[Federal Register Volume 76, Number 207 (Wednesday, October 26, 2011)]
[Notices]
[Pages 66355-66361]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-27671]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

October 20, 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, 1750 Pennsylvania Avenue, NW., 
Suite 11010, Washington, DC 20220.

DATES: Written comments should be received on or before November 25, 
2011 to be assured consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0001.
    Type of Review: Revision of a currently approved collection.
    Title: Employer's Annual Railroad Retirement Tax Return.
    Forms: CT-1, CT-1X.
    Abstract: Railroad employers are required to file an annual return 
to report employer and employee Railroad Retirement Tax Act (RRTA). 
Form CT-1 is used for this purpose. IRS uses the information to insure 
that the employer has paid the correct tax.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 39,455.

    OMB Number: 1545-0003.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Application for Employer Identification Number; Solicitud de 
Numero de Identificacion Patronal (EIN).
    Forms: SS-4, SS-4-PR.
    Abstract: Taxpayers are required to have an identification number 
for use on any return, statement, or other document must prepare and 
file Form SS-4 or Form SS-4PR (Puerto Rico only) to obtain a number. 
The information is used by the IRS and the SSA in tax administration 
and by the Bureau of the Census for business statistics.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 15,941,913.

    OMB Number: 1545-0024.
    Type of Review: Revision of a currently approved collection.
    Title: Claim for Refund and Request for Abatement.
    Form: 843.
    Abstract: IRC section 6402, 6404, and sections 301.6404-2, and 
301.6404-3 of the regulations, allow for refunds of taxes (except 
income taxes) or refund, abatement, or credit of interest, penalties, 
and additions to tax in the event of errors or certain action by the 
IRS. Form 843 is used by taxpayers to claim these refunds, credits, or 
abatements.
    Respondents: Individuals and Households.
    Estimated Total Burden Hours: 875,295.

    OMB Number: 1545-0049.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Form 990-BL, Information and Initial Excise Tax Return for 
Black Lung Benefit Trusts and Certain Related Persons; Form 6069, 
Return of Excise Tax on Excess Contributions to BL Trust.
    Forms: 990-BL, 6069.
    Abstract: IRS uses Form 990-BL to monitor activities of black lung 
benefit trusts, and to collect excise taxes on these trusts and certain 
related persons if they engage in proscribed activities. The tax is 
figured on Schedule A and attached to Form 990-BL. Form 6069 is used by 
coal mine operators to figure the maximum deduction to a black lung 
benefit trust. If excess contributions are made, IRS uses the form to 
figure and collect the tax on excess contributions.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 563.

    OMB Number: 1545-0058.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Application for Recognition of Exemption Under Section 521 
of the Internal Revenue Code.
    Form: 1028.
    Abstract: Farmers' cooperatives must file Form 1028 to apply for 
exemption from Federal income tax as being organizations described in 
IRC section 521. The information on Form 1028 provides the basis for 
determining whether the applicants are exempt.
    Respondents: Private Sector: Businesses or other for-profits, 
Farms.
    Estimated Total Burden Hours: 2,545.

    OMB Number: 1545-0152.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Application for Change in Accounting Method.
    Form: 3115.
    Abstract: Form 3115 is used by taxpayers who wish to change their 
method of computing their taxable income. The form is used by the IRS 
to determine if electing taxpayers have met the requirements and are 
able to change to the method requested.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 929,066.

    OMB Number: 1545-0216.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: International Boycott Report.
    Form: 5713 and Schedules A, B, and C to Form 5713.
    Abstract: Form 5713 and related Schedules A, B, and C are used by 
any entity that has operations in a ``boycotting'' country. If that 
entity cooperates with or participates in an international boycott it 
loses a portion of the foreign tax credit, or deferral of FSC and IC-
DISC benefits. The IRS uses Form 5713 to determine if any of the above 
benefits should be lost. The

[[Page 66356]]

information is also used as the basis for a report to the Congress.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 69,495.

    OMB Number: 1545-0284.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Application for Determination of Employee Stock Ownership 
Plan.
    Form: 5309.
    Abstract: Form 5309 is used in conjunction with Form 5300 or Form 
5303 when applying for a determination letter as to a deferred 
compensation plan's qualification status under section 409 or 
4975(e)(7) of the Internal Revenue Code. The information is used to 
determine whether the plan qualifies.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 26,975.

