[Federal Register Volume 72, Number 177 (Thursday, September 13, 2007)]
[Notices]
[Pages 52430-52432]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-18096]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

September 7, 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 October 15, 
2007 to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0904.
    Type of Review: Extension.
    Title: INTL-45-86 (Final) TD 8125 Foreign Management and Foreign 
Economic Processes Requirements of a Foreign Sale Corporation.
    Description: The regulations provide rules for complying with 
foreign

[[Page 52431]]

management and foreign economic process requirements to enable Foreign 
Sales Corporations to produce foreign training gross receipts and 
qualify for reduced tax rates. Rules are included for maintaining 
records to substantiate compliance. Affected public is limited to large 
corporations that export goods or services.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 22,001 hours.

    OMB Number: 1545-1651.
    Type of Review: Extension.
    Title: REG-118926-97 (Final) Notice of Certain Transfers to Foreign 
Partnerships and Foreign Corporations.
    Description: Section 6038B requires U.S. persons to provide certain 
information when they transfer certain property to a foreign 
partnership or foreign corporation. This regulation provides reporting 
rules to identify United States persons who contribute property to 
foreign partnerships and to ensure the correct reporting of items with 
respect to those partnerships.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 1 hour.

    OMB Number: 1545-0895.
    Type of Review: Revision.
    Title: General Business Credit.
    Form: 3800.
    Description: IRC section 38 permits taxpayers to reduce their 
income tax liability by the amount of their general business credit, 
which is an aggregation of their investment credit, jobs credit, 
alcohol fuel credit, research credit, low-income housing credit, 
disabled access credit, enhanced oil recovery credit, etc. Form 3800 is 
used to figure the correct credit.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 3,131,300 hours.

    OMB Number: 1545-1903.
    Type of Review: Extension.
    Title: REG-124405-03 (NPRM) Optional 10-Year Write-off of Certain 
Tax Preferences.
    Description: This collection of information is required by the IRS 
to verify compliance with section 59(e). This information will be used 
to determine whether the amount of tax has been calculated correctly.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 10,000 hours.

    OMB Number: 1545-0086.
    Type of Review: Extension.
    Title: U.S. Departing Alien Income Tax Return.
    Form: 1040-C.
    Description: Form 1040-C is used by aliens departing the U.S. to 
report income received or expected to be received for the entire tax 
year. The data collected are used to insure that the departing alien 
has no outstanding U.S. tax liability.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 11,632 hours.

    OMB Number: 1545-1102.
    Type of Review: Extension.
    Title: PS-19-92 (Final) Carryover Allocations and Other Rules 
Relating to the Low-Income Housing Credit.
    Description: The regulations provide the Service the information it 
needs to ensure that low-income housing tax credits are being properly 
allocated under section 42. This is accomplished through the use of 
carryover allocation documents, election statements, and binding 
agreements executed between taxpayers (e.g. individuals, businesses, 
etc.) and housing credit agencies.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 4,008 hours.

    OMB Number: 1545-1575.
    Type of Review: Extension.
    Title: REG-116608-97 (Final) Eligibility Requirements After Denial 
of the Earned Income Credit.
    Description: This information is to provide guidance to taxpayers 
who have been denied the earned income credit (EIC).
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 1 hour.

    OMB Number: 1545-0128.
    Type of Review: Revision.
    Title: U.S. Life Insurance Company Income Tax Return.
    Form: 1120-L; Schedule M-3 (Form 1120-L).
    Description: Life Insurance companies are required to file an 
annual return of income and compute and pay the tax due. The data is 
used to insure that companies have correctly reported taxable income 
and paid the correct tax.
    Respondents: Businesses or other for-profits.
    Estimated Total Burden Hours: 436,614 hours.

    OMB Number: 1545-1304.
    Type of Review: Extension.
    Title: INTL-941-86; INTL-656-87; and INTL-704-87 (NPRM) Treatment 
of Shareholders of Certain Passive Foreign Investment Companies.
    Description: The reporting requirements affect U.S. persons that 
are direct and indirect shareholders of passive foreign investment 
companies (PFICs). The IRS uses Form 8621 to identify PFICs, U.S. 
persons that are shareholders, and transactions subject to PFIC 
taxation and verify income inclusions, excess distributions and 
deferred tax amounts.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 2,500 hours.

    OMB Number: 1545-1135.
    Type of Review: Extension.
    Title: Allocation of Patronage and Nonpatronage Income and 
Deductions.
    Form: 8817.
    Description: Form 8817 is filed by taxable farmer's cooperatives to 
report their income and deductions by patronage and nonpatronage 
sources. The IRS uses the information on the form to ascertain the 
amounts of patronage and nonpatronage income or loss were properly 
computed.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 22,006 hours.

    OMB Number: 1545-1905.
    Type of Review: Extension.
    Title: REG-128767-04 (Final), (TD 9289) Treatment of Disregarded 
Entities Under Section 752.
    Description: Generally, the final regulations recognize that only 
the assets of a disregarded entity that limits its member's liability 
are available to satisfy creditors' claims under local law. The 
proposed regulations provide rules under section 752 for taking into 
account the net value of a disregarded entity owned by a partner or 
related person for purposes of allocating partnership liabilities.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 3,000 hours.
    OMB Number: 1545-2069.
    Type of Review: Extension.
    Title: Form 8283-V Payment Voucher for Filing Fee Under Section 
170(f)(13).
    Form: 8283-V.
    Description: The Pension Protection Act of 2006 (Pub. L. 109-280) 
provides in section 1213(c) of the Act that taxpayers claiming a 
deduction for a qualified conservation contribution with respect to the 
exterior of a building located in a registered historic district in 
excess of $10,000, must pay a $500 fee to the Internal Revenue Service 
or the deduction is not allowed.
    Respondents: Individuals and households.
    Estimated Total Burden Hours: 690 hours.


[[Page 52432]]


    OMB Number: 1545-XXXX.
    Type of Review: New.
    Title: Foreign Based Importers--Non-Filers.
    Description: Foreign corporations are subject to tax on income that 
is effectively connected with a U.S. trade or business and are required 
to file form 1120, 1120-f or 1065 reporting taxable income. The 
respondents will be foreign corporations. The information gathered will 
be used to determine if the foreign corporation has a U.S. trade or 
business and is required to file a U.S. Income Tax return.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 30 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. E7-18096 Filed 9-12-07; 8:45 am]
BILLING CODE 4830-01-P