[Federal Register Volume 72, Number 138 (Thursday, July 19, 2007)]
[Notices]
[Pages 39666-39667]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-13997]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

July 13, 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: 1545-1189.
    Type of Review: Extension.
    Title: Dollar Election Under Section 985.
    Form: 8819.
    Description: Form 8819 is filed by U.S. and foreign businesses to 
elect the U.S. dollar as their functional currency or as the functional 
currency of their controlled entities. The IRS uses Form 8819 to 
determine if the election is properly made.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 3,320 hours.

    OMB Number: 1545-2056.
    Type of Review: Revision.
    Title: REG-147144-06 Section 1.367(a)-8 Revisions.
    Description: These temporary and proposed regulations under IRC 
section 367(a) provide rules for taxpayers to avoid recognizing gain 
under a gain recognition agreement (GRA) if a new GRA and notice 
statement are filed. The regulations also provide a rule under which a 
taxpayer may reduce the basis in certain stock to meet one of the 
requirements for terminating a GRA. These regulations also revise an 
existing rule to facilitate electronic filing. The revision requires 
that information that a taxpayer currently would write on the face of 
its Federal income tax return shall instead be attached as a separate 
schedule to its return.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 240 hours.

    OMB Number: 1545-0199.
    Type of Review: Extension.
    Title: REG-251703-96 (Final), Residence of Trusts and Estates-7701.
    Form: 5306-A.
    Description: This form is used by banks, credit unions, insurance 
companies, and trade or professional associations to apply for approval 
of a Simplified Employee Pension Plan or Savings Incentive Match Plan 
to be used by more than one employer. The data collected is used to 
determine if the prototype plan submitted is an approved plan.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 94,400 hours.

    OMB Number: 1545-1892.
    Type of Review: Extension.
    Title: REG-153841-02 (Final), Election Out of GST Deemed 
Allocations.
    Description: The collection of information in this proposed 
regulation is in sections 26.2632-1(b)(2)(ii), 26.2632-1(b)(2)(iii), 
and 26.2632-1(b)(2). This information is required by the IRS for 
taxpayers who elect to have the automatic allocation rules not apply to 
the current transfer and/or to future transfers to the trust or to 
terminate such election. This information is also required by the IRS 
for taxpayers who elect to treat trusts described in section 
2632(c)(3)(B)(i) through (vi) as GST trusts or to terminate such 
election.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 12,500 hours.

    OMB Number: 1545-0191.
    Type of Review: Extension.
    Title: Investment Interest Expense Deduction.
    Form: 4952.
    Description: Form 4952 is used by taxpayers who paid or accrued 
interest on money borrowed to purchase or carry investment property. 
The form is used to compute the allowable deduction for interest on 
investment indebtedness and the information obtained is necessary to 
verify the amount actually deducted.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 205,596 hours.

    OMB Number: 1545-2059.
    Type of Review: Extension.
    Title: TD 9312 (Temp), Deduction for qualified film and television 
production costs.
    Description: This temporary regulation provides rules for electing 
to claim a deduction for certain costs of producing of a qualifying 
film or television production, and for substantiating that the 
production qualifies for the deduction. The temporary regulation 
provides the time and manner for a taxpayer to submit certain 
information to make the election and to claim this deduction.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 1,500 hours.

    OMB Number: 1545-0035.
    Type of Review: Extension.
    Title: Employer's Annual Tax Return for Agricultural Employees.
    Form: 943, 943-PR, 943-A, 943A-PR.
    Description: Agricultural employers must prepare and file Form 943 
and Form 943-PR (Puerto Rico only) to report and pay FICA taxes and 
(943 only) income tax voluntarily withheld. Agricultural employers may 
attach Forms 943-A and 943-A-PR to Forms 943 and 943-PR to show their 
tax liabilities for semiweekly periods. The information is used to 
verify that the correct tax has been paid.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 8,972,974 hours.