    OMB Number: 1545-0723.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: T.D. 8043--Manufacturers Excise Taxes and Sporting Goods and 
Firearms and Other Administrative Provisions of Special Application to 
Manufacturers and Retailers Excise Taxes.
    Abstract: This document contains final regulations which revise and 
update the regulations on manufacturers excise taxes on sporting goods 
and firearms and other administrative provisions especially applicable 
to manufacturers and retailers excise taxes. These amendments revise 
and update Part 48 to achieve greater clarity and conform the 
regulations to numerous amendments to the Internal Revenue Code of 1954 
made after 1964. These regulations provide necessary guidance to the 
public for compliance with the law.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 475,000.

    OMB Number: 1545-0795.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Exemption From Withholding on Compensation for Independent 
(and Certain Dependent) Personal Services of a Nonresident Alien 
Individual.
    Form: 8233.
    Abstract: Compensation paid to a nonresident alien (NRA) individual 
for independent personal services (self-employment) is generally 
subject to 30% withholding or graduated rates. However, compensation 
may be exempt from withholding because of a U.S. tax treaty or personal 
exemption amount. Form 8233 is used to request exemption from 
withholding.
    Respondents: Individuals and Households.
    Estimated Total Burden Hours: 1,320,000.

    OMB Number: 1545-0879.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: IA-195-78 (Final) Certain Returned Magazines, Paperbacks or 
Records.
    Abstract: The regulations provide rules relating to an exclusion 
from gross income for certain returned merchandise. The regulations 
provide that in addition to physical return of the merchandise, a 
written statement listing certain information may constitute evidence 
of the return. Taxpayers who receive physical evidence of the return 
may, in lieu of retaining physical evidence, retain documentary 
evidence of the return. Taxpayers in the trade or business of selling 
magazines, paperbacks, or records, who elect to use a certain method of 
accounting, are affected.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 8,125.

    OMB Number: 1545-0922.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Form 8329, Lender's Information Return for Mortgage Credit 
Certificates (MCCs); Form 8330, Issuer's Quarterly Information Return 
for Mortgage Credit Certificates (MCCs).
    Forms: 8329, 8330.
    Abstract: Form 8329 is used by lending institutions and Form 8330 
is used by state and local governments to report on mortgage credit 
certificates (MCCs) authorized under IRC Section 25. IRS matches the 
information supplied by lenders and issuers to ensure that the credit 
is computed properly.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 73,720.

    OMB Number: 1545-1100.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: REG-209106-89 (NPRM) Changes With Respect to Prizes and 
Awards and Employee Achievement Awards.
    Abstract: This regulation requires recipients of prizes and awards 
to maintain records to determine whether a qualifying designation has 
been made. The affected public are prize and award recipients who seek 
to exclude the cost of a qualifying prize or award.
    Respondents: Individuals and Households.
    Estimated Total Burden Hours: 1,275.

    OMB Number: 1545-1139.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: PS-264-82 (Final) Adjustments to Basis of Stock and 
Indebtedness to Shareholders of S Corporations and Treatment of 
Distributions by S Corporations to Shareholders; REG-144859-04--Section 
1367 Regard.
    Abstract: The regulations provide the procedures and the statements 
to be filed by S corporations for making the election provided under 
section 1368, and by shareholders who choose to reorder items that 
decrease their basis. Statements required to be filled will be used to 
verify that taxpayers are complying with the requirements imposed by 
Congress.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 450.

    OMB Number: 1545-1269.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: T.D. 8461--Nuclear Decommissioning Fund Qualification 
Requirements.
    Abstract: This document contains final regulations relating to the 
qualification requirements of a nuclear decommissioning fund. Pursuant 
to former section 468A(e)(4)(C) of the Internal Revenue Code, current 
regulations require that nuclear decommissioning funds invest directly 
in permissible assets and permitted two or more such funds to combine 
assets for investment purposes. The Comprehensive National Energy 
Policy Act of 1992 repealed the investment restriction contained in 
section 468A(e)(4)(C). These final regulations amend the existing 
regulations to reflect the statutory change.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 150.

