[Federal Register Volume 75, Number 139 (Wednesday, July 21, 2010)]
[Notices]
[Pages 42482-42484]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-17716]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

July 15, 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 August 20, 
2010 to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-NEW.
    Type of Review: New Collection requesting OMB control number.
    Title: RP-12512-09 Rules for Certain Rental Real Estate Activities.
    Abstract: This Revenue Procedure grants relief under Sec.  1.469-
9(g) for certain taxpayers to make late elections to treat all 
interests in rental real estate as a single rental real estate 
activity.
    Respondents: Individuals or Households.
    Estimated Total Burden Hours: 300 hours.

    OMB Number: 1545-0959.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: LR-213-76 (T.D. 8095) Estate and Gift Taxes; Qualified 
Disclaimers of Property.
    Abstract: 26 U.S.C. 2518 allows a person to disclaim an interest in 
property received by gift or inheritance. The interest is treated as if 
the dis-claimant never received or transferred such interest for 
Federal gift tax purposes. A qualified disclaimer must be in writing 
and delivered to the transferor or trustee.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 1,000 hours.

    OMB Number: 1545-1038.
    Type of Review: Revision of a currently approved collection.
    Title: Annual Certification of a Qualified Residential Rental 
Project.
    Form: 8703.
    Abstract: Operators of qualified residential projects will use this 
form to certify annually that their projects meet the requirements of 
IRC section 142(d). Operators are required to file this certification 
under section 142(d)(7). Operators must indicate on the form the 
specific ``set-aside'' test the bond issuer elected under 26 U.S.C. 
142(d) for the project period. They must also indicate the percentage 
of low-income units in the residential rental project.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 76,620 hours.

    OMB Number: 1545-1709.
    Type of Review: Revision of a currently approved collection.
    Title: Application for Extension of Time to File an Exempt 
Organization Return (Form-8868).
    Form: 8868.
    Abstract: 26 U.S.C. 6081 of the Internal Revenue Code grants a 
reasonable extension of time for filing any return. This form is used 
by fiduciaries and certain exempt organizations, to request an 
extension of time to file their returns. The information is used to 
determine whether the extension should be granted.
    Respondents: Private Sector: Not-for-profit institutions.
    Estimated Total Burden Hours: 1,291,497 hours.

    OMB Number: 1545-1715.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Tip Rate Determination Agreement (for use by employers in 
the food and beverage industry).
    Abstract: Information is required by the Internal Revenue Service 
in its tax compliance efforts to assist employers and their employees 
in understanding and complying with section 26 U.S.C. 6053(a), which 
requires employees to report all their tips monthly to their employers.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 1,737 hours.

    OMB Number: 1545-1716.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Notice 2001-1, Employer-designed Tip Reporting Program for 
the Food and Beverage Industry (EmTRAC).
    Abstract: Information is required by the Internal Revenue Service 
in its compliance efforts to assist employers and their employees in 
understanding and complying with section 6053(a), which requires 
employees to report all their tips monthly to their employers.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 870 hours.

    OMB Number: 1545-1721.
    Type of Review: Revision of a currently approved collection.
    Title: Taxable REIT Subsidiary Election.
    Form: 8875.

[[Page 42483]]

    Abstract: A corporation and a REIT use Form 8875 to jointly elect 
to have the corporation treated as a taxable REIT subsidiary as 
provided in 26 U.S.C. 856(l).
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 9,980 hours.

    OMB Number: 1545-1875.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Revenue Procedure 2004-12, Health Insurance Costs of 
Eligible Individuals.
    Abstract: Revenue Procedure 2004-12 informs states how to elect a 
health program to be qualified health insurance for purposes of the 
health coverage tax credit (HCTC) under section 35 of the Internal 
Revenue Code. The collection of information is voluntary. However, if a 
state does not make an election, eligible residents of the state may be 
impeded in their efforts to claim the HCTC.
    Respondents: State, Local, and Tribal Governments.
    Estimated Total Burden Hours: 26 hours.

    OMB Number: 1545-2040.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Revenue Procedure Granting Automatic Consent to change 
certain elections relating to the apportionment of interest expense and 
research and experimental expenditures.
    Abstract: This revenue procedure provides the administrative 
procedure under which a taxpayer may obtain automatic consent to 
change: (a) From the fair market value method under Sec.  1.861-
8T(c)(2) or from the alternative tax book value method under Sec.  
1.861-9(i)(1) to apportion interest expense or (b) from the sales 
method or the optional gross income methods under Sec.  1.861-17(c) and 
(d) to apportion research and experimental expenditures. This revenue 
procedure is effective for either (a) a taxpayer's first taxable year 
beginning after December 31, 2004 (the taxpayer's 2005 taxable year); 
or (b) a taxpayer's taxable year immediately following the taxpayer's 
2005 taxable year, but, in such case, a taxpayer will not be provided 
automatic consent to change any election that first took effect with 
respect to the taxpayer's 2005 taxable year. This revenue procedure is 
effective only if the taxpayer attaches the statement(s) to Form 1118 
or Form 1116, whichever is applicable, by the later of: (a) One year 
after the date this revenue procedure is published, or (b) the due date 
(including extensions) of the taxpayer's income tax return to which the 
statement(s) relates; and if the taxpayer maintains all necessary 
documentation to establish change and qualification. The reporting and 
recordkeeping requirements imposed by this revenue procedure will 
enable the IRS to identify eligibility to use the procedure and the 
years for which the new method or methods is being adopted.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 100 hours.

