[Federal Register Volume 75, Number 95 (Tuesday, May 18, 2010)]
[Notices]
[Pages 27859-27861]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-11834]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

May 12, 2010.
    The Department of the Treasury will submit the following public 
information collection requirements 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. A copy of the submissions 
may be obtained by calling the Treasury Bureau Clearance Officer 
listed. Comments regarding these information collections should be 
addressed to the OMB reviewer listed and to the Treasury PRA Clearance 
Officer, Department of the Treasury, 1750 Pennsylvania Avenue, NW., 
Suite 11010, Washington, DC 20220.
    Dates: Written comments should be received on or before June 17, 
2010 to be assured of consideration.

Internal Revenue Service

    OMB Number: 1545-0043.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Consent of Shareholder to Include Specific Amount in Gross 
Income.
    Form: 972.
    Abstract: Form 972 is filed by shareholders of corporations to 
elect to include an amount in gross income as a dividend. The IRS uses 
Form 972 as a check to see if an amended return is filed to include the 
amount in income and to determine if the corporation claimed the 
correct amount.
    Respondents: Individuals and Households.
    Estimated Total Burden Hours: 385 hours.

    OMB Number: 1545-0145.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Notice to Shareholder of Undistributed Long-Term Capital 
Gains.
    Form: 2439.
    Abstract: Form 2439 is sent by regulated investment companies and 
real estate investment trusts to report undistributed capital gains and 
the amount of tax paid on these gains designated under IRC section 
852(b)(3)(D) or 857(b)(3)(D). The company, the trust, and the 
shareholder file copies of Form 2439 with IRS. IRS uses the information 
to check shareholder compliance.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 29,995 hours.

    OMB Number: 1545-0889.
    Type of Review: Revision of a currently approved collection.
    Title: Disclosure Statement (Form 8275), and Regulation Disclosure 
Statement (Form 8275-R).
    Form(s): 8275, 8275-R.
    Abstract: IRC section 6662 imposes accuracy related penalties for 
substantial understatement of tax liability or negligence or disregard 
of rules and regulations. Section 6694 imposes similar penalties on 
return preparers. Regulations section 1.6662-4(e) and (f) provide for 
reduction of these penalties if adequate disclosure of the tax 
treatment is made on Form 8275 or, if the position is contrary to a 
regulation on Form 8275-R.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 3,716,664 hours.

    OMB Number: 1545-1459.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Program Sponsor Agreement for Continuing Education for 
Enrolled Agents.
    Form: 8498.
    Abstract: This information relates to the approval of continuing 
professional education programs for the individuals enrolled to 
practice before the Internal Revenue Service (enrolled agents).
    Respondents: Individuals or Households.
    Estimated Total Burden Hours: 300 hours.

    OMB Number: 1545-1556.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: REG-251985-96 (TD 8786--Final) Source of Income From Sales 
of Inventory Partly From Sources Within a Possession of the United 
States; Also, Source of Income Derived From Certain Purchases From A.
    Abstract: The information requested in section 1.863-3(f) (6) is 
necessary for the Service to audit taxpayers' return to ensure 
taxpayers are properly determining the source of their income.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 500 hours.

    OMB Number: 1545-0045.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Claim for Deficiency Dividends Deductions by a Personal 
Holding Company, Regulated Investment Company, or Real Estate 
Investment Trust.

[[Page 27860]]

    Form: 976.
    Abstract: Form 976 is filed by corporations that wish to claim a 
deficiency dividend deduction. The deduction allows the corporation to 
eliminate all or a portion of a tax deficiency. The IRS uses Form 976 
to determine if shareholders have included amounts in gross income.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 3,830 hours.

    OMB Number: 1545-0746.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: LR-100-78 (Final) Creditability of Foreign Taxes.
    Abstract: The information needed is a statement by the taxpayer 
that it has elected to apply the safe harbor formula of section 1.901-
2A (e) of the foreign tax credit regulations. This statement is 
necessary in order that the IRS may properly determine the taxpayer's 
tax liability.
    Respondents: Private Sector: Businesses or other for-profits and 
Farms.
    Estimated Total Burden Hours: 37 hours.