    OMB Number: 1545-1375.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: T.D. 8537--Carryover of Passive Activity Losses and Credits 
and At Risk Losses to Bankruptcy Estates of Individuals.
    Abstract: This document contains final regulations relating to the

[[Page 66357]]

application of carryover of passive activity losses and credits and at 
risk losses to the bankruptcy estates of individuals. The final 
regulations affect individual taxpayers who file bankruptcy petitions 
under chapter 7 or chapter 11 of title 11 of the United States Code and 
have passive activity losses and credits under section 469 or losses 
under section 465.
    Respondents: Individuals and Households.
    Estimated Total Burden Hours: 100.

    OMB Number: 1545-1381.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: T.D. 8546--Limitations on Corporate Net Operating Loss.
    Abstract: This document contains final income tax regulations 
providing rules for allocating net operating loss or taxable income, 
and net capital loss or gain, within the taxable year in which a loss 
corporation has an ownership change under section 382 of the Internal 
Revenue Code of 1986. These regulations permit the loss corporation to 
elect to allocate these amounts between the period ending on the change 
date and the period beginning on the day after the change date as if 
its books were closed on the change date.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 200.

    OMB Number: 1545-1393.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: EE-14-81 (NPRM) Deductions and Reductions in Earnings and 
Profits (or Accumulated Profits) With Respect to Certain Foreign 
Deferred Compensation Plans Maintained by Certain Foreign Corporations 
or by Foreign Branches of Domestic Corporations.
    Abstract: The regulation provides guidance regarding the 
limitations on deductions and adjustments to earnings and profits (or 
accumulated profits) for certain foreign deferred compensation plans. 
Respondents will be multinational corporations.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 200.

    OMB Number: 1545-1407.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Consent To Extend the Time to Assess the Branch Profits Tax 
Under Regulations Sections 1.884-2(a) and (c).
    Form: 8848.
    Abstract: Form 8848 is used by foreign corporations that have (a) 
completely terminated all of their U.S. trade or business within the 
meaning of Temporary Regulations section 1.884-2T(a) during the tax 
year or (b) transferred their U.S. assets to a domestic corporation in 
a transaction described in Code section 381(a), if the foreign 
corporation was engaged in a U.S. trade or business at that time.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 22,500.

    OMB Number: 1545-1409.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Election to Use Different Annualization Periods for 
Corporate Estimated Tax.
    Form: 8842.
    Abstract: Form 8842 is used by corporations (including S 
corporations), tax-exempt organizations subject to the unrelated 
business income tax, and private foundations to annually elect the use 
of an annualization period in section 6655(e)(2)(c)(i) or (ii) for 
purpose of figuring the corporation's estimated tax payments under the 
annualized income installment method.
    Respondents: Private Sector: Businesses or other for-profits.

    Estimated Total Burden Hours: 4,335.
    OMB Number: 1545-1435.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: TD 8706--Electronic Filing of Form W-4.
    Abstract: This document contains final regulations relating to Form 
W-4, Employee's Withholding Allowance Certificate. The final 
regulations authorize employers to establish electronic systems for use 
by employees in filing their Forms W-4. The regulations provide 
employers and employees with guidance necessary to comply with the law. 
The regulations affect employers that establish electronic systems and 
their employees.
    Respondents: Private Sector: Businesses or other for-profits.

    Estimated Total Burden Hours: 40,000.
    OMB Number: 1545-1485.
    Type of Review: Extension without change of a currently approved 
collection.
    Title T.D. 8743--Sale of Residence From Qualified Personal 
Residence Trust.
    Abstract: This document contains final regulations permitting the 
reformation of a personal residence trust or a qualified personal 
residence trust in order to comply with the applicable requirements for 
such trusts. The final regulations also provide that the governing 
instruments of such trusts must prohibit the sale of a residence held 
in the trust to the grantor of the trust, the grantor's spouse, or an 
entity controlled by the grantor or the grantor's spouse.
    Respondents: Individuals and Households.
    Estimated Total Burden Hours: 625.

    OMB Number: 1545-1486.
    Type of Review: Extension without change of a currently approved 
collection.
    Title T.D. 8697--Simplification of Entity Classification Rules.
    Abstract: This regulation provides rules to allow certain 
unincorporated business organizations to elect to be treated as 
corporations or partnerships for federal tax purposes. The election is 
made by filing Form 8832, Entity Classification Election. The 
information collected on the election will be used to verify the 
classification of electing organizations.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 1.

