[Federal Register Volume 72, Number 81 (Friday, April 27, 2007)]
[Notices]
[Page 21073]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-8126]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 1065, Schedule D, 
Schedule K-1, Schedule L, Schedule M-1, Schedule M-2, and Schedule M-3

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 1065 (U.S. Return of Partnership Income), Schedule D (Capital 
Gains and Losses), Schedule K-1 (Partner's Share of Income, Credits, 
Deductions and Other Items), Schedule L (Balance Sheets per Books), 
Schedule M-1 (Reconciliation of Income (Loss) per Books With Income 
(Loss) per Return)), Schedule M-2 (Analysis of Partners' Capital 
Accounts), and Schedule M-3 (Net Income (Loss) Reconciliation for 
Certain Partnerships)).

DATES: Written comments should be received on or before June 26, 2007 
to be assured of consideration.

ADDRESSES: Direct all written comments to Glenn P. Kirkland, Internal 
Revenue Service, room 6516, 1111 Constitution Avenue, NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form(s) and instructions should be directed to Carolyn N. 
Brown at Internal Revenue Service, room 6516, 1111 Constitution Avenue, 
NW., Washington, DC 20224, or at (202) 622-6688, or through the 
internet at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: U.S. Return of Partnership Income (Form 1065), Capital Gains 
and Losses (Schedule D), Partner's Share of Income, Credits, 
Deductions, etc. (Schedule K-1), Balance Sheets per Books (Schedule L), 
Reconciliation of Income (Loss) per Books With Income (Loss) per Return 
(Schedule M-1), Analysis of Partners' Capital Accounts (Schedule M-2), 
and Net Income (Loss) Reconciliation for Certain Partnerships (Schedule 
M-3).
    OMB Number: 1545-0099.
    Form Number: 1065, Schedule D, Schedule K-1, Schedule L, Schedule 
M-1, Schedule M-2, and Schedule M-3.
    Abstract: Internal Revenue Code section 6031 requires partnerships 
to file returns that show gross income items, allowable deductions, 
partners' names, addresses, and distribution shares, and other 
information. This information is used by the IRS to verify correct 
reporting of partnership items and for general statistics. The 
information is used by partners to determine the income, loss, credits, 
etc., to report on their tax returns.
    Current Actions: Major changes were made to the form, instructions, 
and some of the schedules to better serve the taxpayers. These changes 
resulted in a decrease in burden hours.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations, farms, 
and individuals or households.
    Estimated Number of Respondents: 2,376,800.
    Estimated Time per Respondent: Varies.
    Estimated Total Annual Burden Hours: 818,089,162.
    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: April 23, 2007.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E7-8126 Filed 4-26-07; 8:45 am]
BILLING CODE 4830-01-P