[Federal Register Volume 73, Number 167 (Wednesday, August 27, 2008)]
[Notices]
[Pages 50671-50672]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-19815]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

August 20, 2008.
    The Department of 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 September 26, 
2008 to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-1946.
    Type of Review: Extension (correction to notice published July 29, 
2008, 73 FR 43976. Comments on this collection should be in before 
August 29, 2008).
    Title: REG-102144-04 (Final) Dual Consolidated Losses.
    Description: Section 1503(d) denies the use of the losses of one 
domestic corporation by another affiliated domestic corporation where 
the loss corporation is also subject to the income tax of a foreign 
country. This final regulation permits the domestic use of the loss if 
the loss has not been used in the foreign country provided a domestic 
use agreement is filed with the income tax return of the domestic 
affiliated group or domestic owner agreeing to recapture the loss into 
income upon a future foreign use of the loss.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 2,740 hours.

    OMB Number: 1545-1375.
    Type of Review: Extension.
    Title: IA-5-92 (Final) Carryover of Passive Activity Losses and 
Credits and At Risk Losses to Bankruptcy Estates of Individuals.
    Description: These regulations provide for a joint election to have 
the regulations apply to certain bankruptcy cases. In a chapter 7 case, 
the written consent of the trustee must be obtained. In chapter 11 
case, the election must be in the reorganization plan or in a court 
order.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 100 hours.

    OMB Number: 1545-0922.
    Type of Review: Extension.
    Title: Form 8329, Lender's Information Return for Mortgage Credit 
Certificates (MCCs); Form 8330, Issuer's Quarterly Information Return 
for Mortgage Credit Certificates (MCCs).
    Forms: 8329, 8330.
    Description: Form 8329 is used by lending institutions and Form 
8330 is used by state and local governments to report on mortgage 
credit certificates (MCCs) authorized under IRC Section 25. IRS matches 
the information supplied by lenders and issuers to ensure that the 
credit is computed properly.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 73,720 hours.

    OMB Number: 1545-1655.
    Type of Review: Extension.
    Title: REG-121946-98 (Final) Private Foundation Disclosure Rules.
    Description: The collections of information in section 301.6104(d)-
1, 301.6104 (d)-2 and 301.6104(d)-3 are necessary so that private 
foundations can make copies of their applications for tax-exemption and 
annual information returns available to the public.
    Respondents: Not-for-profit institutions.
    Estimated Total Burden Hours: 32,596 hours.

    OMB Number: 1545-1633.
    Type of Review: Extension.
    Title: REG-209121-89 (Final) Certain Asset Transfers to a Tax-
Exempt Entity.
    Description: The written representation requested from a tax-exempt 
entity in regulations section 1.337(d)-4(b)(1)(A) concerns its plans to 
use assets received from a taxable corporation in a taxable unrelated 
trade or business. The taxable corporation is not taxable on gain if 
the assets are used in a taxable unrelated trade or business.
    Respondents: Not-for-profit institutions.
    Estimated Total Burden Hours: 125 hours.

    OMB Number: 1545-1485.
    Type of Review: Extension.
    Title: PS-4-96 (Final) Sale of Residence From Qualified Personal 
Residence Trust.
    Description: Internal Revenue Code section 2702(a)(3) provides 
special favorable valuation rules for valuing the gift of a personal 
residence trust. Regulation section 25.2702-5(a)(2) provides that if 
the trust fails to comply with the requirements contained in the 
regulations, the trust will be treated as complying if a statement is 
attached to the gift tax return reporting the gift stating that a 
proceeding has been commenced to reform the instrument to comply with 
the requirements of the regulations.
    Respondents: Individuals or Households.
    Estimated Total Burden Hours: 625 hours.

    OMB Number: 1545-0723.
    Type of Review: Extension.
    Title: LR-115-72 (Final) Manufacturers Excise Taxes and Sporting 
Goods and Firearms and Other Administrative Provisions of Special 
Application to Manufacturers and Retailers Excise Taxes.
    Description: Chapters 31 & 32 of the Internal Revenue Code impose 
excise taxes on the sale or use of certain articles. Section 6416 
allows a credit or refund of the tax to manufacturers in certain cases. 
Sections 6420, 6421, and 6427 allow credits or refunds of the tax to 
certain users of the articles.
    Respondents: Businesses and other for-profit institutions.
    Estimated Total Burden Hours: 475,000 hours.

    OMB Number: 1545-1496.
    Type of Review: Extension.
    Title: REG-209673-93 Mark to Market for Dealers in Securities(TD 
8700 (final)).
    Description: Under section 1.475(b)-4, the information required to 
be recorded is required by the IRS to determine whether exemption from 
mark-to-market treatment is properly claimed, and will be used to make 
that determination upon audit of taxpayer's books and records. Also, 
under section 1.475(c)-1(a)(3)(iii), the information is necessary for 
the Service to determine whether a consolidated group has elected to 
disregard inter-member transactions in determining a member's status as 
a dealer in securities.

