[Federal Register Volume 73, Number 81 (Friday, April 25, 2008)]
[Notices]
[Pages 22461-22462]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-9029]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

April 18, 2008.
    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, and 1750 
Pennsylvania Avenue, NW., Washington, DC 20220.
    Dates: Written comments should be received on or before May 27, 
2008 to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-1548.
    Type of Review: Extension.
    Title: Revenue Procedure 2003-45 Late Election Relief for S 
Corporations; Revenue Procedure 2004-48, Deemed Corporate Election for 
Late Electing S Corporations.
    Description: The IRS will use the information provided by taxpayers 
under this revenue procedure to determine whether relief should be 
granted for the relevant late election.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 50,000 hours.

    OMB Number: 1545-1395.
    Type of Review: Extension.
    Title: Consent to Extend the Time to Assess Tax Under Section 367-
Gain Recognition Agreement.
    Form: 8838.
    Description: Form 8838 is used to extend the statute of limitations 
for U.S. persons who transfer stock or securities to a foreign 
corporation. The form is filed when the transferor makes a gain 
recognition agreement. This agreement allows the transferor to defer 
the payment of tax on the transfer. The IRS uses Form 8838 so that it 
may assess tax against the transferor after the expiration of the 
original statute of limitations.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 5,482 hours.

    OMB Number: 1545-1912.
    Type of Review: Extension.
    Title: Election of Partnership Level Tax Treatment.
    Form: 8893.
    Description: IRC section 6231(a)(1)(B)(ii) allows small 
partnerships to elect to be treated under the unified audit and 
litigation procedures. Form 8893 will allow IRS to better track these 
elections by providing a standardized format for this election.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 227 hours.

    OMB Number: 1545-1757.
    Type of Review: Extension.
    Title: REG-105344-01 (Final) Disclosure of Returns and Return 
Information by Other Agencies.
    Description: In general, under the regulations, the IRS is 
permitted to authorize agencies with access to returns and return 
information under section 6103 of the Internal Revenue Code to 
redisclose returns and return information based on a written request 
and with the Commissioner's approval, to any authorized recipient set 
forth in Code section 6103, subject to the same conditions and 
restrictions, and for the same purposes, as if the recipient had 
received the information from the IRS directly.
    Respondents: Federal Government.
    Estimated Total Burden Hours: 11 hours.

    OMB Number: 1545-1760.
    Type of Review: Extension.
    Title: Payments From Qualified Education Programs (Under Sections 
529 and 530).
    Form: 1099-Q.
    Description: Form 1099-Q is used to report distributions from 
private and state qualified tuition programs as required under Internal 
Revenue Code sections 529 and 530.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 33,000 hours.

    OMB Number: 1545-0416.
    Type of Review: Revision.
    Title: Election by a Small Business Corporation.
    Form: 2553.
    Description: Form 2553 is filed by a qualifying corporation to 
elect to be an S corporation as defined in Code section 1361. The 
information obtained is necessary to determine if the election should 
be accepted by the IRS. When the election is accepted, the qualifying 
corporation is classified as an S corporation and the corporation's 
income is taxed to the shareholders of the corporation.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 8,190,000 hours.

    OMB Number: 1545-1626.
    Type of Review: Extension.
    Title: U.S. Return of Income for Electing Large Partnerships (Form 
1065-B), Partner's Share of Income (Loss) From an Electing Large 
Partnership (Schedule K-1).

[[Page 22462]]

    Form: 1065-B, Schedule K-1.
    Description: Code sections 771-777 allow large partnerships to 
elect to file a simplified return which requires fewer items to be 
reported to partners.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 487,225 hours.

    OMB Number: 1545-1465.
    Type of Review: Extension.
    Title: PS-54-94 (Final) Environmental Settlement Funds--
Classification.
    Description: Section 7701 and the regulations thereunder classify 
entities for federal tax purposes as partnerships, associations, and 
trusts. Section 671 requires a grantor treated as an owner of a portion 
of a trust to include items in income. This regulation provides 
reporting rules.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 2,000 hours.

    OMB Number: 1545-1915.
    Type of Review: Extension.
    Title: Notice 2005-04, Fuel Tax Guidance, Request for Comments.
    Description: This notice provides guidance on certain excise Code 
provisions that were added or effected by the American Jobs Creation 
Act of 2004, Public Law 108-357. The information will be used by the 
IRS to verify that the proper amount of tax is reported, excluded, 
refunded, or credited.
    Respondents: Businesses or other for-profit institutions
    Estimated Total Burden Hours: 76,190 hours.

    OMB Number: 1545-1420.
    Type of Review: Extension.
    Title: Claim for Refund of Excise Taxes.
    Forms: 8849, Schedules 1, 2, 3, 5, 6, 8.
    Description: IRC sections 6402, 6404, 6511 and sections 301.6402-2, 
301.6404-1, and 301.6404-3 of the regulations, allow for refunds of 
taxes (except income taxes) or refund, abatement, or credit of 
interest, penalties, and additions to tax in the event of errors or 
certain actions by IRS. Form 8849 is used by taxpayers to claim refunds 
of excise taxes.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 3,032,610 hours.

    OMB Number: 1545-0143.
    Type of Review: Extension.
    Title: Heavy Highway Vehicle Use Tax Return.
    Form: 2290.
    Description: Form 2290 is used to compute and report the tax 
imposed by section 4481 on the highway use of certain motor vehicles. 
The information is used to determine whether the taxpayer has paid the 
correct amount of tax.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 27,548,640 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. E8-9029 Filed 4-24-08; 8:45 am]
BILLING CODE 4830-01-P