[Federal Register Volume 72, Number 110 (Friday, June 8, 2007)]
[Notices]
[Pages 31897-31899]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 07-2860]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

June 4, 2007.
    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

[[Page 31898]]

Treasury, Room 11000, 1750 Pennsylvania Avenue, NW., Washington, DC 
20220.
    Dates: Written comments should be received on or before July 9, 
2007.

Internal Revenue Service (IRS)

    OMB Number: 1545-1255.
    Type of Review: Extension.
    Title: INTL-870-89 (NPRM) Earnings Stripping (Section 163(j)).
    Description: The data obtained by the IRS from the various 
elections and identifications is used to verify that taxpayers have, in 
fact, elected special treatment under section 163(j).
    Respondents: Businesses and other for-profit institutions.
    Estimated Total Burden Hours: 1,196 hours.

    OMB Number: 1545-1165.
    Type of Review: Extension.
    Title: Tax Information Authorization.
    Form: 8821.
    Description: Form 8821 is used to appoint someone to receive or 
inspect certain tax information. Data are used to identify appointees 
and to ensure that confidential information is not divulged to 
unauthorized persons.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 140,300 hours.

    OMB Number: 1545-1132.
    Type of Review: Extension.
    Title: INTL-5367-89 (Final) Registration Requirements with Respect 
to Certain Debt Obligations; Application of Repeal of 30 Percent 
Withholding by the Tax Reform Act of 1984.
    Description: The Internal Revenue Service needs the information in 
order to ensure that purchasers of bearer obligations are not U.S. 
persons (other than those permitted to hold obligations under section 
165(j) and to ensure that U.S. persons holding bearer obligations 
properly report income and gain on such obligations.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 852 hours.

    OMB Number: 1545-1138.
    Type of Review: Extension.
    Title: INTL-955-86 (Final) Requirements for Investments to Qualify 
under Section 936(d)(4) as Investments in Qualified Caribbean Basin 
Countries.
    Description: The collection of information is required by the 
Internal Revenue Service to verify that an investment qualifies under 
IRC section 936(d)(4). The recordkeepers will be possession 
corporations, certain financial institutions located in Puerto Rico, 
and borrowers of funds covered by this regulation.
    Respondents: Businesses and other for-profit institutions.
    Estimated Total Burden Hours: 1,500 hours.

    OMB Number: 1545-1576.
    Type of Review: Extension.
    Title: Student Loan Interest Statement.
    Form: 1098-E.
    Description: Section 6050S(b)(2) of the Internal Revenue Code 
requires persons (financial institutions, governmental units, etc.) to 
report $600 or more of interest paid on student loans to the IRS and 
the students.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 1,051,357 hours.

    OMB Number: 1545-2055.
    Type of Review: Extension.
    Title: Energy Efficient Appliance Credit.
    Form: 8909.
    Description: Form 8909, Energy Efficient Appliance Credit, was 
developed to carry out the provisions of new Code section 45M. This new 
section was added by section 1334 of the Energy Policy Act of 2005 
(Pub. L. 109-58). The new form provides a means for the eligible 
manufacturer/taxpayer to compute the amount of, and claim, the credit.
    Respondents: Businesses and other for-profit institutions.
    Estimated Total Burden Hours: 80 hours.

    OMB Number: 1545-1879.
    Type of Review: Extension.
    Title: Exempt Organization Declaration and Signature for Electronic 
Filing.
    Form: 8453-EO.
    Description: Form 8453-EO is used to authenticate an electronic 
Forms 990, 990-EZ, 1120-POL, or 8868 authorize the electronic return 
originator, and/or intermediate service provider, if any, to transmit 
via a third-party transmitter; and provide the organization's consent 
to directly deposit any refund and/or authorize an electronic funds 
withdrawal for payment of Federal taxes owed.
    Respondents: Not-for-profit institutions.
    Estimated Total Burden Hours: 1,046 hours.

    OMB Number: 1545-1861.
    Type of Review: Extension.
    Title: Review Procedure 2004-19, Probable or Prospective Reserves 
Safe Harbor.
    Description: This revenue procedure requires a taxpayer to file an 
election statement with the Service if the taxpayer wants to use the 
safe harbor to estimate the taxpayers' oil and gas properties' probable 
or prospective reserves for purposes of computing cost depletion under 
Sec. 611 of the Internal Revenue Code.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 50 hours.
    OMB Number: 1545-1433.
    Type of Review: Extension.
    Title: CO-11-91 (Final) Consolidated Groups and Controlled Groups--
Inter-Company Transactions and Related Rules; CO-24-95 (Final) 
Consolidated Groups-Inter-Company Transactions and Related Rules.
    Description: The regulations require common parents that make 
elections under Section 1.1502-13 to provide certain information. The 
information will be used to identify and assure that the amount, 
location, timing and attributes of inter-company transactions and 
corresponding items are properly maintained.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 1,050 hours.
    OMB Number: 1545-1308.
    Type of Review: Extension.
    Title: PS-260-82 (Final) Election, Revocation, Termination, and Tax 
Effect of Subchapter S Status--TD 8449.
    Description: Section 1-1362 through 1.1362-7 of the Income Tax 
Regulations provide the specific procedures and requirements necessary 
to implement section 1362, including the filing of various elections 
and statements with the Internal Revenue Service.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 322 hours.
    OMB Number: 1545-2052.
    Type of Review: Extension.
    Title: U.S. Income Tax Return for Cooperative Associations.
    Form: 1120-C.
    Description: IRS Code section 1381 requires subchapter T 
cooperatives to file returns. Previously, farmers' cooperatives filed 
Form 990-C and other subchapter T coopeatives filed Form 1120. If the 
subchapter T cooperative does not meet certain requirements, the due 
date of their return is two and one-half months after the end of their 
tax year which is the same as the due date for all other corporations. 
The due date for income tax returns filed by subchapter T cooperatives 
who meet certain requirements is eight and one-half months after the 
end of their tax year. Cooperatives who filed their income tax returns 
on Form 1120 were considered

[[Page 31899]]

to be late and penalties were assessed since they had not filed by the 
normal due date for Form 1120. Due to the assessment of the penalties, 
burden was placed on the taxpayer and on the IRS employees to resolve 
the issue. Regulations (Reg-149436-04) published in the Federal 
Register (71 FR 43811), require that all subchapter T cooperatives will 
file Form 1120-C, U.S. Income Tax Return for Cooperative Associations.
    Respondents: Businesses and other for-profit institutions.
    Estimated Total Burden Hours: 430,400 hours.

    OMB Number: 1545-1613.
    Type of Review: Extension.
    Title: REG-209446-82 (Final) Passthrough of Items of an S 
Corporation to its Shareholders.
    Description: Section 1366 requires shareholders of an S corporation 
to take into account their pro rata share of separately stated items of 
the S corporation and non-separately computed income or loss. The 
regulations provide guidance regarding this regarding requirement.
    Respondents: Busiensses or other for-profit institutions.
    Estimated Total Burden Hours: 1 hour.
    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.

Robert Dahl,
Treasury PRA Clearance Officer.
[FR Doc. 07-2860 Filed 6-7-07; 8:45am]
BILLING CODE 4830-01-M