[Federal Register Volume 77, Number 84 (Tuesday, May 1, 2012)]
[Notices]
[Pages 25783-25785]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-10474]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Information Collection; Comment Request

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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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)).

DATES: Written comments should be received on or before July 2, 2012 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.
    Please send separate comments for each specific information 
collection listed below. You must reference the information 
collection's title, form number, reporting or record-keeping 
requirement number, and OMB number (if any) in your comment.

FOR FURTHER INFORMATION CONTACT: To obtain additional information, or 
copies of the information collection and instructions, or copies of any 
comments received, contact Elaine Christophe, at (202) 622-3179, or at 
Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., 
Washington, DC 20224, or through the internet, at 
[email protected].

SUPPLEMENTARY INFORMATION: 

Request for Comments

    The Department of the Treasury and the Internal Revenue Service, as 
part of their continuing effort to reduce paperwork and respondent 
burden, invite the general public and other Federal agencies to take 
this opportunity to comment on the proposed or continuing information 
collections listed below in this notice, as required by the Paperwork 
Reduction Act of 1995, (44 U.S.C. 3501 et seq.).
    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in our request for Office of 
Management and Budget (OMB) approval of the relevant information 
collection. All comments will become a matter of public record. Please 
do not include any confidential or inappropriate material in your 
comments.
    We invite comments on: (a) Whether the collection of information is 
necessary for the proper performance of the agency's functions, 
including whether the information has 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

[[Page 25784]]

information to be collected; (d) ways to minimize the burden of the 
collection of information on respondents, including 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 the 
requested information.

Information Collections Open for Comment

    Currently, the IRS is seeking comments concerning the following 
forms, and reporting and record-keeping requirements:

    Title: Tax on Lump-Sum Distributions (From Qualified Plans of 
Participants Born Before January 2, 1936).
    OMB Number: 1545-0193.
    Form Number: Form 4972.
    Abstract: Internal Revenue Code section 402(e) and regulation 
section 402(e) and regulations section 1.402(e) allow recipients of 
lump-sum distributions from a qualified retirement plan to figure the 
tax separately on the distributions. The tax can be computed on the 10-
year averaging method and/or by a special capital gain method. Form 
4972 is used to compute the separate tax and to make a special 20 
percent capital gain election on lump-sum distributions attributable to 
pre-1974 participation.
    Current Actions: There are no changes being made to the form at 
this time.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Individuals or households.
    Estimated Number of Responses: 21,709.
    Estimated Time per Respondent: 4 hrs. 24 min.
    Estimated Total Annual Burden Hours: 95,520.

    Title: Credit for Employer-Provided Child Care Facilities and 
Services.
    OMB Number: 1545-1809.
    Form Number: 8882.
    Abstract: Qualified employers use Form 8882 to request a credit for 
employer-provided child care facilities and services. Section 45F 
provides credit based on costs incurred by an employer in providing 
child care facilities and resource and referral services. The credit is 
25% of the qualified child care expenditures plus 10% of the qualified 
child care resource and referral expenditures for the tax year, up to a 
maximum credit of $150,000 per tax year.
    Current Actions: There are no changes being made to the form at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, and 
individuals.
    Estimated Number of Respondents: 666,666.
    Estimated Time per Respondent: 3 hours, 62 minutes.
    Estimated Total Annual Burden Hours: 2,459,998.

    Title: Section 108 Reduction of Tax Attributes for S Corporations.
    OMB Number: 1545-2155 REG-102822-08 (TD 9469).
    Abstract: This final regulations provide guidance on the manner in 
which an S corporation reduce its tax attributes under section 108(b) 
for taxable years in which the S corporation has discharge of 
indebtedness income that is excluded from gross income under section 
108(a). In particular, the regulations address situations in which the 
aggregate amount of the shareholders' disallowed section 1366(d) losses 
and deductions that are treated as a net operating loss tax attribute 
of the S corporation exceeds the amount of the S corporation's excluded 
discharge of indebtedness income. The regulations affect S corporations 
and their shareholders.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, and 
individuals.
    Estimated Number of Respondents: 1,000.
    Estimated Time per Respondent: 1 hour.
    Estimated Total Annual Burden Hours: 1,000.

