[Federal Register Volume 76, Number 70 (Tuesday, April 12, 2011)]
[Notices]
[Pages 20448-20449]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-8675]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

April 7, 2011.
    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,

[[Page 20449]]

1750 Pennsylvania Avenue, NW., Suite 11010, Washington, DC 20220.

DATES: Written comments should be received on or before May 12, 2011 to 
be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0002.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Employee Representative's Quarterly Railroad Tax Return.
    Form: CT-2.
    Abstract: Employee representatives file Form CT-2 quarterly to 
report compensation on which railroad retirement taxes are due. IRS 
uses this information to ensure that employee representatives have paid 
the correct tax. Form CT-2 also transmits the tax payment.
    Respondents: Individual or Household.
    Estimated Total Burden Hours: 127.

    OMB Number: 1545-1634.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: REG-106902-98 (Final) Consolidated Returns--Consolidated 
Overall Foreign Losses and Separate Limitation Losses.
    Abstract: The regulations provide guidance relating to the amount 
of overall foreign losses and separate limitation losses in the 
computation of the foreign tax credit. The regulation affect 
consolidated groups of corporations that compute the foreign tax credit 
limitation or that dispose of property used in a foreign trade or 
business.
    Respondents: Private sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 3,000.

    OMB Number: 1545-1770.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: REG-115054-01 (Final) Treatment of Community Income for 
Certain Individuals Not Filing Joint Returns.
    Abstract: The regulations provide rules to determine how community 
income is treated under section 66 for certain married individuals in 
community property states who do not file joint individual Federal 
income tax returns. The regulations also reflect changes in the law 
made by the IRS Restructuring and Reform Act of 1998.
    Respondents: Individuals or Households.
    Estimated Total Burden Hours: 1.

    OMB Number: 1545-1800.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Reportable Transaction Disclosure Statement and Pre-CAP/CAP 
Application Form.
    Form: 8886.
    Abstract: Form 8886 is used to disclose participation in reportable 
transactions by taxpayers as described in regulations 1.6011-4. The 
Compliance Assurance Process (CAP) is a strictly voluntary program 
available to LMSB taxpayers that meet the selection criteria. CAP is a 
real-time review of completed business transactions during the CAP year 
with the goal of providing certainty of the tax return within 90 days 
of the filing. The Pre-CAP/CAP Application Form is used by taxpayers 
wanting to join the program each year. Participation in the CAP program 
is completely voluntary and is only available for LMSB Taxpayers.
    Respondents: Private sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 9,112.

    OMB Number: 1545-2083.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Applicable Insurance Contracts Information Return.
    Form: 8921.
    Abstract: To comply with IRC section 6050V, as added by the Pension 
Protection Act of 2006, an applicable exempt organization must file a 
Form 8921 for each structured transaction under which it makes 
reportable acquisitions of applicable insurance contracts.
    Respondents: Private sector: Not-for-profit institutions.
    Estimated Total Burden Hours: 1,794,500.

    OMB Number: 1545-2098.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Rev. Proc. 2007-99 (RP-127367-07), 9100 Relief Under 
Sections 897 and 1445.
    Abstract: The IRS needs certain information to determine whether a 
taxpayer should be granted permission to make late filings of certain 
statements or notices under sections 897 and 1445. The information 
submitted will include a statement by the taxpayer demonstrating 
reasonable cause for the failure to timely make relevant filings under 
sections 897 and 1445.
    Respondents: Private sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 4.

    OMB Number: 1545-2195.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Statement of Foreign Financial Assets.
    Form: 8938.
    Abstract: The collection of information in Form 8938 will be the 
means by which taxpayers will comply with self-reporting obligations 
imposed under section 6038D with respect to foreign financial assets.
    Respondents: Individuals or Households.
    Estimated Total Burden Hours: 378,000.

    OMB Number: 1545-2197.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Bond Tax Credit.
    Form: 1097-BTC.
    Abstract: This is an information return for reporting tax credit 
bond credits distributed to holders of tax credit bonds. The taxpayer 
holding a tax credit bond on an allowance date during a tax year is 
allowed a credit against Federal income tax equivalent to the interest 
that the bond would otherwise pay. The bondholder must include the 
amount of the credit in gross income and treat it as interest income. 
The issuers and holders of the tax credit bond will send Form 1097-BTC 
to the bond holders quarterly and file the return with the IRS 
annually.
    Respondents: Private sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 828,287,508.
    Bureau Clearance Officer: Yvette Lawrence, Internal Revenue 
Service, 1111 Constitution Avenue, NW., Washington, DC 20224; (202) 
927-4374.
    OMB Reviewer: Shagufta Ahmed, Office of Management and Budget, New 
Executive Office Building, Room 10235, Washington, DC 20503; (202) 395-
7873.

Dawn D. Wolfgang,
Treasury PRA Clearance Officer.
[FR Doc. 2011-8675 Filed 4-11-11; 8:45 am]
BILLING CODE 4830-01-P