    OMB Number: 1545-1566.
    Type of Review: Revision of a currently approved collection.
    Title: Notice 97-66, Certain Payments Made Pursuant to a Securities 
Lending Transaction; NOT-152783-09--Guidance Regarding Prevention of 
Over-Withholding and U.S. Tax Avoidance with Respect to Certain 
Subst...
    Abstract: Notice 97-66 modifies final regulations which are 
effective November 14, 1997. The Notice relaxes the statement 
requirement with respect to substitute interest payments relating to 
securities loans and repurchased transactions. It also provides a 
withholding mechanism to eliminate excessive withholding on multiple 
payments in a chain of substitute dividend payments. NOT-152783-09 
modifies Notice 97-66, by providing necessary information to ensure 
taxpayers are not subject to excessive tax pursuant to IRC section 
871(l). The information will allow a withholding agent to make a 
substitute dividend payment to certain counterparties in a series of 
securities lending transactions without withholding and depositing 
additional excessive tax.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 62,750 hours.

    OMB Number: 1545-1224.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: INTL-112-88 (Final) Allocation and Apportionment of 
Deduction for State Income Taxes.
    Abstract: This regulation provides guidance on when and how the 
deduction for state income taxes is to be allocated and apportioned 
between gross income from sources within and without the United States 
in order to determine the amount of taxable income from those sources. 
The reporting requirements in the regulation affect those taxpayers 
claiming foreign tax credits who elect to use an alternative method 
from that described in the regulation to allocate and apportion 
deductions for state income taxes.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 1,000 hours.

    OMB Number: 1545-0429.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Request for Copy of Tax Return.
    Form: 4605.
    Abstract: 26 USC 7513 allows for taxpayers to request a copy of a 
tax return. Form 4506 is used by a taxpayer to request a copy of a 
Federal tax form. The information provided will be used for research to 
locate the tax form and to ensure that the requester is the taxpayer or 
someone authorized by the taxpayer.
    Respondents: Individuals or Households.
    Estimated Total Burden Hours: 260,000 hours.

    OMB Number: 1545-0755.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: LR-58-83 (TD 7959--Final) Related Group Election With 
Respect to Qualified Investments in Foreign Base Company Shipping 
Operations.
    Abstract: The election described in the attached justification 
converted an annual election to an election effective until revoked. 
The computational information required is necessary to assure that the 
U.S. shareholder correctly reports any shipping income of its 
controlled foreign corporations which is taxable to that shareholder.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 205 hours.

    OMB Number: 1545-1316.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Filing Assistance Program (Do you have to file a tax 
return?).
    Form: 9452.
    Abstract: The RUF (Reduce Unnecessary Filing) Program was initiated 
in 1992. Each year approximately 72% of the taxpayers contacted through 
the RUF Program stop filing unnecessary returns. This has reduced 
taxpayer burden and been cost effective for the service. This is in 
accord with the Service's compliance and burden reduction initiatives.
    Respondents: Individuals or Households.
    Estimated Total Burden Hours: 825,000 hours.

    OMB Number: 1545-1455.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: PS-80-93 (TD 8645--Final) Rules for Certain Rental Real 
Estate Activities.
    Abstract: The regulation provides rules relating to the treatment 
of rental real estate activities of certain taxpayers under the passive 
activity loss and credit limitations on Internal Revenue Code section 
469.
    Respondents: Individuals or Households.
    Estimated Total Burden Hours: 3,015 hours.

    OMB Number: 1545-1719.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: REG-106446-98 (TD 9003--Final) Relief From Joint and Several 
Liability.
    Abstract: This document contains final regulations relating to 
relief from joint and several liability under section 6015 of the 
Internal Revenue Code. The regulations reflect changes in the law made 
by the Internal Revenue Service Restructuring and Reform Act of 1998 
and by the Community Renewal Tax Relief Act of 2000. The regulations 
provide guidance to married individuals filing joint returns who seek 
relief from joint and several liability.
    Respondents: Individuals or Households.
    Estimated Total Burden Hours: 1 hour.

