[Federal Register Volume 73, Number 186 (Wednesday, September 24, 2008)]
[Notices]
[Pages 55203-55205]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-22325]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

September 18, 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 October 24, 
2008 to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-1488.
    Type of Review: Extension.
    Title: REG-209837-96 (TD 8719 (Final)) Requirements Respecting the 
Adoption or Change of Accounting Method, Extensions of Time to Make 
Elections.
    Description: The regulations provide the standards the Commissioner 
will use to determine whether to grant an extension of time to make 
certain elections.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 5,000 hours.

    OMB Number: 1545-0877.
    Type of Review: Revision.
    Title: Acquisition or Abandonment of Secured Property.
    Form: 1099-A.
    Description: Form 1099-A is used by lenders to report foreclosures 
and abandonments of property that is security for a loan.
    Respondents: Businesses and other for-profit institutions.
    Estimated Total Burden Hours: 61,817 hours.

    OMB Number: 1545-1677.
    Type of Review: Extension.
    Title: REG-136311-01 (Final) Exclusions From Gross Income of 
Foreign Corporations (TD 9087).
    Description: This document contains rules implementing the portions 
of section 883(a) and (c) of the Internal Revenue Code that relate to 
income derived by foreign corporations from the international operation 
of a ship or ships or aircraft. The rules provide, in general, that a 
foreign corporation organized in a qualified foreign country and 
engaged in the international operation of ships or aircraft shall 
exclude qualified income from gross income for purposes of United 
States Federal income taxation, provided that the corporation can 
satisfy certain ownership and related documentation requirements.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 23,900 hours.

    OMB Number: 1545-1393.

[[Page 55204]]

    Type of Review: Extension.
    Title: EE-14-81 (NPRM) Deductions and Reductions in Earnings and 
Profits (or Accumulated Profits) With Respect to Certain Foreign 
Deferred Compensation Plans Maintained by Certain Foreign Corporations.
    Description: The regulation provides guidance regarding the 
limitations on deductions and adjustments to earnings and profits (or 
accumulated profits) for certain foreign deferred compensation plans. 
Respondents will be multinational corporations.
    Respondents: Businesses and other for-profit institutions.
    Estimated Total Burden Hours: 634,450 hours.

    OMB Number: 1545-1654.
    Type of Review: Extension.
    Title: REG-106527-98 (Final) Capital Gains, Partnership and 
Subchapter S, and Trust Provisions.
    Description: Section 1(h) requires that transferors recognize 
collectibles gain when an interest in an S corporation, trust, or a 
partnership holding property with collectibles gain is sold or 
exchanged and that partners take section 1250 capital gain in the 
partnership property into account when an interest in the partnership 
is sold or exchanged. These regulations provide guidance.
    Respondents: Businesses and other for-profit institutions.
    Estimated Total Burden Hours: 1 hour.

    OMB Number: 1545-1927.
    Type of Review: Extension.
    Title: IRS e-file Electronic Funds Withdrawal Authorization for 
Form 7004.
    Form: 8878-A.
    Description: Form 8878-A is used by a corporate officer or agent 
and an electronic return originator (ERO) to use a personal 
identification number (PIN) to authorize an electronic funds withdrawal 
for a tax payment made with a request to extend the filing due date for 
a corporate income tax return.
    Respondents: Businesses and other for-profit institutions.
    Estimated Total Burden Hours: 505,400 hours.

    OMB Number: 1545-1398.
    Type of Review: Extension.
    Title: Race and National Origin Identification.
    Form: 9620.
    Description: Form 9620 is an optically scannable form that is used 
to collect race and national origin data on all IRS employees and new 
hires. The form is a valuable tool in allowing the IRS to meet its 
diversity/EEO goals and as a component of its referral and tracking 
system and recruitment program.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 2,500 hours.

    OMB Number: 1545-1934.
    Type of Review: Extension.
    Title: TD 9394 (REG-108524-00) (Final)--section 1446 Regulations; 
Form 8804-C--Certificate of Partner-Level Items to Reduce section 1446 
Withholding.
    Form: 8804-C.
    Description: This regulation implements withholding regime on 
partnerships conducting business in the United States that have foreign 
partners. Such partners are required to pay withholding tax in 
installments on each foreign partner's allocable share of the 
partnership's U.S. Business taxable income. Special rules for publicly 
traded partnerships such that these partnerships pay withholding tax on 
distributions to foreign partners.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 18,168 hours.

    OMB Number: 1545-1644.
    Type of Review: Extension.
    Title: REG-126024-01 (final) Reporting of Gross Proceeds Payment to 
Attorneys; TD 9270.
    Description: Information is required to implement section 1021 of 
the Taxpayer Relief Act of 1997. This information will be used by the 
IRS to verify compliance with section 6045 and to determine that the 
taxable amount of these payments has been computed correctly.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 1 hour.

    OMB Number: 1545-0096.
    Type of Review: Revision.
    Title: Form 1042, Annual Withholding Tax Return for U.S. Source 
Income of Foreign Persons; Form 1042-S, Foreign Person's U.S. Source 
Income Subject to Withholding, Form 1042-T, Annual Summary.
    From: 1042.
    Description: Form 1042 is used by withholding agents to report tax 
withheld at source on certain income paid to nonresident alien 
individuals, foreign partnerships, and foreign corporations to the IRS. 
Form 1042-S is used by withholding agents to report income and tax 
withheld to payees. A copy of each 1042-S is filed magnetically or with 
Form 1042 for information reporting purposes. The IRS uses this 
information to verify that the correct amount of tax has been withheld 
and paid to the United States. Form 1042-T is used by withholding 
agents to transmit Forms 1042-S to the IRS.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 397,100 hours.