    OMB Number: 1545-1491.
    Type of Review: Extension without change of a currently approved 
collection.
    Title T.D. 8746--Amortizable Bond Premium.
    Abstract: This document contains final regulations relating to the 
federal income tax treatment of bond premium and bond issuance premium. 
The regulations reflect changes to the law made by the Tax Reform Act 
of 1986 and the Technical and Miscellaneous Revenue Act of 1988. The 
regulations will provide needed guidance to holders and issuers of debt 
instruments.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 7,500.

    OMB Number: 1545-1493.
    Type of Review: Extension without change of a currently approved 
collection.
    Title T.D. 8684--Treatment of Gain From the Disposition of Interest 
in Certain Natural Resource Recapture Property by S Corporations and 
Their Shareholders.
    Abstract: This document contains final regulations relating to the 
tax treatment by S Corporations and their shareholders of gain from the 
disposition by an S corporation (and a corporation that was formerly an 
S corporation) of certain natural resource recapture property (section 
1254 property after enactment of the Tax Reform Act of 1986 and oil, 
gas, or

[[Page 66358]]

geothermal property before enactment of the Tax Reform Act of 1986), 
and also rules relating to the disposition of stock in an S corporation 
that holds certain natural resource recapture property. Changes to the 
applicable tax law were made by the Tax Reform Act of 1986, and the 
Subchapter S Revision Act of 1982. The regulations provide the public 
with guidance in complying with the changed tax laws.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 1,000.

    OMB Number: 1545-1496.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: REG-209673-93 Mark to Market for Dealers in Securities (TD 
8700 (final)).
    Abstract: Under section 1.475(b)-4, the information required to be 
recorded is required by the IRS to determine whether exemption from 
mark-to-market treatment is properly claimed, and will be used to make 
that determination upon audit of taxpayer's books and records. Also, 
under section 1.475(c)-1(a)(3)(iii), the information is necessary for 
the Service to determine whether a consolidated group has elected to 
disregard inter-member transactions in determining a member's status as 
a dealer in securities.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 2,950.

    OMB Number: 1545-1581.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: T.D. 8812--Continuation Coverage Requirements Applicable to 
Group Health Plans.
    Abstract: The Consolidated Omnibus Budget Reconciliation Act of 
1985 (COBRA) added health care continuation requirements that apply to 
group health plans. Coverage required to be provided under those 
requirements is referred to as COBRA continuation coverage. This 
document contains final regulations based on these two sets of proposed 
regulations. The final regulations also reflect statutory amendments to 
the COBRA continuation coverage requirements since COBRA was enacted. 
The regulations will generally affect sponsors of and participants in 
group health plans and they provide plan sponsors and plan 
administrators with guidance necessary to comply with the law.
    Respondents: Private Sector: Businesses or other for-profits.

    Estimated Total Burden Hours: 404,640.
    OMB Number: 1545-1633.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: T.D. 8802--Certain Asset Transfers to a Tax-Exempt Entity.
    Abstract: This document contains final regulations that implement 
provisions of the Tax Reform Act of 1986 and the Technical and 
Miscellaneous Revenue Act of 1988. The final regulations generally 
affect a taxable corporation that transfers all or substantially all of 
its assets to a tax-exempt entity or converts from a taxable 
corporation to a tax-exempt entity in a transaction other than a 
liquidation, and generally require the taxable corporation to recognize 
gain or loss as if it had sold the assets transferred at fair market 
value.
    Respondents: Private Sector: Not-for-profit institutions.
    Estimated Total Burden Hours: 125.

    OMB Number: 1545-1641.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Rev. Proc. 99-17--Mark to Market Election for Commodities 
Dealers and Securities and Commodities Traders.
    Abstract: The revenue procedure prescribes the time and manner for 
dealers in commodities and traders in securities or commodities to 
elect to use the mark-to-market method of accounting under Sec. 475(e) 
or (f) of the Internal Revenue Code. The collections of information in 
sections 5 and 6 of this revenue procedure are required by the IRS in 
order to facilitate monitoring taxpayers changing accounting methods 
resulting from making the elections under Sec. 475(e) or (f).
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 500.