    OMB Number: 1545-1452.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: FI-43-94 (TD 8649--Final) Regulations Under Section 1258 of 
the Internal Revenue Code of 1986; Netting Rule for Certain Conversion 
Transactions.
    Abstract: Section 1258 recharacterizes capital gains from 
conversion

[[Page 27861]]

transactions as ordinary income to the extent of the time value 
element. This regulation provides that certain gains and losses may be 
netted for purposes of determining the amount of gain recharacterized.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 5,000 hours.

    OMB Number: 1545-0159.
    Type of Review: Revision of a currently approved collection.
    Title: Annual Return To Report Transactions With Foreign Trusts and 
Receipts of Certain Foreign Gifts.
    Form: 3520.
    Abstract: Form 3520 is filed by U.S. persons who create a foreign 
trust, transfer property to a foreign trust, receive a distribution 
from a foreign trust, or receive a large gift from a foreign source. 
IRS uses the form to identify the U.S. persons who may have 
transactions that may trigger a taxable event in the future.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 72,059 hours.

    OMB Number: 1545-1098.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Arbitrage Restrictions on Tax-Exempt Bonds TD 8418 Final 
(FI-91- 86; FI-90-86; FI-90-91; and FI-1-90).
    Abstract: This regulation requires state and local governmental 
issuers of tax-exempt bonds to rebate arbitrage profits earned on 
nonpurpose investments acquired with the bond proceeds. Issuers are 
required to submit a form with the rebate. The regulations provide for 
several elections, all of which must be in writing.
    Respondents: State, Local, and Tribal governments.
    Estimated Total Burden Hours: 8,550 hours.

    OMB Number: 1545-1718.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: REG-106030-98 (TD 9305--final) Source of Income from Certain 
Space and Ocean Activities; Also, Source of Communications Income.
    Abstract: This document contains final regulations under section 
863(d) governing the source of income from certain space and ocean 
activities. It also contains final regulations under section 863(a), 
(d), and (e) governing the source of income from certain communications 
activities. In addition, this document contains final regulations under 
section 863(a) and (b), amending the regulations in Sec.  1.863-3 to 
conform those regulations to these final regulations. The final 
regulations primarily affect persons who derive income from activities 
conducted in space, or on or under water not within the jurisdiction of 
a foreign country, possession of the United States, or the United 
States (in international water). The final regulations also affect 
persons who derive income from transmission of communications.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 1,250 hours.

    OMB Number: 1545-0117.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Original Issue Discount.
    Form: 1099-OID.
    Abstract: Form 1099-OID is used for reporting original issue 
discount as required by section 6049 of the Internal Revenue Code. It 
is used to verify that income earned on discount obligations is 
properly reported by the recipient.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 1,142,324 hours.

    OMB Number: 1545-1572.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: T.D. 8775 (Final) Election Not to Apply Look-Back Methods in 
De Minimis Cases (REG-120200-97).
    Abstract: The regulation requires taxpayers to attach a 
notification statement to their returns when they elect not to apply 
the look-back method to long-term contracts in de minimis cases.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 4,000 hours.

    OMB Number: 1545-1870.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: T.D. 9107 (Final)--Guidance Regarding Deduction and 
Capitalization of Expenditures (REG-125638-01).
    Abstract: Final regulations require that a taxpayer's nonaccrual-
experience method must be self-tested against the taxpayer's experience 
to determine whether the nonaccrual-experience method clearly reflects 
the taxpayer's experience. The information required to be retained by 
taxpayers will constitute sufficient documentation for purposes of 
substantiating a deduction. The information will be used by the agency 
on audit to determine the taxpayer's entitlement to a deduction. The 
respondents include taxpayers who engage in certain transactions 
involving the acquisition of a trade or business or an ownership 
interest in a legal entity.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 3,000 hours.
    Bureau Clearance Officer: R. Joseph Durbala, Internal Revenue 
Service, 1111 Constitution Avenue, NW., Room 6129, Washington, DC 
20224; (202) 622-3634.
    OMB Reviewer: Shagufta Ahmed, Office of Management and Budget, New 
Executive Office Building, Room 10235, Washington, DC 20503; (202) 395-
7873.

Celina Elphage,
Treasury PRA Clearance Officer.
[FR Doc. 2010-11834 Filed 5-17-10; 8:45 am]
BILLING CODE 4830-01-P