[Federal Register Volume 72, Number 138 (Thursday, July 19, 2007)]
[Notices]
[Pages 39664-39666]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-13996]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

July 12, 2007.
    The Department of Treasury has submitted the following public 
information collection requirement(s) to OMB for review and clearance 
under the Paperwork Reduction Act of 1995, Pub. L. 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 August 20, 
2007 to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-2063.
    Type of Review: Extension.
    Title: Notice 2007-19 (NOT-103443-07) Statute of Limitations on 
Assessment Concerning Certain Individuals Filing Income Tax Returns 
with the USVI.
    Description: This notice provides interim guidance, pending the 
issuance of regulations, concerning the statute of limitations on 
assessment for the U.S. income tax liability. If any, of U.S. citizens 
or resident aliens claiming to be bona fide residents of the U.S. 
Virgin Islands (USVI). In addition, notice provides new information 
reporting rules for certain taxpayers claiming to be bona fide 
residents of the USVI.
    Respondents: Individuals or Households.
    Estimated Total Burden Hours: 42,500 hours.

    OMB Number: 1545-1597.
    Type of Review: Extension.
    Title: Revenue Procedure 2000-12, Application Procedures for 
Qualified Intermediary Status Under Section 1441; Final Qualified 
Intermediary Withholding Agreement.
    Description: Revenue Procedure 2000-12 describes application 
procedures for becoming a qualified intermediary and the requisite 
agreement that a qualified intermediary must execute with the IRS. The 
information will be used by the IRS to ensure compliance with the U.S. 
withholding system under the 1441 regulations (especially proper 
entitlement to treaty benefits).
    Respondents: Businesses and other or-profits.
    Estimated Total Burden Hours: 301,108 hours.

    OMB Number: 1545-1600.
    Type of Review: Extension.
    Title: REG-251703-96 (Final) Residence of Trusts and Estates-7701.
    Description: Section 1161 of the Taxpayer Relief Act of 1997, Pub. 
L. No. 105-34, 111 Stat. 788 (1997), provides that a trust that was in 
existence on August 20, 1996 (other than a trust treated as owned by 
the grantor under subpart E of part I of subchapter J of chapter 1 of 
the Internal Revenue Code of 1986) and that was treated as a United 
States person on August 19,

[[Page 39665]]

1996, may elect to continue to be treated as a United States person 
notwithstanding Sec.  7701(a)(30)(E) of the Code. The election will 
require the Internal Revenue Service to collect information. This 
regulation provides the procedure and requirements for making the 
election to remain a domestic trust.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 114 hours.

    OMB Number: 1545-1331.
    Type of Review: Extension.
    Title: PS-55-89 (Final) General Asset Accounts Under the 
Accelerated Cost Recovery System.
    Description: The regulations describe the time and manner of making 
the election described in IRC Section 168(i)(4). Basic information 
regarding this election is necessary to monitor compliance with the 
rules in the IRC Section 168.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 250 hours.

    OMB Number: 1545-0190.
    Type of Review: Revision.
    Title: (MA)--Real Estate Lending and Appraisals--12 CFR 34.
    Description: The information collections are required by statute to 
regulate real estate lending and holding by national banks. These 
regulations are required by statute and are used by the OCC to ensure 
the safe and sound operation of national banks and bank compliance. 
National banks are the affected public.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 102,650 hours.

    OMB Number: 1545-0105.
    Type of Review: Extension.
    Title: CRA Sunshine.
    Description: These information collections are required under 
section 711 of the Gramm-Leach-Bliley Act, Public Law No. 106-102. This 
section requires certain agreements that are in fulfillment of the 
Community Reinvestment Act of 1977 to be disclosed to the public and 
the appropriate Federal banking agencies. This section also institutes 
an annual reporting requirement to the agencies concerning these 
agreements. These requirements apply to insured depository institutions 
and their affiliates, as well as nongovernmental entities or persons 
that enter into covered agreements with such entities.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 1,416 hours.

