. Information Return for Beneficiaries of Certain 
Canadian Registered Retirement Plans.

[[Page 38253]]

    Description: Form 8891 is used by taxpayers to report distributions 
from certain Canadian registered retirement plans and to make the 
election to defer income tax on these distributions.
    Respondents: Individuals or households.
    Estimated Number of Respondents/Recordkeepers: 750,000.
    Estimated Burden Hours Respondent/Recordkeeper:

Recordkeeping--1 hr., 5 min.
Learning about the law or the form--7 min.
Preparing the form--24 min.
Copying, assembling, and sending the form to the IRS--20 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 1,462,500 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. 05-13023 Filed 6-30-05; 8:45 am]
BILLING CODE 4830-01-P