[Federal Register Volume 77, Number 146 (Monday, July 30, 2012)]
[Notices]
[Pages 44711-44713]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-18444]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

July 25, 2012.
    The Department of the Treasury will submit the following 
information collection request to the Office of Management and Budget 
(OMB) for review and clearance in accordance with the Paperwork 
Reduction Act of 1995, Public Law 104-13, on or after the date of 
publication of this notice.

DATES: Comments should be received on or before August 29, 2012 to be 
assured of consideration.

ADDRESSES: Send comments regarding the burden estimate, or any other 
aspect of the information collection, including suggestion for reducing 
the burden, to (1) Office of Information and Regulatory Affairs, Office 
of Management and Budget, Attention: Desk Officer for Treasury, New 
Executive Office Building, Room 10235, Washington, DC 20503, or email 
at [email protected] and (2) Treasury PRA Clearance Officer, 
1750 Pennsylvania Ave. NW., Suite 8140, Washington, DC 20220, or email 
at [email protected].

FOR FURTHER INFORMATION CONTACT: Copies of the submission(s) may be 
obtained by calling (202) 927-5331, email at [email protected], or the 
entire information collection request maybe found at www.reginfo.gov.

Internal Revenue Service (IRS)

    OMB Number: 1545-0132.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Amended U.S. Corporation Income Tax Return.
    Form: 1120-X.
    Abstract: Domestic corporations use Form 1120X to correct a 
previously filed Form 1120 or 1120A. The data is used to determine if 
the correct tax liability has been reported.
    Affected Public: Private Sector: Business or other for-profits.
    Estimated Total Burden Hours: 300,582.

    OMB Number: 1545-0140.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Form 2210, Underpayment of Estimated Tax by Individuals, 
Estate, and Trusts; Form 2210-F, Underpayment of Estimated Tax by 
Farmers and Fishermen.
    Form: 2210, 2210-F.
    Abstract: Internal Revenue Code section 6654 imposes a penalty for 
failure to pay estimated tax. These forms are used by taxpayers to 
determine whether they are subject to the penalty and to compute the 
penalty if it applies. The Service uses this information to determine 
whether the taxpayer is subject to the penalty, and to verify the 
penalty amount.
    Affected Public: Private Sector: Business or other for-profits.
    Estimated Total Burden Hours: 2,405,663.

    OMB Number: 1545-0820.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: REG-122917-02 (Final) Statutory Options.
    Abstract: The affected public includes corporations that transfer 
stock to employees after 1979 pursuant to the exercise of a statutory 
stock option. The corporation must furnish the employee receiving the 
stock with a written statement describing the transfer. The statement 
will assist the employee in filing their tax return.
    Affected Public: Private Sector: Business or other for-profits.
    Estimated Total Burden Hours: 16,650.

    OMB Number: 1545-1086.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Excise Tax on Greenmail.
    Form: 8725.
    Abstract: Form 8725 is used by persons who receive ``greenmail'' to 
compute and pay the excise tax on greenmail imposed under section 5881. 
IRS uses the information to verify that the correct amount of tax has 
been reported.
    Affected Public: Private Sector: Business or other for-profits.
    Estimated Total Burden Hours: 92.

    OMB Number: 1545-1225.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Notice of Plan Merger or Consolidation, Spinoff, or Transfer 
of Plan Assets or Liabilities; Notice of Qualified Separate Lines of 
Business.
    Form: 5310-A.
    Abstract: Plan administrators are required to notify IRS of any 
plan mergers, consolidations, spinoffs, or transfers of plan assets or 
liabilities to another plan. Employers are required to notify IRS of 
separate lines of business for their deferred compensation plans. Form 
5310-A is used to make these notifications.
    Affected Public: Private Sector: Business or other for-profits.
    Estimated Total Burden Hours: 158,800.

    OMB Number: 1545-1227.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: FI-104-90--Final Tax Treatment of Salvage and Reinsurance 
(TD 8390).
    Abstract: The regulation provides a disclosure requirement for an 
insurance company that increases losses shown on its annual statement 
by the amount of estimated salvage recoverable taken into account.
    Affected Public: Private Sector: Business or other for-profits.
    Estimated Total Burden Hours: 5,000.

    OMB Number: 1545-1241.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: PS-92-90 (TD 8395) Special Valuation Rules.
    Abstract: Section 2701 of the Internal Revenue Code allows various 
elections by family members who make gifts of common stock or 
partnership interests and retain senior interest. The elections affect 
the value of the gifted interests and the retained interests. This 
document contains final regulations relating to chapter 14 of the 
Internal

[[Page 44712]]

Revenue Code as enacted in the Omnibus Budget Reconciliation Act of 
1990, Public Law 101-508, 104 Stat. 1388. These regulations provide 
special valuation rules for purposes of Federal estate and gift taxes 
imposed under chapter 1 and 12 of the Code. In addition these 
regulations provide rules involving lapsing rights and other 
transactions that are treated as completed transfers under chapter 14.
    Affected Public: Individuals or Households.
    Estimated Total Burden Hours: 496.

    OMB Number: 1545-1380.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: IA-17-90 (TD 8571) Reporting Requirements for Recipients of 
Points Paid on Residential Mortgages.
    Abstract: To encourage compliance with the tax laws relating to the 
mortgage interest deduction, the regulations require the reporting on 
Form 1098 of points paid on residential mortgage. Only businesses that 
receive mortgage interest in the course of a trade or business are 
affected by this reporting requirement.
    Affected Public: Private Sector: Business or other for-profits.
    Estimated Total Burden Hours: 283,056.