    OMB Number: 1545-1413.
    Type of Review: Extension.
    Title: IA-30-95 (Final) Reporting on Nonpayroll Withheld Tax 
Liabilities
    Description: These regulations concern the Secretary's authority to 
require a return of tax under section 6011 and provide for the 
requirement of a return by persons deducting and withholding income tax 
from ``Nonpayroll'' payments.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 1 hours.

    OMB Number: 1545-1265.
    Type of Review: Extension.
    Title: IA-120-86 (Final) Capitalization of Interest.
    Description: The regulations require taxpayers to maintain 
contemporaneous written records of estimates, to file a ruling request 
to segregate activities in applying the interest capitalization rules, 
and to request the consent of the Commissioner to change their methods 
of accounting for the capitalization of interest.
    Respondents: Individuals and households.
    Estimated Total Burden Hours: 116,767 hours.

    OMB Number: 1545-2062.
    Type of Review: Extension.
    Title: Reconciliation of Schedule M-3 Taxable Income with Tax 
Return Taxable Income for Mixed Groups.
    Form: 8962.
    Description: The Form 8916 reconciles taxable income per the 
Schedule M-3 for the Forms 1120, 1120-L, or 1120-PC with the taxable 
income on mixed groups filing Form 1120, 1120-L, or 1120-PC. This is 
necessary because certain special adjustments are required to match 
taxable income of mixed groups as reported on the Schedule M-3 with 
taxable income they report on Forms 1120, 1120-L, or 1120-PC.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 3,385 hours.

    OMB Number: 1545-1893.
    Type of Review: Extension.
    Title: REG-150562-03 (NPRM) section 1045 Application to 
Partnerships.
    Description: The collection of information is in Sec.  1.1045-
1(b)(4)(ii). Any partner who recognizes all or a part of the partner's 
distributive share of partnership section 1045 gain must notify the 
partnership of the amount of the partnership section 1045 gain that is 
recognized. This information will be used by the partnership to make 
necessary adjustments to the basis of the replacement qualified small 
business stock.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 1,000 hours.

    OMB Number: 1545-0796.
    Type of Review: Extension.
    Title: Office of Chief Counsel-Application.
    Form: 6524.
    Description: The Chief Counsel Application form provides data we 
deem critical for evaluating an attorney applicant's qualifications 
such as LSAT score, bar admission status, type of work preference, law 
school, class standing. OF-306 does not provide this information.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 900 hours.

    OMB Number: 1545-1153.
    Type of Review: Extension.
    Title: PS-73-89 (TD 8370) (Final) Excise Tax on Chemicals That 
Deplete the Ozone Layer and on Products Containing Such Chemicals.
    Description: Section 4681 imposes a tax on ozone-depleting 
chemicals sold or used by a manufacturer or importer thereof and 
imported taxable products sold or used by an importer thereof. A floor 
stocks tax is also imposed. This regulation provides reporting and 
recordkeeping rules.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 75,142 hour.

    OMB Number: 1545-0814.
    Type of Review: Extension.
    Title: EE-44-78 (Final) Cooperative Hospital Service Organizations.
    Description: This regulation establishes the rules for cooperative 
hospital service organizations which seek tax-exempt status under 
section 501(e) of the Internal Revenue Code. Such an organization must 
keep records in order to show its cooperative nature and to establish 
compliance with other requirements in section 501(c).
    Respondents: Not-for-profit institutions.
    Estimated Total Burden Hours: 1 hour.

    OMB Number: 1545-0997.
    Type of Review: Extension.
    Title: Proceeds From Real Estate Transactions.
    Form: 1099-S.
    Description: Form 1099-S is used by the real estate reporting 
person to report

[[Page 39666]]

proceeds from a real estate transaction to the IRS.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 510,465 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. 1
 [FR Doc. E7-13996 Filed 7-18-07; 8:45 am]
BILLING CODE 4830-01-P