    OMB Number: 1545-1643.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: REG-209484-87 (TD 8814 final) Federal Insurance 
Contributions Act (FICA) Taxation of Amounts Under Employee Benefit 
Plans.
    Abstract: This regulation provides guidance as to when amounts 
deferred under or paid from a nonqualified deferred compensation plan 
are taken into account as wages for purposes of the employment taxes 
imposed by the Federal Insurance Contributions Act (FICA). Section 
31.3121(v)(2)-1(a)(2) requires that the material terms of a plan be set 
forth in writing.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 12,500.

    OMB Number: 1545-1646.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: T.D. 8851--Return Requirement for United States Persons who 
acquire or dispose of an interest in a foreign partnership, or whose 
proportional interest in a foreign partnership changes.
    Abstract: This document contains final regulations under section 
6046A of the Internal Revenue Code relating to the requirement that 
United States persons, in certain circumstances, file a return if they 
acquire or dispose of an interest in a foreign partnership, or if their 
proportional interest in a foreign partnership changes. The burden of 
complying with the collection of information is reported on Form 8865.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 1.

    OMB Number: 1545-1649.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Rev. Proc. 99-21--Disability Suspension.
    Abstract: The information is needed to establish a claim that a 
taxpayer was financially disabled for purposes of section 6511(h) of 
the Internal Revenue Code (which was added by section 3203 of the 
Internal Revenue Service Restructuring and Reform Act of 1998). Under 
section 6511(h), the statute of limitations on claims for credit or 
refund is suspended for any period of an individual taxpayer's life 
during which the taxpayer is unable to manage his or her financial 
affairs because of a medically determinable mental or physical 
impairment, if the impairment can be expected to result in death, or 
has lasted (or can be expected to last) for a continuous period of not 
less than 12 months. Section 6511(h)(2)(A) requires that proof of the 
taxpayer's financial disability be furnished to the Internal Revenue 
Service.
    Respondents: Individuals and Households.
    Estimated Total Burden Hours: 24,100.

    OMB Number: 1545-1654.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: T.D. 8902--Capital Gains, Partnership and Subchapter S, and 
Trust Provisions.
    Abstract: This document contains final regulations relating to 
sales or exchanges of interests in partnerships, S

[[Page 66359]]

corporations, and trusts. The regulations interpret the look-through 
provisions of section 1(h), added by section 311 of the Taxpayer Relief 
Act of 1997 and amended by sections 5001 and 6005(d) of the Internal 
Revenue Service Restructuring and Reform Act of 1998, and explain the 
rules relating to the division of the holding period of a partnership 
interest. The regulations affect partnerships, partners, S 
corporations, S corporation shareholders, trusts, and trust 
beneficiaries.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 1.

    OMB Number: 1545-1655
    Type of Review: Extension without change of a currently approved 
collection.
    Title: T.D. 8861--Private Foundation Disclosure Rules.
    Abstract: This document contains final regulations that amend the 
regulations relating to the public disclosure requirements described in 
section 6104(d) of the Internal Revenue Code. These final regulations 
implement changes made by the Tax and Trade Relief Extension Act of 
1998, which extended to private foundations the same rules regarding 
public disclosure of annual information returns that apply to other 
tax-exempt organizations. These final regulations provide guidance for 
private foundations required to make copies of applications for 
recognition of exemption and annual information returns available for 
public inspection and to comply with requests for copies of those 
documents.
    Respondents: Private Sector: Not-for-profit institutions.

    Estimated Total Burden Hours: 32,596.
    OMB Number: 1545-1658.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: T.D. 8940--Purchase Price Allocations in Deemed Actual Asset 
Acquisitions.
    Abstract: This document contains final regulations relating to 
deemed and actual asset acquisitions under sections 338 and 1060. The 
final regulations affect sellers and buyers of corporate stock that are 
eligible to elect to treat the transaction as a deemed asset 
acquisition. The final regulations also affect sellers and buyers of 
assets that constitute a trade or business.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 25.

    OMB Number: 1545-1759.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Amended Quarterly Federal Excise Tax Return.
    Form: 720X.
    Abstract: Form 720X is used to make adjustments to correct errors 
on form 720 filed for previous quarters. It can be filed by itself or 
it can be attached to any subsequent Form 720. Code section 6416(d) 
allows taxpayers to take a credit on a subsequent return rather than 
filing a refund claim.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 152,460.

