[Federal Register Volume 72, Number 141 (Tuesday, July 24, 2007)]
[Notices]
[Pages 40365-40366]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-14275]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

July 16, 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 Treasury, Room 
11000, 1750 Pennsylvania Avenue, NW., Washington, DC 20220.

DATES: Written comments should be received on or before August 23, 2007 
to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0099.
    Type of Review: Revision.
    Title: U.S. Return of Partnership Income (Form 1065); Capital Gains 
and Losses (Schedule D); and Partner's Share of Income, Credits, 
Deductions, etc. (Schedule K-1).
    Form: Schedule K-1 (Form 1065), Form 1065, Form 1065 (Schedule D); 
Schedule M-3 (Form 1065).
    Description: IRC 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 to verify correct reporting of partnership items 
and for general statistics.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 803,424,312 hours.

    OMB Number: 1545-2065.
    Type of Review: Revision.
    Title: Notice of Qualified Equity Investment for New Markets 
Credit.
    Form: 8874-A.
    Description: Internal Revenue Code Sections 6109 and 6103 with code 
section 45N. New IRC section 45N was added by section 405 of the Tax 
Relief and Health Care of 2006. The new form provides a means for the 
qualified mining company to compute and claim the new markets credit.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 2,715 hours.

    OMB Number: 1545-1601.
    Type of Review: Extension.
    Title: Revenue Procedure 98-32, EFTPS Programs for Reporting 
Agents.
    Description: The Batch and Bulk Filer programs are used by Filers 
for electronically submitting enrollments, federal tax deposits, and 
federal tax payments on behalf of multiple taxpayers. These programs 
are part of the Electronic Federal Tax Payment System (EFTPS).
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 246,877 hours.

    OMB Number: 1545-1906.
    Type of Review: Extension.
    Title: REG-149524-03 (NPRM) LIFO Recapture Under Section 1363(d).
    Description: This collection of information is required to inform 
the IRS of partnerships electing to increase the basis of inventory to 
reflect any amount included in a partner's income under section 
1363(d). Section 1.1363-2(e)(ii) allows a partnership to elect to 
adjust the basis of its inventory to take account of LIFO recapture. 
Section 1.1363-2(e)(3) provides guidance on how to make this election.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 200 hours.

    OMB Number: 1545-0985.
    Type of Review: Extension.
    Title: PS-128-86, PS-127-86, and PS-73-88 (Final) (TD 8644) 
Generation-Skipping Transfer Tax.
    Description: This regulation provides rules relating to the 
effective date, return requirements, definitions, and certain special 
rules covering the generation-skipping transfer tax. The information 
required by the regulation will require individuals and/or fiduciaries 
to report information on Form 706NA, 706, 706GS (D), 706GS (D-1), 706GS 
(T), 709 and 843 in connection with the generation skipping transfer 
tax. The information will facilitate the assessment of the tax and 
taxpayer examinations.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 3,750 hours.
    OMB Number: 1545-1614.
    Type of Review: Extension.
    Title: REG-106177-97 (NPRM) Qualified State Tuition Programs.
    Description: Respondents are states and eligible educational 
institutions that establish and maintain qualified state tuition 
programs. Respondents include distributees who receive benefits under 
the programs. Information verifies that programs are qualified and that 
distributions are used for qualified educational expenses.
    Respondents: State, Local and Tribal Governments.
    Estimated Total Burden Hours: 4,258,260 hours.

    OMB Number: 1545-1884.
    Type of Review: Extension.
    Title: Announcement 2004-43, Election of Alternative Deficit 
Reduction Contribution.
    Description: Announcement 2004-43 describes the notice that must be 
given by an employer to plan participants and beneficiaries and to the 
Pension Benefit Guaranty Corporation within 30 days of making an 
election to take advantage of the alternative deficit reduction 
contribution described in Pub. L. 108-18, and gives a special 
transition rule for the 1st quarter.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 12,000 hours.

    OMB Number: 1545-1900.
    Type of Review: Extension.
    Title: REG-208254-90 (NPRM) Source of Compensation for Labor or 
Personal Services.
    Description: The proposed regulation describes the appropriate 
bases for determining the source of income from labor or personal 
services performed partly within and partly without the United States. 
The information required in Sec. 1.861-4(b)(2)(ii)(D) and (D)(6) will 
enable an employee to source certain fringe benefits on a geographical 
basis. The collections of information will, likewise, allow the IRS to 
verify these determinations.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 10,000 hours.

    OMB Number: 1545-0923.
    Type of Review: Extension.
    Title: REG-209274-85 (NPRM) and (Temporary) Tax Exempt Entity 
Leasing.
    Description: These regulations provide guidance to persons 
executing lease agreements involving tax-exempt entities under section 
168(h) of the Internal Revenue Code. The regulations

[[Page 40366]]

are necessary to implement congressionally enacted legislation and 
elections for certain previously tax-exempt organizations and certain 
tax-exempt controlled entities.
    Respondents: Not-for profit institutions.
    Estimated Total Burden Hours: 2,000 hours.

    OMB Number: 1545-2066.
    Type of Review: Extension.
    Title: Notice of Recapture Event for New Markets Credit.
    Form: 8874 B.
    Description: Form 8874-B, Notice of Recapture Event for New Markets 
Credit was developed because qualified CDEs must provide Taxpayers 
holding a qualified equity investment with a completed Form 8874-B when 
a recapture event occurs. Regulations section 1.45D-1(g)(2)(i)(B).
    Respondents: Businesses or other for-profits.
    Estimated Total Burden Hours: 2,755 hours.

    OMB Number: 1545-2067.
    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: Mine Rescue Team Training Credit.
    Form: 8923.
    Description: Form 8923, Mine Rescue Team Training Credit, was 
developed to carry out the provisions of new code section 45N. 45N was 
added by section 405 of the Tax Relief and Health Care Act of 2006. The 
new form provides a means for the qualified mining company to compute 
and claim the credit.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 292 hours.

    OMB Number: 1545-1751.
    Type of Review: Extension.
    Title: REG-107151-00 (Final) Constructive Transfers and Transfers 
of Property to a Third Party on Behalf of a Spouse.
    Description: The regulation sets forth the required information 
that will permit spouses or former spouses to treat a redemption by a 
corporation of stock of one spouse or former spouse as a transfer of 
that stock to the other spouse or former spouse in exchange for the 
redemption proceeds and a redemption of the stock from the latter 
spouse or former spouse in exchange for the redemption proceeds.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 500 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. E7-14275 Filed 7-23-07; 8:45 am]
BILLING CODE 4830-01-P