[Federal Register Volume 73, Number 192 (Thursday, October 2, 2008)]
[Notices]
[Pages 57407-57409]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-23179]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

September 22, 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 November 3, 
2008 to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-2099.
    Type of Review: Extension.
    Title: Excise Tax on Certain Transfers of Qualifying Geothermal or 
Mineral Interests.
    Forms: 8924.
    Description: Form 8924, Excise Tax on Certain Transfers of 
Qualifying Geothermal or Mineral Interests, is required by Section 403 
of the Tax Relief and Health Care Act of 2006 which imposes an excise 
tax on certain transfers of qualifying mineral or geothermal interests.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 555 hours.

    OMB Number: 1545-1073.
    Type of Review: Extension.
    Title: Credit for Prior Year Minimum Tax--Individuals, Estates and 
Trusts.
    Forms: 8801.
    Description: Form 8801 is used by individuals, estates, and trusts 
to compute the minimum tax credit, if any, available from a tax year 
beginning after 1986 to be used in the current year or to be carried 
forward for use in a future year.
    Respondents: Individuals or Households.
    Estimated Total Burden Hours: 89,107 hours.

    OMB Number: 1545-1498.
    Type of Review: Extension.
    Title: REG-209826-96 (NPRM) Application of the Grantor Trust Rules 
to Nonexempt Employees' Trusts.
    Description: The regulations provide rules for the application of 
the grantor trust rules to certain nonexempt employees' trusts. 
Taxpayers must indicate on a return that they are relying on a special 
rule to reduce the overfunded amount of the trust.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 1,000 hours.

    OMB Number: 1545-0090.
    Type of Review: Revision.
    Title: Form 1040-SS, U.S. Self-Employment Tax Return; Form 1040-PR, 
Planilla Para La Declaracion De La Contribucion Federal Sobre El 
Trabajo Por Cuenta Propia--Puerto Rico; and Anejo H-PR.
    Forms: 1040-SS, 1040-PR, Anexo H-PR.
    Description: Form 1040-S (Virgin Islands, Guam, American Samoa, and 
the Northern Mariana Islands) and 1040-PR (Puerto Rico) are used by 
self-employed individuals to figure and report self-employment tax 
under IRC chapter 2 of Subtitle A, and provide credit to the taxpayer's 
social security account. Anejo H-PR is used to compute household 
employment taxes. Form 1040-SS and Form 1040-PR are also used by bona-
fide residents of Puerto Rico to claim the additional child tax credit.
    Respondents: Individuals or Households.
    Estimated Total Burden Hours: 2,880,460 hours.

    OMB Number: 1545-1796.
    Type of Review: Extension.
    Title: REG-106879-00 (Final) Consolidated Loss Recapture Events.
    Description: This document contains final regulations under section 
1503(d) regarding the events that require the recapture of dual 
consolidated losses. These regulations are issued to facilitate 
compliance by taxpayers with the dual consolidated loss provisions. The 
regulations generally provide that certain events will not trigger 
recapture of a dual consolidated loss or payment of the associated 
interest charge. The regulations provide for the filing of certain 
agreements in such cases. This document also makes clarifying and 
conforming changes to the current regulations.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 60 hours.

    OMB Number: 1545-1935.
    Type of Review: Extension.
    Title: Notice 2005-40, election to defer net experience loss in a 
multiemployer plan.
    Description: This notice describes the election that must be filed 
by an eligible multiemployer plan's enrolled actuary to the Service in 
order to defer a net experience loss. The notice also describes the 
notification that must be given to plan participants and beneficiaries, 
to labor organizations, to contributing employers and to the Pension 
Benefit Guaranty Corporation within 30 days of making an election

[[Page 57408]]

with the Service and the certification that must be filed if a 
restricted amendment is adopted.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 960 hours.

    OMB Number: 1545-0714.
    Type of Review: Extension.
    Title: Employers Annual Information Return of Tip Income and 
Allocated Tips (Form 8027); Transmittal of Employer's Annual 
Information Return of Tip Income and Allocated Tips (Form 8027-T).
    Forms: 8027, 8027-T.
    Description: To help IRS in its examination of returns filed by 
tipped employees large food or beverage establishments are required to 
report annually information concerning food or beverage operations 
receipts, tips, reported by employees, and in certain cases, the 
employer must allocate tips to certain employees.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 488,161 hours.