    OMB Number: 1545-1762.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Direct Deposit of Corporate Tax Refund.
    Form: 8050.
    Abstract: File Form 8050 to request that the IRS deposit a 
corporate income tax refund (including a refund of $1 million or more) 
directly into an account at any U.S. bank or other financial 
institution (such as a mutual fund or brokerage firm) that accepts 
direct deposits.
    Respondents: Private Sector: Businesses or other for-profits.

    Estimated Total Burden Hours: 348,600.
    OMB Number: 1545-1763.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Direct Deposit of Refund of $1 Million or more.
    Form: 8302.
    Abstract: This form is used to request a deposit of a tax refund of 
$1 million or more directly into an account at any U.S. bank or other 
financial institution.
    Respondents: Private Sector: Businesses or other for-profits.

    Estimated Total Burden Hours: 1,088.
    OMB Number: 1545-1765.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: T.D. 9171--New Markets Tax Credit.
    Abstract: The regulations provide guidance for taxpayers claiming 
the new markets tax credit under section 45D of the Internal Revenue 
Code. The reporting requirements in the regulations require a qualified 
community development entity (CDE) to provide written notice to: (1) 
Any taxpayer who acquires an equity investment in the CDE at its 
original issue that the equity investment is a qualified equity 
investment entitling the taxpayer to claim the new markets tax credits; 
and (2) each holder of a qualified equity investment, including all 
prior holders of that investment that a recapture event has occurred. 
CDE's must comply with such reporting requirements to the Secretary as 
the Secretary may prescribe.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 210.

    OMB Number: 1545-1767.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: T.D. 8976--Dollar-Value LIFO Regulations; Inventory Price 
Index Computation Method.
    Abstract: This document contains final regulations under section 
472 of the Internal Revenue Code that relate to accounting for 
inventories under the last-in, first-out (LIFO) method. The final 
regulations provide guidance regarding methods of valuing dollar-value 
LIFO pools and affect persons who elect to use the dollar-value LIFO 
and inventory price index computation (IPIC) methods or who receive 
dollar-value LIFO inventories in certain nonrecognition transactions.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 1.

    OMB Number: 1545-1768.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Revenue Procedure 2003-84, Optional Election to Make Monthly 
Sec. 706 Allocations.
    Abstract: This revenue procedure allows certain partnerships with 
money market fund partners to make an optional election to close the 
partnership's books on a monthly basis with respect to the money market 
fund partners.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 500.

    OMB Number: 1545-1773.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Revenue Procedure 2002-23, Taxation of Canadian Retirement 
Plans Under U.S.-Canada Income Tax Treaty.
    Abstract: This Revenue Procedure provides guidance for the 
application by U.S. citizens and residents of the U.S.-Canada Income 
Tax Treaty, as amended by the 1995 protocol, in order to defer U.S. 
Income taxes on income accrued in certain Canadian retirement plans.
    Respondents: Individuals and Households.

[[Page 66360]]

    Estimated Total Burden Hours: 10,000.

    OMB Number: 1545-1776.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: U.S. Income Tax Return for Electing Alaska Native Settlement 
Trusts.
    Form: 1041-N.
    Abstract: An Alaska Native Settlement Trust (ANST) may elect under 
section 646 to have the special income tax treatment of that section 
apply to the trust and its beneficiaries. This one-time election is 
made by filing Form 1041-N and the form is used by the ANST to report 
its income, etc., and to compute and pay any income tax. Form 1041-N is 
also used for the special information reporting requirements that apply 
to ANST's.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 680.

    OMB Number: 1545-1783.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: TD 8989--Guidance Necessary to Facilitate Electronic Tax 
Administration.
    Abstract: The regulations provide a regulatory statement of IRS 
authority to prescribe what return information or documentation must be 
filed with a return, statement or other document required to be made 
under any provision of the internal revenue laws or regulations. In 
addition, the regulations eliminate regulatory impediments to 
electronic filing of Form 1040.
    Respondents: Individuals and Households.
    Estimated Total Burden Hours: 1.

