[Federal Register Volume 71, Number 151 (Monday, August 7, 2006)]
[Notices]
[Pages 44767-44768]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-12669]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 1120, Schedule D, 
Schedule H, Schedule N, and Schedule PH

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 1120, Schedule D, Schedule H, Section 280H and Schedule N.

DATES: Written comments should be received on or before October 6, 2006 
to be assured of consideration.

ADDRESSES: Direct all written comments to Glenn Kirkland Internal 
Revenue Service, room 6512, 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 Larnice Mack 
at Internal Revenue Service, Room 6512, 1111 Constitution Avenue, NW.,

[[Page 44768]]

Washington, DC 20224, or at (202) 622-3179, or through the internet at 
([email protected]).

SUPPLEMENTARY INFORMATION:
    Title: U.S. Corp. Income Tax Return, Schedule D, Capital Gains and 
Losses, Schedule H, Section 280H Limitations for a Personal Service 
Corporation (PSC), Schedule N, Foreign Operations of U.S. Corporations, 
and Schedule PH, U.S. Personal Holding.
    OMB Number: 1545-0123.
    Form Number: 1120, Schedule D, Schedule H, Schedule N and Schedule 
PH.
    Abstract: Form 1120 is used by corporations to compute their 
taxable income and tax liability. Schedule D (Form 1120) is used by 
corporations to report gains and losses from the sale of capital 
assets. Schedule PH (Form 1120) is used by personal holding companies 
to figure the personal holding company tax under section 541. Schedule 
H (Form 1120) is used by personal service corporations to determine if 
they have met the minimum distribution requirements of section 280H. 
Schedule N (1120) is used by corporations that have assets in or 
business operations in a foreign country or a U.S. possession. The IRS 
uses these forms to determine whether corporations have correctly 
computed their tax liability.
    Current Actions: There are changes being made to the form at this 
time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business, or other for-profit organizations and 
farms.
    Estimated Number of Respondents: 4,807,967.
    Estimated Time Per Respondent: 77 hours, 9 minutes.
    Estimated Total Annual Burden Hours: 370,939,155.
    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 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: July 21, 2006.
Glenn Kirkland,
IRS Reports Clearance Officer.
 [FR Doc. E6-12669 Filed 8-4-06; 8:45 am]
BILLING CODE 4830-01-P