    OMB Number: 1545-1675.
    Type of Review: Extension.
    Title: REG-122450-98 (Final) Real Estate Mortgage Investment 
Conduits; REG-100276-97; REG-122450-98 (NPRM) Financial Asset 
Securitization Investment Trusts; Real Estate Mortgage Investment (TD 
9004).
    Description: REG-122450-98 Sections 1.860E-1(c)(4)-(10) of the 
Treasury Regulations provide circumstances under which a transferor of 
a noneconomic residual interest in a Real Estate Mortgage Investment 
Conduit (REMIC) meeting the investigation, and two representation 
requirements may avail itself of the safe harbor by satisfying either 
the formula test or asset test. REG-100276-97; REG-122450-98 This 
regulation provides start-up and transitional rules applicable to 
financial asset securitization investment trust.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 1,220 hours.

    OMB Number: 1545-0619.
    Type of Review: Extension.
    Title: Credit for Increasing Research Activities.
    Forms: 6765.
    Description: IRC section 38 allows a credit against income tax 
(determined under IRC section 41) for an increase in research 
activities in a trade or business. Form 6765 is used by businesses 
individuals engaged in a trade or business to figure and report the 
credit. The data is used to verify that the credit claimed is correct.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 338,227 hours.

    OMB Number: 1545-1218.
    Type of Review: Extension.
    Title: CO-25-96 (TD 8824--Final) Regulations Under Section 1502 of 
the Internal Revenue Code of 1986; Limitations on Net Operating Loss 
Carryforwards and Certain Built-in Losses and Credits Following.
    Description: Section 1502 provides for the promulgation of 
regulations with respect to corporations that file consolidated income 
tax returns. Section 382 limits the amount of income that can be offset 
by loss carryovers and credits after an ownership change. These final 
regulations provide rules for applying section 382 to groups of 
corporations that file a consolidated return.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 662 hours.

    OMB Number: 1545-1518.
    Type of Review: Extension.
    Title: HSA, Archer MSA, or Medicare Advantage MSA Information.
    Forms: 5498-SA.
    Description: Section 220(h) requires trustees to report to the IRS 
and medical savings accountholders contributions to and the year-end 
fair market value of any contributions made to a medical savings 
account (MSA). Congress requires Treasury to report to them the total 
contributions made to an MSA for the current tax year. Section 1201 of 
the Medicare prescription Drug, Improvement, and Modernization Act of 
2003 (P.L. 108-173) created new Code section 223. Section 223(h) 
requires the reporting of contributions to and the year-end fair market 
value of health savings accounts for tax years beginning after December 
31, 2003.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 6,988 hours.

    OMB Number: 1545-1424.
    Type of Review: Revision.
    Title: Cancellation of Debt.
    Forms: 1099-C.
    Description: Form 1099-C is used for reporting canceled debt, as 
required by section 6050P of the Internal Revenue Code. It is used to 
verify that debtors are correctly reporting their income.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 102,939 hours.

    OMB Number: 1545-1492.
    Type of Review: Extension.
    Title: Request for Closing Agreement Relating to Advance Refunding 
Issue Under Sections 148 and 7121 and Revenue Procedure 96-41.
    Forms: 10001.
    Description: Form 10001 is used in conjunction with a closing 
agreement program involving certain issuers of tax-exempt advance 
refunding bonds. Revenue Procedure 96-41 established this voluntary 
compliance program and prescribed the filing of Form 10001 to request a 
closing agreement.
    Respondents: State, local, and Tribal Governments.
    Estimated Total Burden Hours: 300 hours.

    OMB Number: 1545-0184.
    Type of Review: Extension.
    Title: Sales of Business Property.
    Forms: 4797.
    Description: Form 4797 is used by taxpayers to report sales, 
exchanges, or involuntary conversion of assets, other than capital 
assets, and involuntary conversion of capital assets held more than one 
year. It is also used to compute ordinary income from recapture and the 
recapture of prior year section 1231 losses.
    Respondents: Individuals or Households.
    Estimated Total Burden Hours: 100,633,248 hours.

    OMB Number: 1545-0120.
    Type of Review: Extension.
    Title: Certain Government Payments.
    Forms: 1099-G.
    Description: Form 1099-G is used by governments (primarily state 
and local) to report to the IRS (and notify recipients of) certain 
payments (e.g., unemployment compensation and income tax refunds). IRS 
uses the information to insure that the income is being properly 
reported by the recipients on their returns.
    Respondents: Federal Government.
    Estimated Total Burden Hours: 12,200,000 hours.

