[Federal Register Volume 72, Number 136 (Tuesday, July 17, 2007)]
[Notices]
[Pages 39136-39137]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-13743]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

July 10, 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 39137]]

Treasury, Room 11000, 1750 Pennsylvania Avenue, NW., Washington, DC 
20220.

DATES: Written comments should be received on or before August 16, 2007 
to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0137.
    Type of Review: Revision.
    Title: Contract Coverage Under Title II of the Social Security Act.
    Form: 2032.
    Description: U.S. citizens and resident aliens employed abroad by 
foreign affiliates of American employers are exempt from social 
security taxes. Under Internal Revenue Code section 3121(1), American 
employers may file an agreement on Form 2032 to waive this exemption 
and obtain social security coverage for U.S. citizens and resident 
aliens employed abroad by their foreign affiliates. The American 
employers can later file Form 2032 to cover additional foreign 
affiliates as an amendment to their original agreement.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 973 hours.

    OMB Number: 1545-0122.
    Type of Review: Extension.
    Title: Foreign Tax Credit Corporations.
    Form: 1118, Schedules I & J.
    Description: Form 1118 and separate Schedules I and J are used by 
domestic and foreign corporations to claim a credit for taxes paid to 
foreign countries. The IRS uses Form 1118 and related schedules to 
determine if the corporation has computed the foreign tax credit 
correctly.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 4,031,736 hours.

    OMB Number: 1545-0575.
    Type of Review: Revision.
    Title: Return of Excise Taxes Related to Employee Benefit Plans.
    Form: 5330.
    Description: U.S. Code sections 4971, 4972, 4973(a)(3), 4975, 4976, 
4977, 4978, 4978A, 4978B, 4979, 4979A and 4980 impose various excise 
taxes in connection with employee benefit plans. Form 5330 is used to 
compute and collect these taxes.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 478,215 hours.

    OMB Number: 1545-1596.
    Type of Review: Extension.
    Title: Request for Innocent Spouse Relief.
    Form: 8857.
    Description: Section 6103(e) of the Internal Revenue Code allows 
taxpayers to request, and IRS to grant, ``innocent spouse'' relief 
when: taxpayer filed a joint return with tax substantially understated; 
taxpayer establishes no knowledge of or benefit from, the 
understatement; and it would be inequitable to hold the taxpayer 
liable. GAO Report GAO/GGD-97-34 recommended that IRS develop a form to 
make relief easier for the public to request.
    Respondents: Businesses and other for-profit institutions.
    Estimated Total Burden Hours: 2,070 hours.

    OMB Number: 1545-0800.
    Type of Review: Revision.
    Title: Reg. 601.601 Rules and Regulations.
    Description: Persons wishing to speak at a public hearing on a 
proposed rule must submit written comments and an outline within 
prescribed time limits, for use in preparing agendas and allocating 
time. Persons interested in the issuance, amendment, of repeal of a 
rule may submit a petition for this. IRS considers the petitions in its 
deliberations.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 240,500 hours.

    OMB Number: 1545-1881.
    Type of Review: Extension.
    Title: Election To Treat a Qualified Revocable Trust as Party of an 
Estate.
    Form: 8855.
    Description: Form 8855 is used to make a section 645 election that 
allows a qualified revocable trust to be treated and taxed (for income 
tax purposes) as part of its related estate during the election period.
    Respondents: Businesses and other for-profit institutions.
    Estimated Total Burden Hours: 28,200 hours.

    OMB Number: 1545-1155.
    Type of Review: Extension.
    Title: PS-74-89 (TD 8282) Final Election of Reduced Research Credit 
Estate Tax (TD 8686).
    Description: These regulations prescribe the procedure for making 
the election described in section 280C(c)(3) of the Internal Revenue 
Code. Taxpayers making this election must reduce their section 41(a) 
research credit, but are not required to reduce their deductions for 
qualified research expenses, as required in paragraphs (1) and (2) of 
section 280C(c).
    Respondents: Businesses and other for-profit institutions.
    Estimated Total Burden Hours: 50 hours.

    OMB Number: 1545-0806.
    Type of Review: Extension.
    Title: EE-12-78 (Final) Non-Bank Trustees.
    Description: Section 408(a)(2) permits an institution other than a 
bank to be the trustee of an individual retirement account. Section 
1.408-2(e)(1) of the Income Tax Regulations provides that such an 
institution must file a written application with the IRS demonstrating 
its ability to act as trustee. Section 1.408-2(e)(2) requires an 
applicant to demonstrate in detail in his written application the 
ability to act within the accepted rules of fiduciary conduct. Certain 
reporting and recordkeeping requirements must be demonstrated by an 
applicant in his written application and are imposed in connection with 
the ongoing activities of a non-bank trustee.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 13 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.

Robert Dahl,
Treasury PRA Clearance Officer.
 [FR Doc. E7-13743 Filed 7-16-07; 8:45 am]
BILLING CODE 4830-01-P