[Federal Register Volume 70, Number 195 (Tuesday, October 11, 2005)]
[Notices]
[Pages 59117-59118]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-20335]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

October 4, 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 November 10, 
2005 to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-1028.
    Type of Review: Extension.
    Title: INTL-941-86 (NPRM) and INTL-655-87 (Temporary) Passive 
Foreign Investment Companies.
    Description: These regulations specify how U.S. persons who are 
shareholders of Passive Foreign Investment Companies (PFIC's) make 
elections with respect to their PFIC stock.
    Respondents: Business or other for-profit.
    Estimated Total Burden Hours: 112,500 hours.
    OMB Number: 1545-1209.
    Type of Review: Extension.
    Title: IA-83-90 (Final) Disclosure of Tax Return Information for 
Purposes of Quality or Peer Review; Disclosure of Tax Return 
Information Due to Incapacity or Death of Tax Return Preparer.
    Description: These regulations govern the circumstances under which 
tax return information may be disclosed for purposes of conducting 
quality or peer reviews and disclosure that are necessary because of 
the tax return preparer's death or incapacity.
    Respondents: Business or other for profit.
    Estimated Total Burden Hours: 250,000 hours.
    OMB Number: 1545-1421.
    Type of Review: Extension.
    Title: IA-62-93 (Final) Certain Elections under the Omnibus Budget 
Reconciliation Act of 1933.
    Description: These regulations establish various elections enacted 
by the Omnibus Budget Reconciliation Act of 1993 (Act). The regulations 
provide

[[Page 59118]]

guidance that enable taxpayers to take advantage of various benefits 
provided by the Act and the Internal Revenue Code.
    Respondents: Business or other for-profit, and Individuals or 
households and farms.
    Estimated Total Burden Hours: 202,500 hours.
    OMB Number: 1545-1661.
    Type of Review: Extension.
    Title: REG-10610-98 (Final) Qualified Lessee Construction 
Allowances for Short-Term Leases.
    Description: The regulation provide guidance with respect to 
section 110, which provides a safe harbor whereby it will be assumed 
that a construction allowance provided by a lessor to be a lessee is 
used to construct or improve lessor property when long-term property is 
constructed or improved and pursuant to a short-term lease. The 
regulations also provide a reporting requirement that ensures that both 
the lessee and the lessor consistently treat the property subject to 
the construction allowance as nonresidential real property owned by the 
lessor.
    Respondents: Business or other for-profit.
    Estimated Total Burden Hours: 10,000 hours.

    OMB Number: 1545-1662.
    Type of Review: Extension.
    Title: REG-121063-97 (Final) Averaging of Farm Income.
    Description: Code section 1301 allows an individual engaged in a 
farming business to elect to reduce his or her regular tax liability by 
treating all or a portion of the current year's farming income as if it 
had been earned in equal proportions over the prior three years. The 
regulation provides that the election for averaging farm income is made 
by filling Schedule J of Form 1040, which is also used to record and 
total the amount of tax for each year of the four year calculation.
    Respondents: Individuals or household and Farms.
    Estimated Total Burden Hours: 1 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.

Michael A. Robinson,
Treasury PRA Clearance Officer.
[FR Doc. 05-20335 Filed 10-7-05; 8:45 am]
BILLING CODE 4830-01-P