    OMB Number: 1545-1091.
    Type of Review: Extension.
    Title: Corporate Passive Activity Loss and Credit Limitations.
    Forms: 8810.
    Description: Under section 469, losses and credits from passive 
activities, to the extent they exceed passive income (or, in the case 
of credits, the tax attributable to met passive income), are not 
allowed. Form 8810 is used by personal service corporations and closely 
held corporations to figure the passive activity loss and credits 
allowed and the amount of loss and credit to be reported on their tax 
return.
    Respondents: Businesses or other for-profit institutions.

[[Page 57409]]

    Estimated Total Burden Hours: 3,749,000 hours.

    OMB Number: 1545-1012.
    Type of Review: Extension.
    Title: Salary Reduction Simplified Employee Pension-Individual 
Retirement Accounts Contribution Agreement.
    Forms: FORM-5305A-SEP.
    Description: Form 5305-A-SEP is used by an employer to make an 
agreement to provide benefits to all employees under a salary reduction 
Simplified Employee Pension (SEP) described in section 408(k). This 
form is not to be filed with IRS, but is to be retained in the 
employer's records as proof of establishing such a plan, thereby 
justifying a deduction for contributions made to the SEP. The data is 
used to verify the deduction.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 972,000 hours.

    OMB Number: 1545-0928.
    Type of Review: Extension.
    Title: REG-124667-02 (Final) Disclosure of Relative Values of 
Optional Forms of Benefit; EE-35-85 (Final) Income Tax: Taxable Years 
Beginning After December 31, 1953; OMB Control Number Under The.
    Description: These final regulations are required by statute and 
must be provided by employers to retirement plan participants to inform 
participants of their rights under the plan or under the law. Failure 
to timely notify participant of their rights may result in loss of plan 
benefits.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 385,000 hours.

    OMB Number: 1545-0967.
    Type of Review: Extension.
    Title: U.S. Estate or Trust Income Tax Declaration and Signature 
for Electronic and Magnetic Media Filing.
    Forms: 8879-F, 8453-F.
    Description: This form is used to secure taxpayer signatures and 
declarations in conjunction with electronic and magnetic media filing 
of trust and fiduciary income tax returns. This form, together with the 
electronic and magnetic media transmission, will comprise the 
taxpayer's income tax return (Form 1041).
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 1,750 hours.

    OMB Number: 1545-0238.
    Type of Review: Extension.
    Title: Certain Gambling Winnings.
    Forms: W-2G.
    Description: IRC section 6041 requires payers of certain gambling 
winnings to report them to IRS. If applicable, section 3402(g) and 
section 3406 require tax withholding on these winnings. We use the 
information to ensure taxpayer income reporting compliance.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 1,272,479 hours.

    OMB Number: 1545-1008.
    Type of Review: Extension.
    Title: Passive Activity Loss Limitations.
    Forms: 8582.
    Description: Under Internal Revenue Code section 469, losses from 
passive activities, to the extent that they exceed income from passive 
activities, cannot be deducted against nonpassive income. Form 8582 is 
used to figure the passive activity loss allowed and the loss to be 
reported on the tax return.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 11,373,963 hours.

    OMB Number: 1545-1150.
    Type of Review: Revision.
    Title: Short Form Return of Organization Exempt From Income Tax.
    Forms: 990-EZ, Schedule A (Form 990 or 990-EZ), Schedule B (Form 
990, 990-EZ or 990-PF), Schedule C (Form 990 or 990-EZ), Schedule E 
(Form 990 or 990-EZ), Schedule G (Form 990 or 990-EZ), Schedule L (Form 
990 or 990-EZ), Schedule N (Form 990 or 990-EZ).
    Description: Form 990-EZ is needed to determine that IRS section 
501(a) tax-exempt organizations fulfill the operating conditions within 
the limitations of their tax exemption. IRS uses the information from 
this form to determine if the filers are operating within the rules of 
their exemption.
    Respondents: Not-for-profit institutions.
    Estimated Total Burden Hours: 43,656,636 hours.

    OMB Number: 1545-1257.
    Type of Review: Extension.
    Title: Credit for Prior Year Minimum Tax--Corporations.
    Forms: 8827.
    Description: Section 53(d), as revised, allows corporations a 
minimum tax credit based on the full amount of alternative minimum tax 
incurred in tax years beginning after 1989, or a carryforward for use 
in a future year.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 25,000 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. E8-23179 Filed 10-1-08; 8:45 am]
BILLING CODE 4830-01-P