[Federal Register Volume 74, Number 217 (Thursday, November 12, 2009)]
[Notices]
[Pages 58372-58373]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-27210]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 3520

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Department of the Treasury, as part of its continuing 
effort to reduce paperwork and respondent burden, invites the general 
public and other Federal agencies to take this opportunity to comment 
on proposed and/or continuing information collections, as required by 
the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning 
Form 3520, Annual Return To Report Transactions With Foreign Trusts and 
Receipts of Certain Foreign Gifts.

DATES: Written comments should be received on or before January 11, 
2010 to be assured of consideration.

ADDRESSES: Direct all written comments to Glenn P. Kirkland, Internal 
Revenue Service, Room 6129, 1111 Constitution Avenue, NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to R. Joseph 
Durbala, (202) 622-3634, at Internal Revenue Service, Room 6129, 1111 
Constitution Avenue, NW., Washington, DC 20224, or through the internet 
at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: Annual Return To Report Transactions With Foreign Trusts and 
Receipts of Certain Foreign Gifts.
    OMB Number: 1545-0159.
    Form Number: Form 3520.
    Abstract: U.S. persons who create a foreign trust or transfer 
property to a foreign trust must file Form 3520 to report the 
establishment of the trust or the transfer of property to the trust. 
Form 3520 must also be filed by U.S. persons who are treated as owners 
of any part of the assets of a trust under subpart E of Part I or 
subchapter J of Chapter 1; who received a distribution from a foreign 
trust; or who received large gifts during the tax year from a foreign 
person.
    Current Actions: There is no change in the paperwork burden 
previously approved by OMB. This form is being submitted for renewal 
purposes only.
    Type of Review: Extension of a currently approved collection.

[[Page 58373]]

    Affected Public: Businesses and other for-profit organizations.
    Estimated Number of Respondents: 1,320.
    Estimated Time per Respondent: 54 hours 35 minutes.
    Estimated Total Annual Burden Hours: 72,059.
    The following paragraph applies to all of the collections of 
information covered by this notice:
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless the collection of 
information displays a valid OMB control number. Books or records 
relating to a collection of information must be retained as long as 
their contents may become material in the administration of any 
internal revenue law. Generally, tax returns and tax return information 
are confidential, as required by 26 U.S.C. 6103.
    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in the request for OMB approval. All 
comments will become a matter of public record.
    Comments are invited on: (a) Whether the collection of information 
is necessary for the proper performance of the functions of the agency, 
including whether the information shall have practical utility; (b) the 
accuracy of the agency's estimate of the burden of the collection of 
information; (c) ways to enhance the quality, utility, and clarity of 
the information to be collected; (d) ways to minimize the burden of the 
collection of information on respondents, including through the use of 
automated collection techniques or other forms of information 
technology; and (e) estimates of capital or start-up costs and costs of 
operation, maintenance, and purchase of services to provide 
information.

    Approved: November 5, 2009.
R. Joseph Durbala,
IRS Supervisory Tax Analyst.
[FR Doc. E9-27210 Filed 11-10-09; 8:45 am]
BILLING CODE 4830-01-P