[Federal Register Volume 77, Number 150 (Friday, August 3, 2012)]
[Notices]
[Pages 46559-46560]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-18948]


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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 October 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: 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 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: Election and Notice Procedures for Multiemployer Plans under 
Sections 204 and 205 of WRERA.
    OMB Number: 1545-2141.
    Notice Number: Notice 2009-31 and Revenue Procedure 2009-43.
    Abstract: Notice 2009-31 provides guidance for sponsors of 
multiemployer defined benefit plans relating to the elections described 
in sections 204 and 205 of the Worker, Retiree, and Employer Recovery 
Act of 2008, Public Law 110-458 (WRERA), and on the notice required to 
be provided if a plan sponsor makes an election under section 204. 
Revenue Procedure 2009-43 provides follow-up guidance to Notice 2009-
31. This new guidance describes procedures for revoking elections under 
WRERA.
    Current Actions: There is no change to the burden hours needed by 
this collection.
    Type of Review: Extension of an information collection currently 
approved by OMB.
    Affected Public: State, local, or tribal governments.
    Estimated Number of Respondents: 1,600.
    Estimated Average Time per Respondent: 1 hour.
    Estimated Total Annual Burden Hours: 1,600.
    Title: Alternative Minimum Tax--Corporations.
    OMB Number: 1545-0175.
    Form Number: 4626.
    Abstract: Section 55 of the Internal Revenue Code imposes an 
alternative minimum tax. The tax is 20% of the amount by which a 
corporation's taxable income adjusted by the items listed in sections 
56 and 58, and by the tax preference items listed in section 57, exceed 
an exemption amount. This result is reduced by the alternative minimum 
tax foreign tax credit. If this result is more than the corporation's 
regular tax liability before all credits (except the foreign tax and 
possessions tax credits), the difference is added to the tax liability. 
Form 4626 provides a line-by-line computation of the alternative 
minimum tax.
    Current Actions: There are no changes being made to Form 4626 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: 60,000.
    Estimated Time per Respondent: 43 hrs., 52 minutes.
    Estimated Total Annual Burden Hours: 2,611,200.
    Title: At-Risk Limitations.
    OMB Number: 1545-0712.
    Form Number: Form 6198.
    Abstract: Internal Revenue Code section 465 requires taxpayers to 
limit their at-risk loss to the lesser of the loss or their amount at 
risk. Form 6198 is used by taxpayers to determine their deductible loss 
and by IRS to verify the amount deducted.
    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: Business or other for-profit organizations, and 
individuals, not-for-profit institutions, and farms.
    Estimated Number of Respondents: 230,332.
    Estimated Time per Respondent: 3 hrs. 16 min.
    Estimated Total Annual Burden Hours: 914,419.
    Title: Registration Requirements With Respect to Debt Obligations.
    OMB Number: 1545-0945.
    Regulation Project Number: FI-255-82.

[[Page 46560]]

    Abstract: These regulations require an issuer of a registration-
required obligation and any person holding the obligation as a nominee 
or custodian on behalf of another to maintain ownership records in a 
manner which will permit examination by the Internal Revenue Service in 
connection with enforcement of the Internal Revenue laws.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of OMB approval.
    Affected Public: Business or other for-profit organizations and, 
state, local or tribal governments.
    Estimated Number of Record-keepers: 50,000.
    Estimated Time per Record-keeper: 1 hour.
    Estimated Total Annual Burden Hours: 50,000.
    Title: Allocation of Estimated Tax Payments to Beneficiaries.
    OMB Number: 1545-1020.
    Form Number: 1041-T.
    Abstract: This form allows a trustee of a trust or an executor of 
an estimate to make an election under Internal Revenue Code section 
643(g) to allocate any payment of estimated tax to a beneficiary. The 
IRS uses the information on the form to determine the correct amounts 
that are to be transferred from the fiduciary's account to the 
individual's account.
    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.
    Estimated Number of Responses: 1,000.
    Estimated Number of Respondents: 59 minutes.
    Estimated Total Annual Burden Hours: 990.
    Title: Information Reporting on Transactions With Foreign Trusts 
and on Large Foreign Gifts.
    OMB Number: 1545-1538.
    Notice Number: Notice 97-34.
    Abstract: Notice 97-34 provides guidance on the foreign trust and 
foreign gift information reporting provisions contained in the Small 
Business Job Protection Act of 1996.
    Current Actions: There are no changes being made to the notice at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households, business or other for-
profit organizations, and not-for-profit institutions.
    Estimated Number of Respondents: 5,000.
    Estimated Time per Respondent: 45 minutes.
    Estimated Total Annual Burden Hours: 3,750.
    Title: Commercial Revitalization Deduction.
    OMB Number: 1545-1818.
    Revenue Procedure Number: Revenue Procedure 2003-38.
    Abstract: Pursuant to Sec.  1400I of the Internal Revenue Code, 
Revenue Procedure 2003-38 provides the time and manner for states to 
make allocations of commercial revitalization expenditures to a new or 
substantially rehabilitated building that is placed in service in a 
renewal community.
    Current Actions: There are no changes being made to the revenue 
procedure at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: State, local and tribal governments, and business 
or other for-profit organizations.
    Estimated Number of Respondents: 80.
    Estimated Average Time per Respondent: 2 hours, 30 minutes.
    Estimated Total Annual Burden Hour: 200.
    Title: Agreement to Mediate.
    OMB Number: 1545-1844.
    Form Number: 13369.
    Abstract: Fast Track Mediation is a dispute resolution process 
designed to expedite case resolution. In order to avail themselves of 
this process, taxpayers and Compliance must complete the Agreement to 
Mediate (Form 13369) once an examination or collection determination is 
made. Once signed by both parties, the Agreement to Mediate will be 
forwarded to Appeals to schedule a mediation session.
    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, non-profit institutions, Federal, state, local or 
tribal governments.
    Estimated Number of Respondents: 300.
    Estimated Number of Respondents: 3 minutes.
    Estimated Total Annual Burden Hours: 15.
    Title: Report of Cash Payments Over $10,000 Received in a Trade or 
Business.
    OMB Numbers: 1545-0892.
    Form Number: 8300 and 8300-SP.
    Abstract: Internal Revenue Code section 6050I requires any person 
in a trade or business who, in the course of the trade or business, 
receives more than $10,000 in cash or foreign currency in one or more 
related transactions to report it to the IRS and provide a statement to 
the payer. Form 8300 and 8300-SP are used for this purpose.
    Section 365 of the USA Patriot Act of 2001 (Pub. L. 107-56), adding 
new section 5331 to title 31 of the United States Code, authorized the 
Financial Crimes Enforcement Network to collect the information 
reported on Form 8300 and 8300-SP. In a joint effort to develop a dual 
use form, IRS and FinCEN worked together to ensure that the 
transmission of the data collected to FinCEN on Forms 8300 and 8300-SP 
do not violate the provisions of section 6103. FinCEN makes the Forms 
8300 and 8300-SP available to law enforcement through its Bank Secrecy 
Act information sharing agreements.
    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, farms, 
and the Federal government.
    Estimated Number of Respondents: 210,000.
    Estimated Total Annual Burden Hours: 87,757.
    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.

    Approved: July 23, 2012.
Yvette B. Lawrence,
IRS Reports Clearance Officer.
[FR Doc. 2012-18948 Filed 8-2-12; 8:45 am]
BILLING CODE 4830-01-P