[Federal Register Volume 72, Number 152 (Wednesday, August 8, 2007)]
[Notices]
[Pages 44609-44610]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-15458]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

July 31, 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, 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 September 7, 
2007 to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-2068.
    Type of Review: Extension.
    Title: REG-155608-02 (NPRM) Revised Regulations Concerning Section 
403(b) Tax-Sheltered Annuity Contracts.
    Description: The collection of information in the regulations is in 
Sec.  1.403(b)-10(b)(2) of the Income Tax Regulations, requiring, in 
the case of certain exchanges or transfers, that the section 403(b) 
plan sponsor or administrator enter into an agreement to exchange 
certain information with vendors of section 403(b) contracts. Such 
information exchange is necessary to ensure compliance with tax law 
requirements relating to loans and hardship distributions from section 
403(b) plans.
    Respondents: Not-for-profit institutions.
    Estimated Total Burden Hours: 45,000 hours.

    OMB Number: 1545-1899.
    Type of Review: Extension.
    Title: REG-138176-02 (NPRM) Timely Mailing Treated As Timely 
Filing.
    Description: Section 7502(a) of the Internal Revenue Code provides 
that a document received after the due date for filing will be treated 
as filed on the date of the United States postmark on the envelope 
containing the document if the postmark date is on or before the date 
for filing the document and the document is placed in the U.S. mail on 
or before the due date. Under I.R.C. Sec. 7502, in order for taxpayers 
to establish the postmark date and prima facie evidence of delivery 
when using registered or certified mail to file documents with the IRS, 
taxpayers will need to retain the sender's receipt.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 1,084,765 hours.

    OMB Number: 1545-1430.
    Type of Review: Extension.
    Title: Annual Return of Withheld Federal Income Tax; Annual Record 
of Federal Tax Liability; and Form 945 Payment Voucher.
    Form: 945; 945A.
    Description: Form 945 is used to report income tax withholding on 
non-payroll payments including backup withholding and withholding on 
pensions, annuities, IRA's military retirement and gambling winnings. 
Form 945-A is used to report non-payroll tax liabilities. Form 945-V is 
used by those taxpayers who submit a payment with their return.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 2,077,017 hours.

    OMB Number: 1545-1847.
    Type of Review: Extension.
    Title: Revenue Procedure 2004-29, Statistical Sampling in Sec. 274 
Context.
    Description: For taxpayers desiring to establish for purposes of 
Sec. 274(n)(2), (A), (C), (D), or (E) that a portion of the total 
amount of substantiated expenses incurred for meals and entertainment 
is excepted from the 50% limitation of Sec. 274(n), the revenue 
procedure requires that taxpayers maintain adequate documentation to 
support the statistical application, sample unit findings, and all 
aspects of the sample plan.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 3,200 hours.

    OMB Number: 1545-1902.
    Type of Review: Extension.
    Title: REG-145987-03 (NPRM) Qualified Severance of a Trust for 
Generation-Skipping Transfer (GST) Tax Purposes.
    Description: The collection of information in this proposed 
regulation is in section 26.2642-6(b)(5). This information is required 
by the IRS for qualified severances. This information will be used to 
identify the trusts being severed and the new trusts created upon 
severance. The collection of information is required in order to have a 
qualified severance. The likely respondents are individuals 
contributing to trusts that have skip persons as beneficiaries.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 12,500 hours.

    OMB Number: 1545-0121.
    Type of Review: Extension.
    Title: Foreign Tax Credit (Individual, Estate, or Trust).
    Form: 1116.
    Description: Form 1116 is used by individuals (including 
nonresident aliens) estates or trusts who paid foreign income taxes on 
U.S. taxable income to compute the foreign tax credit. This information 
is used by the IRS to verify the foreign tax credit.
    Respondents: Individuals and households.
    Estimated Total Burden Hours: 22,093,974 hours.