    Title: Reduction of Tax Attributes Due to Discharge of 
Indebtedness.
    OMB Number: 1545-0046.
    Form Number: 982.
    Abstract: Internal Revenue Code (IRC) section 108 allows taxpayers 
to exclude from gross income amounts attributable to discharge of 
indebtedness in title 11 cases, insolvency or a qualified farm 
indebtedness. Section 1081(b) allows corporations to exclude from gross 
income amounts attributable to certain
    transfers of property. The data is used to verify adjustments to 
basis of property and reduction of tax attributes.
    Affected Public: Individuals or households, businesses or other
    for-profit, small businesses or organizations.
    Estimated Number of Responses: 667.
    Estimated Burden Hours: 7,491.

    Title: Election To Postpone Determination as To Whether the 
Presumption Applies That an Activity Is Engaged in for Profit.
    OMB Number: 1545-0195.
    Form Number: 5213.
    Abstract: Section 183 of the Internal Revenue Code allows taxpayers 
to elect to postpone a determination as to whether an activity is 
entered into for profit or is in the nature of a nondeductible hobby. 
The election is made on Form 5213 and allows taxpayers 5 years (7 years 
for breeding, training, showing, or racing horses) to show a profit 
from an activity.
    Current Actions: There are no changes being made to the form at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations and 
individuals.
    Estimated Number of Respondents: 3,541.
    Estimated Time per Respondent: 47 minutes.
    Estimated Total Annual Burden Hours: 2,762.

    Title: Certificate of Payment of Foreign Death Tax.
    OMB Number: 1545-0260.
    Form Number: 706-CE.
    Abstract: Form 706-CE is used by the executors of estates to 
certify that foreign death taxes have been paid so that the estate may 
claim the foreign death tax credit allowed by Internal Revenue Code 
section 2014. The information is used by IRS to verify that the proper 
credit has been claimed.
    Current Actions: There are no changes being made to Form 706-CE at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individual or households.
    Estimated Number of Responses: 2,250.
    Estimated Time per Response: 1.72 hrs.
    Estimated Total Annual Burden Hours: 720.

    Title: (LR-27-83) Floor Stocks Credits or Refunds and Consumer 
Credits or Refunds With Respect to Certain Tax-Repealed Articles; 
Excise Tax on Heavy Trucks, and (LR-54-85) Excise Tax on Heavy Trucks, 
Truck Trailers, Semitrailers, and Tractors; Reporting and Recordkeeping 
Requirements.
    OMB Number: 1545-0745.
    Regulation Project Number: LR-27-83 (TD 7882); LR-54-85 (TD 8050).
    Abstract: LR-27-83 requires sellers of trucks, trailers and 
semitrailers, and tractors to maintain records of the gross vehicle 
weights of articles sold to verify taxability. LR-54-85 requires that 
if the sale is to be treated as exempt, the seller and the purchaser 
must be registered and the purchaser must give the seller a resale 
certificate.
    Current Actions: There is no change to these existing regulations.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.

[[Page 25785]]

    Estimated Number of Respondents: 4,100.
    Estimated Time per Respondent: 1 hour, 1 minute.
    Estimated Total Annual Burden Hours: 4,140.

    Title: Form 1066, U.S. Real Estate Mortgage Investment Conduit 
(REMIC) Income Tax Return and Schedule Q (Form 1066), Quarterly Notice 
to Residual Interest Holder of REMIC Taxable Income or Net Loss 
Allocation.
    OMB Number: 1545-1014.
    Form Number: Form 1066 and Schedule Q (Form 1066).
    Abstract: Form 1066 and Schedule Q (Form 1066) are used by a real 
estate mortgage investment conduit (REMIC) to figure its tax liability 
and income and other tax-related information to pass through to its 
residual holders. IRS uses the information to determine the correct tax 
liability of the REMIC and its residual holders.
    Current Actions: There are no changes being made to the forms at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 4,917.
    Estimated Total Annual Burden Hours: 264,388.

    Title: Change of Address.
    OMB Number: 1545-1163.
    Form Number: Form 8822.
    Abstract: Form 8822 is used by taxpayers to notify the Internal 
Revenue Service that they have changed their home or business address 
or business location.
    Current Actions: There are no changes being made to the form at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households, business or other for-
profit organizations, not-for-profit institutions, farms, and Federal, 
state, local or tribal governments.
    Estimated Number of Respondents: 1,500,000.
    Estimated Total Annual Burden Hours: 387,501.

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.

    Approved: April 24, 2012.
Yvette B. Lawrence,
IRS Reports Clearance Officer.
[FR Doc. 2012-10474 Filed 4-30-12; 8:45 am]
BILLING CODE 4830-01-P