[Federal Register Volume 75, Number 222 (Thursday, November 18, 2010)]
[Notices]
[Pages 70775-70777]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-29026]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

November 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 December 
20, 2010 to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-1902.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: Qualified Severance of a Trust for Generation-Skipping 
Transfer (GST) Tax Purposes (TD 9348--Final).
    Abstract: This Regulation requires taxpayers to report a qualified 
severance by filing a Form 706-GS(T), or such other form that may be 
published by the Internal Revenue Service in the future that is 
specifically designated to be utilized to report qualified severances. 
Where Form 706-GS(T) is used, the filer should attach a Notice of 
Qualified Severance to the return that clearly identifies the trust 
that is being severed and the new trusts created as a result of the 
severance. The Notice must also provide the inclusion ratio of the 
trust that was severed and the inclusion ratios of the new trusts 
resulting from the severance. The information collected will be used by 
the IRS to identify the trusts being severed and the new trusts created 
upon severance. The collection of information is required in

[[Page 70776]]

order to have a qualified severance. If there was no reporting 
requirement, the IRS would be unable to achieve its objectives.
    Respondents: Businesses or other for-profits.
    Estimated Total Burden Hours: 12,500 hours.

    OMB Number: 1545-0923.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: REG-209274-85 (NPRM) and (Temporary) Tax Exempt Entity 
Leasing.
    Abstract: These regulations provide guidance to persons executing 
lease agreements involving tax-exempt entities under section 168(h) of 
the Internal Revenue Code. The regulations are necessary to implement 
congressionally enacted legislation and elections for certain 
previously tax-exempt organizations and certain tax-exempt controlled 
entities.
    Respondents: Not-for-profit institutions.
    Estimated Total Burden Hours: 2,000 hours.

    OMB Number: 1545-1051.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: INTL-29-91 (Final) Computation and Characterization of 
Income and Earnings and Profits under the Dollar Approximate Separate 
Transactions Method of Accounting (DASTM).
    Abstract: For taxable years after the final regulations are 
effective, taxpayers operating in hyperinflationary currencies must use 
the U.S. dollar as their functional currency and compute income using 
the dollar approximate separate transactions method (DASTM). Small 
taxpayers may elect an alternate method by which to compute income or 
loss. For prior taxable years in which income was computed using the 
profit and loss method, taxpayers may elect to recompute their income 
using DASTM.
    Respondents: Businesses or other for-profits.
    Estimated Total Burden Hours: 1,000 hours.

    OMB Number: 1545-1141.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: Notice 89-102, Treatment of Acquisition of Certain Financial 
Institutions; Tax Consequences of Federal Financial Assistance.
    Abstract: Section 597 of the Internal Revenue Code provides that 
the Secretary provide guidance concerning the tax consequences of 
Federal financial assistance received by qualifying institutions. These 
institutions may defer payment of Federal income tax attributable to 
the assistance. Required information identifies deferred tax 
liabilities.
    Respondents: Businesses or other for-profits.
    Estimated Total Burden Hours: 125 hours.

    OMB Number: 1545-1355.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: REG-208985-89 (formerly INTL-848-89)(NPRM) Taxable Year of 
Certain Foreign Corporations Beginning After July 10, 1989.
    Abstract: Proposed regulations set forth the ``required year'' for 
``specified foreign corporations'' for taxable years beginning after 
July 10, 1989, and give guidance on which foreign corporations must 
change their taxable year and how to effect the change in taxable year. 
Specified foreign corporations must conform to the required year and 
must state so on Form 5471.
    Respondents: Businesses or other for-profits.
    Estimated Total Burden Hours: 700 hours.

    OMB Number: 1545-1601.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: Revenue Procedure 98-32, EFTPS Programs for Reporting 
Agents.
    Abstract: The Batch and Bulk Filer programs are used by Filers for 
electronically submitting enrollments, Federal tax deposits, and 
Federal tax payments on behalf of multiple taxpayers. These programs 
are part of the Electronic Federal Tax Payment System (EFTPS).
    Respondents: Businesses or other for-profits.
    Estimated Total Burden Hours: 246,877 hours.

    OMB Number: 1545-1616.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: REG-115393-98 (Final) Roth IRAs
    Abstract: The regulations provide guidance on establishing Roth 
IRAs, contributions to Roth IRAs, converting amounts to Roth IRAs, re-
characterizing IRA contributions, Roth IRA distributions, and Roth IRA 
reporting requirements.
    Respondents: Individuals or Households.
    Estimated Total Burden Hours: 125,000 hours.

    OMB Number: 1545-2067.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: Mine Rescue Team Training Credit.
    Form: 8923.
    Abstract: Form 8923, Mine Rescue Team Training Credit, was 
developed to carry out the provisions of new code section 45N. 45N was 
added by section 405 of the Tax Relief and Health Care Act of 2006. The 
new form provides a means for the qualified mining company to compute 
and claim the credit.
    Respondents: Businesses or other for-profits.
    Estimated Total Burden Hours: 292 hours.

    OMB Number: 1545-2063.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: 26 CFR 1.932-1 (Formerly Not-2007-19 As Amended by Not-2007-
31), Statute of Limitations and Exchange of Information Concerning 
Certain Individuals Filing Income Tax Returns with the U.S. VI.
    Abstract: This Regulation concerns the statute of limitations on 
assessment of the U.S. income tax liability, if any, of U.S. citizens 
or resident aliens who are bona fide residents of the USVI. In general, 
the Regulation provides rules allowing bona fide residents of the USVI 
to start the period of limitations by properly filing a return with the 
USVI tax administration and, in the case of individuals with $75,000 or 
more of gross income during the taxable year, by filing an income tax 
return with the IRS reporting no gross income and no taxable income on 
lines 22 and 43 (in addition to a proper USVI filing). The Regulation 
provides for a new collection of information in the form of an annual 
information statement, under sections 932(c) and 7654, for U.S. 
citizens or residents with $75,000 or more of gross income who claim 
bona fide residency status in the USVI. Taxpayers subject to the new 
collection of information must attach a statement to their US 1040 
return, for taxable years ending on or after December 31, 2006, that 
answers several questions relating to their claim of bona fide 
residency status in the USVI.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 42,500 hours.