    OMB Number: 1545-1058.
    Type of Review: Extension.
    Title: Reporting Agent Authorization.
    Form: 8655.
    Description: Form 8655 allows a taxpayer to designate a reporting 
agent to file certain employment tax returns electronically, and to 
submit Federal tax deposits. This form allows IRS to disclose tax 
account information and to provide duplicate copies of taxpayer 
correspondence to authorized agents. Reporting agents are persons or 
organizations preparing and filing electronically the federal tax 
returns and/or submitting federal tax deposits. >Respondents: 
Businesses and other for-profits.
    Estimated Total Burden Hours: 11,000 hours.

    OMB Number: 1545-1731.
    Type of Review: Extension.
    Title: Revenue Procedure 2001-37, Extraterritorial Income Exclusion 
Elections.
    Description: A taxpayer that wants to revoke its election to be 
treated as a domestic corporation for all purposes of the Internal 
Revenue Code (``Code'') must file a revocation statement with the 
Internal Revenue Service (``IRS''). This revenue procedure provides 
guidance for implementing the elections (and revocation of such 
elections) established under the ``FSC Repeal and Extraterritorial 
Income Exclusion Act of 2000.''
    Respondents: Businesses or other for-profits.

[[Page 44610]]

    Estimated Total Burden Hours: 19 hours.

    OMB Number: 1545-0172.
    Type of Review: Extension.
    Title: Depreciation and Amortization (Including Information on 
Listed Property).
    Form: 4562.
    Description: Taxpayers use Form 4562 to: (1) Claim a deduction for 
depreciation and/or amortization; (2) make a section 179 election to 
expense depreciable assets; and (3) answer questions regarding the use 
of automobiles and other listed property to substantiate the business 
use under section 274(d).
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 217,399,275 hours.

    OMB Number: 1545-1357.
    Type of Review: Extension.
    Title: PS-78-91 (Final) Procedures for Monitoring Compliance with 
Low-Income Housing Credit Requirements; PS-50-92 (Final) Rules to Carry 
Out the Purposes of Section 42 and for Correcting.
    Description: PS-78-91 The regulations require state allocation 
plans to provide a procedure for state and local housing credit 
agencies to monitor for compliance with the requirements of section 42 
and report any noncompliance to the I.R.S. PS-50-92 These regulations 
concern the Secretary's authority to provide guidance under section 42, 
and provide for the correction of administrative errors and omissions 
related to the allocation of low-income housing credit dollar amounts 
and recordkeeping. REG-114664-97. The regulation amends the procedures 
for state and local housing credit agencies' compliance monitoring and 
the rules for State.
    Respondents: Businesses or other for-profits.
    Estimated Total Burden Hours: 104,899 hours.

    OMB Number: 1545-0531.
    Type of Review: Revision.
    Title: United States Estate (and Generation-Skipping Transfer) Tax 
Return, Estate of nonresident not a citizen of the United States.
    Form: 706-NA.
    Description: Under section 6018, executors must file estate tax 
returns for nonresident non-citizens that had property in the U.S. 
Executors use Form 706-NS for this purpose. IRS uses the information to 
determine correct tax and credits.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 3,584 hours.

    OMB Number: 1545-2070.
    Type of Review: Extension.
    Title: Rev. Proc. 2007-48 Rotable Spare Parts Safe Harbor Method.
    Description: The information for which the agency is requesting to 
collect will support a taxpayer's claim for eligibility to use the safe 
harbor method of accounting for rotable spare parts provided in the 
proposed revenue procedures. The information will be submitted as a 
supporting schedule for the Form 3115, Application for Change in 
Accounting Method.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 75 hour.

    OMB Number: 1545-0020.
    Type of Review: Revision.
    Title: Quarterly Federal Excise Tax Return.
    Form: 720.
    Description: The information supplied on Form 720 is used by the 
IRS to determine the correct tax liability. Additionally, the data is 
report by the IRS to Treasury so that funds may be transferred from the 
general revenue funds to the appropriate trust funds.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 3,567,704 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. E7-15458 Filed 8-7-07; 8:45 am]
BILLING CODE 4830-01-P