[Federal Register Volume 72, Number 201 (Thursday, October 18, 2007)]
[Notices]
[Pages 59143-59144]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-20500]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

October 11, 2007.
    The Department of the Treasury will submit the following public 
information collection requirement(s) to OMB for review and clearance 
under the Paperwork Reduction Act of 1995, Public Law 104-13 on or 
after the date of publication of this notice. 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 November 19, 
2007 to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-2056.
    Type of Review: Extension.
    Title: REG-147144-06 Section 1.367(a)-8 Revisions.
    Description: These temporary and proposed regulations under IRC 
Sec.  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: 1545-1292.
    Type of Review: Extension.
    Title: PS-97-91 and PS-101-90 (Final) Enhanced Oil Recovery Credit.
    Description: This regulation provides guidance concerning the costs 
subject to the enhanced oil recovery credit, the circumstances under 
which the credit is available, and procedures for certifying to the 
Internal Revenue Service that a project meets the requirements of 
section 43(c) of the Internal Revenue Code.
    Respondents: Businesses and other for-profit institutions.
    Estimated Total Burden Hours: 880,333 hours.

    OMB Number: 1545-1890.
    Type of Review: Extension.
    Title: Revenue Procedure 2004-44, Extension of the Amortization 
Period.
    Description: This revenue procedure describes the process for 
obtaining an extension of the amortization period for the minimum 
funding standards set forth in section 412(e) of the Code.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 2,500 hours.

    OMB Number: 1545-1623.
    Type of Review: Extension.
    Title: REG-246256-96 (Final) Excise Taxes on Excess Benefit 
Transactions.
    Description: The rule affects organizations described in Internal 
Revenue Code section 501(c)(3) and (4) (applicable tax-exempt 
organizations). The collection of information entails obtaining and 
relying on appropriate comparability data and documenting the basis of 
an organization's determination that compensation is reasonable, or a 
property transfer (or transfer of the right to use property) is at fair 
market value. These actions comprise two of the requirements specified 
in the legislative history for obtaining the rebuttable presumption of 
reasonableness.
    Respondents: Not-for-profit institutions.
    Estimated Total Burden Hours: 910,083 hours.

    OMB Number: 1545-0971.
    Type of Review: Extension.
    Title: Estimated Income Tax for Estates and Trusts.
    Form: 1041-ES.
    Description: Form 1041-ES is used by fiduciaries of estates and 
trusts to make estimated tax payments if their estimated tax is $1,000 
or more. IRS uses the data to credit taxpayers' accounts and to 
determine if the estimated tax has been properly computed and timely 
paid.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 3,161,236 hours.

    OMB Number: 1545-2071.
    Type of Review: Revision.
    Title: TE/GE Compliance Check Questionnaires.
    Description: Compliance questionnaires are an invaluable tool for 
obtaining supplemental information to determine the compliance of 
specific entities without the burden for the taxpayer or the cost to 
the IRS of a traditional, full-scale audit. The information collected 
will be used to improve the quality of data available for

[[Page 59144]]

monitoring compliance, to correct identified instances of non-
compliance and to determine where additional guidance, education or 
enforcement resources are most needed to prevent future non-compliance.
    Respondents: Not-for-profit institutions.
    Estimated Total Burden Hours: 37,500 hours.

    OMB Number: 1545-1324.
    Type of Review: Revision.
    Title: CO-88-90 (Final) Limitation on Net Operating Loss 
Carryforwards and Certain Built-in Losses Following Ownership Change; 
Special Rule for Value of a Loss Corporation.
    Description: This information serves as evidence of an election to 
apply section 382(1)(6) in lieu of section 382(1)(5) and an election to 
apply the provisions of the regulations retroactively. It is required 
by the Internal Revenue Service to assure that the proper amount of 
carryover attributes are used by a loss corporation following specified 
types of ownership changes.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 813 hours.

    OMB Number: 1545-1752.
    Type of Review: Extension.
    Title: Revenue Procedure 2001-42 Modified Endowment Contract 
Correction Program Extension.
    Description: This revenue procedure allows issuers (life insurance 
companies) to remedy inadvertent non-egregious failures to comply with 
the modified endowment rules set forth in section 7702A of the Internal 
Revenue Code.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 1,000 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. E7-20500 Filed 10-17-07; 8:45 am]
BILLING CODE 4830-01-P