    OMB Number: 1545-1792.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: REG-164754-01 (Final) Split-Dollar Life Insurance 
Arrangements.
    Abstract: The proposed regulations provide guidance for loans made 
pursuant to a split-dollar life insurance arrangement. To obtain a 
particular treatment under the regulations for certain split- dollar 
loans, the parties to the loan must make a written representation, 
which must be kept as part of their books and records and a copy filed 
with their federal income tax returns. In addition, if a split-dollar 
loan provides for contingent payments, the lender must produce a 
projected payment schedule for the loan and give the borrower a copy of 
the schedule. This schedule is used by parties to compute their 
interest accruals and any imputed transfers for tax purposes.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 32,500.

    OMB Number: 1545-1794.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: T.D. 9088--Compensatory Stock Options Under Section 482.
    Abstract: This document contains final regulations that provide 
guidance regarding the application of the rules of section 482 
governing qualified cost sharing arrangements. These regulations 
provide guidance regarding the treatment of stock-based compensation 
for purposes of the rules governing qualified cost sharing arrangements 
and for purposes of the comparability factors to be considered under 
the comparable profits method.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 2,000.

    OMB Number: 1545-1919.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Prior Government Service Information.
    Form: 12854.
    Abstract: This product is used to identify applicants who have had 
prior government services in order to request the OPF from federal 
records and to identify possible pay setting issues.
    Respondents: Individuals and Households.
    Estimated Total Burden Hours: 6,230.

    OMB Number: 1545-1920.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Notice Regarding Repayment of a Buyout Prior to Re-
employment with the Federal Government.
    Form: 12311.
    Abstract: This form outlines the regulations requiring those 
employees being rehired by the government and received a buyout from 
their previous job to make repayment of the buyout before they will be 
hired again.
    Respondents: Individuals and Households.
    Estimated Total Burden Hours: 2,757.

    OMB Number: 1545-1921.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Continuation Sheet for Item 16 (Additional 
Information) OF-306, Declaration for Federal Employment.
    Form: 12114.
    Abstract: Form 12114 is used as a continuation to the OF-306 to 
provide additional space for capturing additional information.
    Respondents: Individuals and Households.
    Estimated Total Burden Hours: 6,203.

    OMB Number: 1545-1924.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Biodiesel Fuels Credit.
    Form: 12114.
    Abstract: IRC section 40A provides a credit for biodiesel or 
qualified biodiesel mixtures. IRC section 38(b)(17) allows a 
nonrefundable income tax credit for businesses that sell or use 
biodiesel. Form 8864 is used to figure the credits.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 310.

    OMB Number: 1545-1926.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Notice 2005-10, Domestic Reinvestment Plans and Other 
Guidance under Section 965.
    Abstract: This document provides guidance under new section 965 
enacted by the American Jobs Creation Act of 2004 (Pub. L.108-357). In 
general, and subject to limitations and conditions, section 965(a) 
provides that a corporation that is a U.S. shareholder of a controlled 
foreign corporation (CFC) may elect, for one taxable year, an 85 
percent dividends received deduction (DRD) with respect to certain cash 
dividends it receives from its CFC's. Section 965(f) provides that 
taxpayers may elect the application of section 965 for either the 
taxpayer's last taxable year which begins before October 22, 2004, or 
the taxpayer's first taxable year to which the taxpayer intends to 
elect section 965 to apply prior to the issuance of Form 8895, the 
election must be made on a statement that is attached to its timely-
filed tax return (including extensions) for such taxable year. In 
addition, because the taxpayer must establish to the satisfaction of 
the Commissioner that it has satisfied the conditions to take the DRD, 
the taxpayer is required under this guidance to report specified 
information and provide specified documentation.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 3,750,000.

    OMB Number: 1545-1927.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: IRS e-file Electronic Funds Withdrawal Authorization for 
Form 7004.

[[Page 66361]]

    Form: 8878-A.
    Abstract: Form 8878-A is used by a corporate officer or agent and 
an electronic return originator (ERO) to use a personal identification 
number (PIN) to authorize an electronic funds withdrawal for a tax 
payment made with a request to extend the filing due date for a 
corporate income tax return.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 505,400.
    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. 2011-27671 Filed 10-25-11; 8:45 am]
BILLING CODE 4830-01-P