    OMB Number: 1545-0782.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: LR-7 (TD 6629) Final, Limitation on Reduction in Income Tax 
Liability Incurred to the Virgin Islands.
    Abstract: The Tax Reform Act of 1986 repealed the mandatory 
reporting and recordkeeping requirements of section 934(d)(1954 Code). 
The prior exception to the general rule of section 934 (1954 Code) to 
prevent the Government of the U.S. Virgin Islands from granting tax 
rebates with regard to taxes attributable to income derived from 
sources within the U.S. was contingent upon the taxpayer's compliance 
with the reporting requirements of section 934(d).
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 185 hours.

    OMB Number: 1545-1068.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: INTL-362-88 (T.D. 8618)(Final) Definition of a Controlled 
Foreign Corporation, Foreign Base Company Income, and Foreign Personal 
Holding Company Income of a Controlled Foreign Corporation.
    Abstract: The election and recordkeeping requirements are necessary 
to exclude certain high-taxed or active business income from subpart F 
income or to include certain income in the appropriate category of 
subpart F income. The recordkeeping and election procedures allow the 
U.S. shareholders and the IRS to know the amount of the controlled 
foreign corporation's subpart F income.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 50,417 hours.

    OMB Number: 1545-1132.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: INTL-536-89 (T.D. 8300) (Final) Registration Requirements 
with Respect to Certain Debt Obligations; Application of Repeal of 30 
Percent Withholding by the Tax Reform Act of 1984.
    Abstract: The Internal Revenue Service needs the information in 
order to ensure that purchasers of bearer obligations are not U.S. 
persons (other than those permitted to hold obligations under section 
165(j) and to ensure that U.S. persons holding bearer obligations 
properly report income and gain on such obligations.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 850 hours.

    OMB Number: 1545-2043.
    Type of Review: Revision of a currently approved collection.
    Title: Form 8879-B, IRS e-file Signature Authorization for Form 
1065-B
    Form: 8879-B
    Abstract: Tax year 2006 is the first year that filers of Form 1065-
B (electing large partnerships) can file electronically. Form 8879-B is 
used when a personal identification number (PIN) will be used to 
electronically sign the electronic tax return, and, if applicable, 
consent to an electronic funds withdrawal.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 273 hours.

    OMB Number: 1545-1836.
    Type of Review: Revision of a currently approved collection.
    Title: Support Schedule for Advance Ruling Period.
    Form: 8734.
    Abstract: Form 8734 is used by charitable exempt organizations to 
furnish financial information supporting its qualification of public 
charity status under 26 U.S.C. 509 and that the IRS can use to classify 
a charity as a public charity.
    Respondents: Private Sector: Not-for-profit institutions.
    Estimated Total Burden Hours: 97,411 hours.

    OMB Number: 1545-1735.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Revenue Procedure 2001-20, Voluntary Compliance on Alien 
Withholding Program (VCAP).
    Abstract: The revenue procedure will improve voluntary compliance 
of colleges and universities in connection with their obligations to 
report withhold and pay taxes due on compensation paid to foreign 
students and scholars

[[Page 42484]]

(nonresident aliens). The revenue procedure provides an optional 
opportunity for colleges and universities which have not fully complied 
with their tax obligations concerning nonresident aliens to self-audit 
and come into compliance with applicable reporting and payment 
requirements.
    Respondents: Private Sector: Not-for-profit institutions.
    Estimated Total Burden Hours: 346,500 hours.

    OMB Number: 1545-1877.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Revenue Procedure 2004-18, Average Area Purchase Price Safe 
Harbors and Nationwide Purchase Prices under section 143.
    Abstract: Revenue Procedure 2004-18 provides issuers of qualified 
mortgage bonds, as defined in section 143(a) of the Internal Revenue 
Code, and issuers of mortgage credit certificates, as defined in 
section 25(c), with: (1) Nationwide average purchase prices for 
residences located in the United States; and (2) average area purchase 
price safe harbors for residences located in statistical areas in each 
state, the District of Columbia, Puerto Rico, the Northern Mariana 
Islands, American Samoa, the Virgin Islands, and Guam.
    Respondents: State, Local, and Tribal Governments.
    Estimated Total Burden Hours: 15 hours.

    OMB Number: 1545-2041.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Expenses Paid by Certain Whaling Captains in Support of 
Native Alaskan Subsistence Whaling.
    Abstract: This document provides guidelines under section 170(n) 
for substantiating certain expenses of carrying out sanctioned whaling 
activities.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 48 hours.

    OMB Number: 1545-2049.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Notice 2006-107--Diversification Requirements for Qualified 
Defined Contribution Plans. Holding Publicly Traded Employer 
Securities.
    Abstract: This notice contains two model forms that may be used by 
employers to notify plan participants of their diversification rights 
under sections 901 and 507 of the Pension Protection Act of 2006.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 7,725 hours.

    OMB Number: 1545-1589.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Revenue Procedure 98-19, Exceptions to the notice and 
reporting requirements of section 6033(e)(1) and the tax imposed by 
section 6033(e)(2).
    Abstract: Revenue Procedure 98-19 provides guidance to 
organizations exempt from taxation under section 501(a) of the Internal 
Revenue Code of 1986 on certain exceptions from the reporting and 
notice requirements of section 6033(e)(1) and the tax imposed by 
section 6033(e)(2).
    Respondents: Private Sector: Not-for-profit institutions.
    Estimated Total Burden Hours: 150,000 hours.

    OMB Number: 1545-1592.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Revenue Procedure 98-20, Certification for No Information 
Reporting on the Sale of a Principal Residence.
    Abstract: The revenue procedure applies only to the sale of a 
principal residence for $250,000 or less ($500,000 or less if the 
seller is married). The revenue procedure provides the written 
assurances that are acceptable to the Service for exempting a real 
estate reporting person from information reporting requirements for the 
sale of a principal residence.
    Respondents: Individuals or Households.
    Estimated Total Burden Hours: 420,500 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. 2010-17716 Filed 7-20-10; 8:45 am]
BILLING CODE 4810-01-P