    OMB Number: 1545-1798.
    Type of Review: Revision.
    Title: User Fee for Exempt Organization Determination Letter 
Request.
    Form: 8718.
    Description: The Omnibus Reconciliation Act of 1990 requires 
payment of a ``user fee'' with each application for a determination 
letter. Because of this requirement, the Form 8718 was created to 
provide filers the means to make payment and indicate the type of 
request.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 16,667 hours.

    OMB Number: 1545-0119.
    Type of Review: Extension.
    Title: Distributions From Pensions, Annuities, Retirement or 
Profit-Sharing Plans, IRAs, Insurance Contracts, etc.
    Form: 1099-R.
    Description: Form 1099-R is used to report distributions from 
pensions, annuities, profit-sharing or retirement plans, IRAs, and the 
surrender of insurance contracts. This information is used by IRS to 
verify that income has been properly reported by the recipient.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 18,704,546 hours.

    OMB Number: 1545-0748.
    Type of Review: Extension.
    Title: Employer Appointment of Agent.
    Form: 2678.
    Description: 26 U.S.C. 3504 authorizes an employer to designate a 
fiduciary, agent, etc., to perform the same acts as required of 
employers for purposes of employment taxes.
    Respondents: Businesses and other for-profit institutions.
    Estimated Total Burden Hours: 47,600 hours.

    OMB Number: 1545-1484.
    Type of Review: Extension.
    Title: REG-242282-97 (formerly Intl-62-90, Intl-32-93, Intl-52-86, 
and Intl-52-94) (Final) General Revision of Regulations Relating to 
Withholding of Tax on Certain U.S. Source Income Paid to Foreign 
Corporations.
    Description: The regulations are needed to provide guidance 
relating to the withholding of income of nonresident alien individuals 
and foreign corporations.
    Respondents: Businesses and other for-profit institutions.

[[Page 55205]]

    Estimated Total Burden Hours: 1 hour.

    OMB Number: 1545-1591.
    Type of Review: Extension.
    Title: Reg-251701-96 Electing Small Business Trusts.
    Description: This regulation provides the time and manner for 
making the Electing Small Business Trust election pursuant to section 
1361 (e)(3).
    Respondents: Businesses and other for-profit institutions.
    Estimated Total Burden Hours: 7,500 hours.

    OMB Number: 1545-1364.
    Type of Review: Revision.
    Title: EG-144615-02 (NPRM), Methods to Determine Taxable Income in 
Connection with a Cost Sharing Arrangement.
    Description: The collection of information related to the IRS's 
assessment of whether a cost sharing arrangement is valid, and whether 
each participant's share of costs is proportionate to the participants 
share of benefits, and whether arm's length compensation has been paid 
to those participants providing external contributions such that an 
appropriate return is provided to those participants for putting their 
funds at risk to a greater extent than the other participants.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 9,350 hours.

    OMB Number: 1545-1005.
    Type of Review: Extension.
    Title: PS-62-87 (Final) Low-Income Housing Credit for Federally-
Assisted Buildings.
    Description: The rule requires the taxpayer (low-income building 
owner) to seek a waiver in writing from the IRS concerning low-income 
buildings acquired during a special 10-year period in order to avert a 
claim against a Federal mortgage insurance fund.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 3,000 hours.

    OMB Number: 1545-0819.
    Type of Review: Extension.
    Title: 26 CFR 601.201 Instructions for Requesting Rulings and 
Determination Letters.
    Description: The National Office issues ruling letters and Area 
Directors issue determination letters to taxpayers interpreting and 
applying the tax laws to a specific set of facts. The National Office 
also issues other types of letters. The procedural regulations set 
forth the instructions for requesting ruling and determination letters.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 248,496 hours.

    OMB Number: 1545-1937.
    Type of Review: Extension.
    Title: Notice 2005-41, Guidance Regarding Qualified Intellectual 
Property Contributions.
    Description: This notice explains new section 170(e)(1)(B)(iii) and 
170(m) as added by section 882 of the American Jobs Creation Act of 
2004. Under section 170(e)(1)(B)(iii), a donor's initial charitable 
contribution deduction for a gift of qualified intellectual property is 
limited to the lesser of the donor's adjusted basis is the property or 
its fair market value. Under section 170(m), the donor may claim 
additional deduction in subsequent years if the property produces 
income.
    Respondents: Businesses and other for-profit institutions.
    Estimated Total Burden Hours: 30 hours.

    OMB Number: 1545-1936.
    Type of Review: Extension.
    Title: Revenue Procedure 2005-24, Waiver of Spousal Election.
    Description: This revenue procedure provides guidance on the 
procedures for waiving a spousal election right with respect to 
charitable remainder annuity trusts under section 664(d)(1) and 
charitable remainder unitrusts under section 664(d)(2) that are 
established after the date that is 90 days after the date the Rev. 
Proc. is published in the IRB.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 150,000 hours.

    OMB Number: 1545-1490.
    Type of Review: Extension.
    Title: FI-28-96 (Final) Arbitrage Restrictions on Tax-Exempt Bonds.
    Description: The recordkeeping requirements are necessary for the 
Service to determine that an issuer of tax-exempt bonds has not paid 
more than fair market value for nonpurpose investments under section 
148 of the Internal Revenue Code.
    Respondents: State, Local, or Tribal Governments.
    Estimated Total Burden Hours: 1,425 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. E8-22325 Filed 9-23-08; 8:45 am]
BILLING CODE 4830-01-P