    OMB Number: 1545-1434.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: CO-26-96 (TD 8825) Regulations Under Section 382 of the 
Internal Revenue Code of 1986; Application of Section 382 in Short 
Taxable Years and With Respect to Controlled Groups.
    Abstract: Section 382 limits the amount of income that can be 
offset by loss carryovers after an ownership change. These regulations 
provide rules for applying section 382 in the case of short taxable 
years and with respect to controlled groups.
    Affected Public: Private Sector: Business or other for-profits.
    Estimated Total Burden Hours: 875.

    OMB Number: 1545-1516.
    Type of Review: Revision of a currently approved collection.
    Title: Entity Classification Election.
    Form: 8832.
    Abstract: An eligible entity that chooses not to be classified 
under the default rules or that wishes to change its current 
classification must file Form 8832 to elect a classification.
    Affected Public: Private Sector: Business or other for-profits.
    Estimated Total Burden Hours: 35,900.

    OMB Number: 1545-1536.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: REG-209823-96 (TD 8791)--Guidance Regarding Charitable 
Remainder Trusts and Special Valuation Rules for Transfer of Interests 
in Trusts.
    Abstract: The recordkeeping requirement in the regulation provides 
taxpayers with an alternative method for complying with Congressional 
intent regarding charitable remainder trusts. The recordkeeping 
alternative may be less burdensome for taxpayers.
    Affected Public: Private Sector: Business or other for-profits.
    Estimated Total Burden Hours: 75.

    OMB Number: 1545-1822.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Revenue Procedure 2003-11, Offshore Voluntary Compliance 
Initiative.
    Abstract: Revenue Procedure 2003-11 describes the Offshore 
Voluntary Compliance Initiative, which is directed at taxpayers that 
have under-reported their tax liability through financial arrangements 
outside the United States that rely on the use of credit, debit, or 
charge cards (offshore credit cards) or foreign banks, financial 
institutions, corporations, partnership, trusts, or other entities 
(offshore financial arrangements). Taxpayers that participate in the 
initiative and provide the information and material that their 
participation requires can avoid certain penalties.
    Affected Public: Individuals or Households.
    Estimated Total Burden Hours: 100,000.

    OMB Number: 1545-1952.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Revenue Procedure 2005-50--Automatic Consent for Eligible 
Educational Institution to Change Reporting Methods.
    Abstract: This revenue procedure prescribes how an eligible 
educational institution may obtain automatic consent from the Service 
to change its method of reporting under section 6050S of the Code and 
the Income Tax Regulations.
    Affected Public: Private Sector: Not-for-profit institutions.
    Estimated Total Burden Hours: 300.

    OMB Number: 1545-1965.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: REG-133446-03 (TD 9360)--Guidance on Passive Foreign Company 
(PFIC) Purging Elections.
    Abstract: The IRS needs the information to substantiate the 
taxpayer's computation of the taxpayer's share of the PFIC's post-1986 
earning and profits.
    Affected Public: Individuals and Households.
    Estimated Total Burden Hours: 250.

    OMB Number: 1545-1979.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Energy Efficient New Home Credit.
    Form: 8908.
    Abstract: Contractors will use Form 8908 to claim the new energy 
efficient home credit for homes substantially completed after August 8, 
2005, and sold for use as personal residences after January 1, 2006.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 512,820.

    OMB Number: 1545-2126.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Credit for Employer Differential Wage Payments.
    Form: 8932.
    Abstract: Qualified employers will file Form 8932 to claim the 
credit for qualified differential wage payments paid to qualified 
employees after June 17, 2008, and before January 1, 2010.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 62,456.

    OMB Number: 1545-2127.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Disqualified Corporate Interest Expense Disallowed Under 
Section 163(j) and Related Information.
    Form: 8926.
    Abstract: Pursuant to Congressional direction to determine whether 
the earnings stripping limitation rule of Code Section 163(j) was 
effective in curbing the erosion of the U.S. tax base, the Treasury 
created Form 8926, Disqualified Corporate Interest Expense Disallowed 
Under Section 163(j) and Related Information.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 7,560,000.

    OMB Number: 1545-2226.
    Type of Review: Extension without change of a currently approved 
collection.

[[Page 44713]]

    Title: Work Opportunity Credit for Qualified Tax-Exempt 
Organizations Hiring Qualified Veterans.
    Form: 5884-C.
    Abstract: Form 5884-C was developed as a result of VOW to Hire 
Heroes Act of 2011, Public Law 112-56. Section 261 of Public Law 112-56 
expanded the Work Opportunity Credit to tax-exempt organizations that 
hire unemployed veterans. The tax credit is a reduction in payroll 
taxes paid by the tax-exempt organization. Form 5884-C allows a tax-
exempt organization a way to claim the credit and provides the IRS the 
information to process the tax credit.
    Affected Public: Private Sector: Not-for-profit institutions.
    Estimated Total Burden Hours: 397,683.

Dawn D. Wolfgang,
Treasury PRA Clearance Officer.
[FR Doc. 2012-18444 Filed 7-27-12; 8:45 am]
BILLING CODE 4830-01-P