[Federal Register Volume 74, Number 12 (Wednesday, January 21, 2009)]
[Notices]
[Pages 3669-3670]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-1070]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

January 13, 2009.
    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 February 20, 
2009 to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-1962.
    Type of Review: Extension.
    Form: 8899.
    Title: Notice of Income Donated Intellectual Property.
    Description: Form is filed by charitable org. receiving donations 
of intellectual property if the donor provides a timely notice. The 
initial deduction is limited to the donor's basis; additional 
deductions are allowed to the extent of income from the property, 
reducing excessive deductions.
    Respondents: Businesses or other for-profits.
    Estimated Total Burden Hours: 5,430 hours.

    OMB Number: 1545-1231.
    Type of Review: Revision.
    Title: Final (T.D. 9436) Tax Return Prep/IA-38-90 Final Regulations 
(T.D. 8382) Penalty on Income Tax Return Preparers Who Understate 
Taxpayer's Liability on a Federal Income Tax Return or a Claim for 
Refund.
    Description: This information is necessary to make the record of 
the name, taxpayer identification number, and principal place of work 
of each tax return preparer, make each return or claim for refund 
prepared available for inspection by the Commissioner of Internal 
Revenue, and to document that the tax return preparer advised the 
taxpayer of the penalty standards applicable to the taxpayer in order 
for the tax return preparer to avoid penalties under section 6694. The 
likely respondents are tax return preparers and their employers. These 
regulations implement amendments to the tax return preparer penalties 
under sections 6694 and 6695 of the Internal Revenue Code and related 
provisions under sections 6060, 6107, 6109, 6696, and 7701(a)(36) 
reflecting amendments to the Code made by section 8246 of the Small 
Business and Work Opportunity Tax Act of 2007 and section 506 of the 
Tax Extenders and Alternative Minimum Tax Relief Act of 2008. The final 
regulation affects tax return preparers and provides guidance regarding 
the amended provisions.
    Respondents: Businesses or other for-profits.
    Estimated Total Burden Hours: 10,679,320 hours.

    OMB Number: 1545-0913.
    Type of Review: Extension.
    Title: Below-Market Loans LR-165-84 (NPRM).

[[Page 3670]]

    Description: Section 7872 re-characterizes a below-market loan as a 
market rate loan and an additional transfer by the lender to the 
borrower equal to the amount of imputed interest. The regulation 
requires both the lender and the borrower to attach a statement to 
their respective income tax returns for years in which they have either 
imputed income or claim imputed deductions under section 7872.
    Respondents: Businesses or other for-profits.
    Estimated Total Burden Hours: 481,722 hours.

    OMB Number: 1545-1955.
    Type of Review: Extension.
    Form: 8894.
    Title: Request to Revoke Partnership Level Tax Treatment Election.
    Description: IRC section 6231(a)(1)(B)(ii) allows small 
partnerships to elect to be treated under the unified audit and 
litigation procedures. This election can only be revoked with the 
consent of the IRS. Form 8894 will provide a standardized format for 
small partnerships to request this revocation and for the IRS to 
process it.
    Respondents: Businesses or other for-profits.
    Estimated Total Burden Hours: 186 hours.

    OMB Number: 1545-1353.
    Type of Review: Extension.
    Title: FI-189-84 (TD 8517--Final) Debt Instruments With Original 
Discount; Imputed Interest on Deferred Payment Sales or Exchanges of 
Property.
    Description: These regulations provide definitions, reporting 
requirements, elections, and general rules relating to the tax 
treatment of debt instruments with original issue discount and the 
imputation of, and accounting for, interest on certain sales or 
exchanges of property.
    Respondents: Businesses or other for-profits.
    Estimated Total Burden Hours: 185,500 hours.

    OMB Number: 1545-1041.
    Type of Review: Extension.
    Title: PS-102-86 (TD 8316--Final) Cooperative Housing Corporations.
    Description: This regulation provides an elective alternative to 
the proportionate share rule for allocating interest and taxes to the 
tenant stockholders of cooperative housing corporations.
    Respondents: Businesses or other for-profits.
    Estimated Total Burden Hours: 625 hours.
    OMB Number: 1545-1466.
    Type of Review: Extension.
    Title: Third-Party Disclosure Requirements in IRS Regulations.
    Description: This submission contains third-party disclosure 
regulations subject to the Paperwork Reduction Act of 1995.
    Respondents: Businesses or other for-profits.
    Estimated Total Burden Hours: 68,885,183 hours.
    Clearance Officer: Glenn P. Kirkland, (202) 622-3428, Internal 
Revenue Service, Room 6516, 1111 Constitution Avenue, NW., Washington, 
DC 20224.
    OMB Reviewer: Nicholas A. Fraser, (202) 395-5887, Office of 
Management and Budget, Room 10235, New Executive Office Building, 
Washington, DC 20503.

Celina Elphage,
Treasury PRA Clearance Officer.
[FR Doc. E9-1070 Filed 1-16-09; 8:45 am]
BILLING CODE 4830-01-P