    OMB Number: 1545-1731.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: Revenue Procedure 2001-37, Extraterritorial Income Exclusion 
Elections.

[[Page 70777]]

    Abstract: A taxpayer that wants to revoke its election to be 
treated as a domestic corporation for all purposes of the Internal 
Revenue Code (``Code'') must file a revocation statement with the 
Internal Revenue Service (``IRS''). This revenue procedure provides 
guidance for implementing the elections (and revocation of such 
elections) established under the ``FSC Repeal and Extraterritorial 
Income Exclusion Act of 2000.''
    Respondents: Businesses or other for-profits.
    Estimated Total Burden Hours: 19 hours.

    OMB Number: 1545-1884.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: Announcement 2004-43, Election of Alternative Deficit 
Reduction Contribution.
    Abstract: Announcement 2004-43 describes the notice that must be 
given by an employer to plan participants and beneficiaries and to the 
Pension Benefit Guaranty Corporation within 30 days of making an 
election to take advantage of the alternative deficit reduction 
contribution described in Public Law, 108-18, and gives a special 
transition rule for the 1st quarter.
    Respondents: Businesses or other for-profits.
    Estimated Total Burden Hours: 12,000 hours.

    OMB Number: 1545-1899.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: REG-138176-02 (NPRM) Timely Mailing Treated As Timely 
Filing.
    Abstract: Section 7502(a) of the Internal Revenue Code provides 
that a document received after the due date for filing will be treated 
as filed on the date of the United States postmark on the envelope 
containing the document if the postmark date is on or before the date 
for filing the document and the document is placed in the U.S. mail on 
or before the due date. Under I.R.C. Sec. 7502, in order for taxpayers 
to establish the postmark date and prima facie evidence of delivery 
when using registered or certified mail to file documents with the IRS, 
taxpayers will need to retain the sender's receipt.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 1,084,765 hours.

    OMB Number: 1545-1906.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: REG-149524-03, LIFO Recapture Under Section 1363(d).
    Abstract: This collection of information is required to inform the 
IRS of partnerships electing to increase the basis of inventory to 
reflect any amount included in a partner's income under section 
1363(d). Section 1.1363-2(e)(ii) allows a partnership to elect to 
adjust the basis of its inventory to take account of LIFO recapture. 
Section 1.1363-2(e)(3) provides guidance on how to make this election.
    Respondents: Businesses or other for-profits.
    Estimated Total Burden Hours: 200 hours.

    OMB Number: 1545-2060.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: Notice 2007-46--Credit for New Medium-Duty and Heavy-Duty 
Hybrid Motor Vehicles.
    Abstract: This notice sets forth a process that allows taxpayers 
who purchase medium-duty and heavy-duty hybrid vehicles to rely on the 
domestic manufacturer's (or, in the case of a foreign manufacturer, its 
domestic distributor's) certification that both a particular make, 
model, and year of vehicle qualifies as a qualified hybrid motor 
vehicle under Sec.  30B(3) and (d), and the amount of the credit 
allowable with respect to the vehicle.
    Respondents: Businesses or other for-profits.
    Estimated Total Burden Hours: 280 hours.

    OMB Number: 1545-2068.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: TD 9340 (Final) Revised Regulations Concerning Section 
403(b) Tax-Sheltered Annuity Contracts.
    Abstract: The collection of information in the regulations is in 
Sec.  1.403(b)-10(b)(2) of the Income Tax Regulations, requiring, in 
the case of certain exchanges or transfers, that the section 403(b) 
plan sponsor or administrator enter into an agreement to exchange 
certain information with vendors of section 403(b) contracts. Such 
information exchange is necessary to ensure compliance with tax law 
requirements relating to loans and hardship distributions from section 
403(b) plans.
    Respondents: Not-for-profit institutions.
    Estimated Total Burden Hours: 45,000 hours.

    OMB Number: 1545-0121.
    Type of Review: Revision of a currently approved collection.
    Title: Foreign Tax Credit (Individual, Estate, or Trust).
    Form: 1116.
    Abstract: Form 1116 is used by individuals (including nonresident 
aliens) estates or trusts that paid foreign income taxes on U.S. 
taxable income to compute the foreign tax credit. This information is 
used by the IRS to verify the foreign tax credit.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 25,066,693 hours.

    OMB Number: 1545-0796.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: Office of Chief Counsel--Application.
    Form: 6524.
    Abstract: The Chief Counsel Application form provides data we deem 
critical for evaluating an attorney applicant's qualifications such as 
LSAT score, bar admission status, type of work preference, law school, 
and class standing. OF-306 does not provide this information.
    Respondents: Individuals or Households.
    Estimated Total Burden Hours: 900 hours.

    OMB Number: 1545-1189.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: Dollar Election Under Section 985.
    Form: 8819.
    Abstract: Form 8819 is filed by U.S. and foreign businesses to 
elect the U.S. dollar as their functional currency or as the functional 
currency of their controlled entities. The IRS uses Form 8819 to 
determine if the election is properly made.
    Respondents: Businesses or other for-profits.
    Estimated Total Burden Hours: 3,220 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. 2010-29026 Filed 11-17-10; 8:45 am]
BILLING CODE 4830-01-P