[[Page 50672]]

    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 2,950 hours.

    OMB Number: 1545-1910.
    Type of Review: Extension.
    Title: Information Return of U.S. Persons With Respect to Foreign 
Disregarded Entities (Form 8858); and Transactions Between Foreign 
Disregarded Entity of a Foreign Tax Owner and the Filer.
    Form: 8858.
    Description: Form 8858 and Schedule M (Form 8858) are used by 
certain U.S. persons that own a foreign disregarded entity (FDE) 
directly or, in certain circumstances, indirectly or constructively.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 1,832,500 hours.

    OMB Number: 1545-1792.
    Type of Review: Extension.
    Title: REG-164754-01 (FINAL) Split-Dollar Life Insurance 
Arrangements.
    Description: The proposed regulations provide guidance for loans 
made pursuant to a split-dollar life insurance arrangement. To obtain a 
particular treatment under the regulations for certain split-dollar 
loans, the parties to the loan must make a written representation, 
which must be kept as part of their books and records and a copy filed 
with their federal income tax returns. In addition, if a split-dollar 
loan provides for contingent payments, the lender must produce a 
projected payment schedule for the loan and give the borrower a copy of 
the schedule. This schedule is used by parties to compute their 
interest accruals and any imputed transfers for tax purposes.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 32,500 hours.

    OMB Number: 1545-1139.
    Type of Review: Extension.
    Title: PS-264-82 (Final) Adjustments to Basis of Stock and 
Indebtedness to Shareholders of S Corporations and Treatment of 
Distributions by S Corporations to Shareholders; REG-144859-04--Section 
1367.
    Description: The regulations provide the procedures and the 
statements to be filed by S corporations for making the election 
provided under section 1368, and by shareholders who choose to reorder 
items that decrease their basis. Statements required to be filled will 
be used to verify that taxpayers are complying with the requirements 
imposed by Congress.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 450 hours.

    OMB Number: 1545-1381.
    Type of Review: Extension.
    Title: CO-49-88 (Final) Limitations on Corporate Net Operating 
Loss.
    Description: This regulation provides rules for the allocation of a 
loss corporation's taxable income or net operating loss between the 
periods before and after an ownership change under section 382 of the 
Code, including an election to make the allocation based on a closing 
of the books as of the change date.
    Respondents: Businesses and other for-profit institutions.
    Estimated Total Burden Hours: 200 hours.

    OMB Number: 1545-1763.
    Type of Review: Revision.
    Title: Direct Deposit of Refund of $1 Million or more.
    Form: 8302.
    Description: This form is used to request a deposit of a tax refund 
of $1 million or more directly into an account at any U.S. bank or 
other financial institution.
    Respondents: Businesses and other for-profit institutions.
    Estimated Total Burden Hours: 1,088 hours.

    OMB Number: 1545-0879.
    Type of Review: Extension.
    Title: IA-195-78 (Final) Certain Returned Magazines, Paperbacks or 
Records
    Description: The regulations provide rules relating to an exclusion 
from gross income for certain returned merchandise. The regulations 
provide that in addition to physical return of the merchandise, a 
written statement listing certain information may constitute evidence 
of the return. Taxpayers who receive physical evidence of the return 
may, in lieu of retaining physical evidence, retain documentary 
evidence of the return. Taxpayers in the trade or business of selling 
magazines, paperbacks, or records, who elect to use a certain method of 
accounting, are affected.
    Respondents: Businesses and other for-profit institutions.
    Estimated Total Burden Hours: 8,125 hours.

    OMB Number: 1545-1921.
    Type of Review: Extension.
    Title: Continuation Sheet for Item 16 (Additional 
Information) OF-306, Declaration for Federal Employment.
    Form: 12114.
    Description: Form 12114 is used as a continuation to the OF-306 to 
provide additional space for capturing additional information.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 6,203 hours.

    OMB Number: 1545-0094.
    Type of Review: Revision.
    Title: U.S. Information Return-Trust Accumulation of Charitable 
Amounts.
    Form: 1041-A.
    Description: Form 1041-A is used to report the information required 
in 26 U.S.C. 6034 concerning accumulation and distribution of 
charitable amounts. The data is used to verify that amounts for which a 
charitable deduction was allowed are used for charitable purposes.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 4,396,854 hours.

    OMB Number: 1545-1918.
    Type of Review: Extension.
    Title: Supplement to OF-612, Optional Application for Federal 
Employment.
    Form: 12885.
    Description: Form 12885 is used as a supplement to the OF-612 to 
provide additional space for capturing work history.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 12,406 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. E8-19815 Filed 8-26-08; 8:45 am]
BILLING CODE 4830-01-P