    OMB Number: 1545-2060.
    Type of Review: Revision.
    Title: Notice 2007-46--Credit for New Medium-Duty and Heavy-Duty 
Hybrid Motor Vehicles.
    Description: This notice sets forth a process that allows taxpayers 
who purchase medium-duty and heavy-duty hybrid vehicles to rely on the 
domestic manufacturer's (or, in the case of a foreign manufacturer, its 
domestic distributor's) certification that both a particular make, 
model, and year of vehicle qualifies as a qualified hybrid motor 
vehicle under section 30B(3) and (d), and the amount of the credit 
allowable with respect to the vehicle.
    Respondents: Businesses and other for-profits.

[[Page 39667]]

    Estimated Total Burden Hours: 280 hours.

    OMB Number: 1545-1112.
    Type of Review: Extension.
    Title: IA-96-88 (Final) Certain Elections Under the Technical and 
Miscellaneous Revenue Act of 1988 and the Redesignation of Certain 
Other Temporary Elections Regulations.
    Description: These regulations establish various elections with 
respect to which immediate interim guidance on the time and manner of 
making the elections is necessary. These regulations enable taxpayers 
to take advantage of the benefits of various Code provisions.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 6,712 hours.

    OMB Number: 1545-0807.
    Type of Review: Extension.
    Title: LR 2013 (TD 7533) Final, Disc Rules on Procedure and 
Administration; Rules on Export Trade Corporations, and EE-155-78 (TD 
7896), Final, Income from Trade Shows.
    Description: Section 1.6071-1(b) requires that when a taxpayer 
files a late return for a short period, proof of unusual circumstances 
for late filing must be given to the District Director. Section 
1.6072(b),(c),(d), and (e) of the IRC deals with the filing dates of 
certain corporate returns. Regulation section 1.6072-2 provides 
additional information concerning these filing dates. The information 
is used to insure timely filing of corporate income tax returns.
    Respondents: Businesses or other for-profits.
    Estimated Total Burden Hours: 3,104 hours.

    OMB Number: 1545-0715.
    Type of Review: Extension.
    Title: Proceeds From Broker and Barter Exchange Transactions.
    Form: 1099-B.
    Description: Form 1099-B is used by brokers and barter exchanges to 
report proceeds from transactions to the Internal Revenue Service. The 
form will be used by IRS to verify compliance with the reporting rules 
and to verify that the recipient has included the proper amount of 
income on his or her return.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 39,988,038 hours.

    OMB Number: 1545-0597.
    Type of Review: Extension.
    Title: Form W-2, 1098, or 1099 Not Received, or Incorrect or Lost.
    Form: 4598.
    Description: Employers and/or payers are required to furnish Forms 
W-2, 1098, or 1099 to employees and other payees. This two part form is 
necessary for the resolution of taxpayers complaints concerning the 
non-receipt of, incorrect or lost Forms W-2, 1098, or 1099.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 212,500 hours.

    OMB Number: 1545-1622.
    Type of Review: Extension.
    Title: Interest Computation Under the Look-Back Method for Property 
Depreciated Under the Income Forecast Method.
    Form: 8866.
    Description: Taxpayers depreciating property under the income 
forecast method and placed in service after September 13, 1995, must 
use Form 8866 to compute and report interest due or to be refunded 
under IRC 167(g)(2). The IRS uses Form 8866 to determine if the 
interest has been figured correctly.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 44,121 hours.

    OMB Number: 1545-0798.
    Type of Review: Extension.
    Title: 26 CFR 31.6001-1 Records in general; 26 CFR 31.6001-2 
Additional Records under FICA; 26 CFR 31.6001-3, Additional records 
under Railroad Retirement Tax Act; 26 CFR 31.6001-5 Additional records.
    Description: IRC section 6001 requires, in part, that every person 
liable for tax, or for the collection of that tax keep such records and 
comply with such rules and regulations as the Secretary may from time 
to time prescribe. 26 CFR 31.6001 has special application to employment 
taxes. These records are needed to ensure compliance with the Code.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 30,273,950 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. E7-13997 Filed 7-18-07; 8:45 am]
BILLING CODE 4830-01-P