[Federal Register Volume 76, Number 129 (Wednesday, July 6, 2011)]
[Notices]
[Pages 39473-39474]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-16820]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 1120-PC

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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[[Page 39474]]

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 1120-PC, U.S. Property and Casualty Insurance Company Income Tax 
Return.

DATES: Written comments should be received on or before September 6, 
2011 to be assured of consideration.

ADDRESSES: Direct all written comments to Yvette B. Lawrence, 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 Evelyn J. 
Mack, at (202) 622-7381, or at Internal Revenue Service, room 6231, 
1111 Constitution, Avenue, NW., Washington, DC 20224, or through the 
Internet, at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: U.S. Property and Casualty Insurance Company Income Tax 
Return.
    OMB Number: 1545-1027.
    Form Number: Form 1120-PC.
    Abstract: Property and casualty insurance companies are required to 
file an annual return of income and pay the tax due. The data is used 
to insure that companies have correctly reported income and paid the 
correct tax.
    Current Actions: On Form 1120-PC line changes were made, within 
Schedules E and H, to clarify the new restrictions on the deduction of 
100% of unearned premiums by section 833 organizations, enable section 
833 organizations to determine whether they meet the 85% medical loss 
ratio mandated by IRC 833(c)(5) and for qualifying section 833 
organizations to compute the special deduction and the ending adjusted 
surplus (Pub. L. 111-148, section 9016 and IRC 833(c)(5)). A question 
was added to Schedule I for corporations to indicate whether they have 
uncertain tax positions (Announcements 2010-9 and 2010-17, and 2010-
30).
    On Form 1120-PC (Schedule M-3) two lines were added to monitor IRC 
sections 174 and 118, respectively, at the request of LMSB.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 4,200.
    Estimated Time Per Respondent: 164 hrs., 59 min.
    Estimated Total Annual Burden Hours: 671,746.
    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: June 22, 2011.
Yvette B. Lawrence,
IRS Reports Clearance Officer.
[FR Doc. 2011-16820 Filed 7-5-11; 8:45 am]
BILLING CODE 4830-01-P