[Federal Register Volume 77, Number 164 (Thursday, August 23, 2012)]
[Notices]
[Pages 51108-51109]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-20722]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

August 20, 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 September 24, 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: 1545-0022.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Life Insurance Statement.
    Form: 712.
    Abstract: Form 712 is used to establish the value of life insurance 
policies for estate and gift tax purposes. The tax is based on the 
value of these policies. The form is completed by life insurance 
companies.
    Affected Public: Private Sector: Business or other for-profits.
    Estimated Total Burden Hours: 1,120,200.

    OMB Number: 1545-0233.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Application for Automatic Extension of Time to File Certain 
Business Income Tax, Information, and Other Returns.
    Form: 7004.
    Abstract: Form 7004 is used by corporations and certain non-profit 
institutions to request an automatic 6-month extension of time to file 
their income tax returns. The information is needed by IRS to determine 
whether Form 7004 was timely filed so as not to impose a late filing 
penalty in error and also to insure that the proper amount of tax was 
computed and deposited.
    Affected Public: Private Sector: Business or other for-profits.
    Estimated Total Burden Hours: 19,216,744.

    OMB Number: 1545-0805.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Information return on a 25% Foreign Owned U.S. Corporation 
or a Foreign Corporation Engaged in a U.S. Trade or Business.
    Form: 5472.
    Abstract: Form 5472 is used to report information about 
transactions between a U.S. corporation that is 25% foreign owned or a 
foreign corporation that is engaged in a U.S. trade or business and 
related foreign parties. The IRS uses Form 5472 to determine if 
inventory or other costs deducted by the U.S. or foreign corporation 
are correct.
    Affected Public: Private Sector: Business or other for-profits.
    Estimated Total Burden Hours: 2,544,784.

    OMB Number: 1545-1099.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Information Return for Real Estate Mortgage Investment 
Conduits (REMICs) and Issuers of Collateralized Debt Obligations.
    Form: 8811.
    Abstract: Form 8811 is used to collect name, address, and phone 
number of a representative of a REMIC who can provide brokers with the 
correct income amounts that the broker's clients must report on their 
income tax returns. The form allows the IRS to provide the REMIC 
industry the information necessary to issue correct information returns 
to investors.
    Affected Public: Private Sector: Business or other for-profits.
    Estimated Total Burden Hours: 4,380.

    OMB Number: 1545-1120.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: TD 8352 (temp & final) Final Regulations Under Sections 382 
and 383 of the Internal Revenue Code of 1986; Pre-change Attributes; TD 
8531--Final Regulations Under Section 382.
    Abstract: These regulations (CO-69-87 and CO-68-87) require 
reporting by a corporation after it undergoes an ``ownership change'' 
under sections 382

[[Page 51109]]

and 383. Corporations required to report under these regulations 
include those with capital loss carryovers and excess credits. These 
regulations (CO-18-90) provide rules for the treatment of options under 
IRC section 382 for purposes of determining whether a corporation 
undergoes an ownership change. The regulation allows for certain 
elections for corporations whose stock is subject to options.
    Affected Public: Private Sector: Business or other for-profits.
    Estimated Total Burden Hours: 220,575.

    OMB Number: 1545-1254.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: TD 8396--Conclusive Presumption of Worthlessness of Debts 
Held by Banks (FI-34-91).
    Abstract: Paragraph (d)(3) of section 1.166-2 of the regulations 
allows banks and thrifts to elect to conform their tax accounting for 
bad debts with their regulatory accounting. An election, or revocation 
thereof, is a change in method of accounting. The collection of 
information required in section 1.166-2(d)(3) is necessary to monitor 
the elections.
    Affected Public: Private Sector: Business or other for-profits.
    Estimated Total Burden Hours: 50.

    OMB Number: 1545-1412.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: FI-54-93 (Final) Clear Reflection of Income in the Case of 
Hedging Transactions
    Abstract: This information is required by the Internal Revenue 
Service to verify compliance with section 416 of the Internal Revenue 
Code. This information will be used to determine that the amount of tax 
has been computed correctly.
    Affected Public: Private Sector: Business or other for-profits.
    Estimated Total Burden Hours: 22,000.

    OMB Number: 1545-1431.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Substantiation Requirement for Certain Contributions IA-74-
93 (Final)
    Abstract: These regulations provide that, for purposes of 
substantiation for certain charitable contributions, consideration does 
not include de minimis goods or services. It also provides guidance on 
how taxpayers may satisfy the substantiation requirement for 
contributions of $250 or more.
    Affected Public: Private Sector: Business or other for-profits.
    Estimated Total Burden Hours: 51,500.

    OMB Number: 1545-1503.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Revenue Procedure 2006-9 (formerly Rev. Proc. 96-53), 
Section 482--Allocations Between Related Parties.
    Abstract: The information requested is required to enable the 
Internal Revenue Service to give advice on filing Advance Pricing 
Agreement applications, to process such applications and negotiate 
agreements, and to verify compliance with agreements and whether 
agreements require modification.
    Affected Public: Private Sector: Business or other for-profits.
    Estimated Total Burden Hours: 8,200.

    OMB Number: 1545-1530.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Rev. Proc. 2007-32--Tip Rate Determination Agreement (Gaming 
Industry); Gaming Industry Tip Compliance Agreement Program.
    Abstract: Tip Rate Determination Agreement (Gaming Industry) 
Information is required by the Internal Revenue Service in its 
Compliance efforts to assist employers and their employees in 
understanding and complying with section 6053(a), which requires 
employees to report all their tips monthly to their employers. Gaming 
Industry Tip Compliance Agreement Program Taxpayers who operate gaming 
establishments may enter into an agreement with the Internal Revenue 
Service to establish tip rates and occupational categories for all 
tipped employees of the taxpayer. The agreements will require 
substantiation of the tip rates as well.
    Affected Public: Private Sector: Business or other for-profits.
    Estimated Total Burden Hours: 10,467.

    OMB Number: 1545-1806.
    Type of Review: Revision of currently approved collection.
    Title: Asset Allocation Statement Under 338.
    Form: 8883.
    Abstract: Form 8883 is used to report information regarding 
transactions involving the deemed sale of corporate assets under 
section 338.
    Affected Public: Private Sector: Business or other for-profits.
    Estimated Total Burden Hours: 5,755.

    OMB Number: 1545-1820.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Rev. Proc. 2003-33--Section 9100 Relief for 338 Elections.
    Abstract: Pursuant to Sec. 301.9100-3 of the Procedure and 
Administration Regulations, this procedure grants certain taxpayers an 
extension of time to file an election described in Sec. 338(a) or Sec. 
338(h)(10) of the Internal Revenue Code to treat the purchase of the 
stock of a corporation as an asset acquisition.
    Affected Public: Private Sector: Business or other for-profits.
    Estimated Total Burden Hours: 300.

    OMB Number: 1545-1932.
    Type of Review: Revision of currently approved collection.
    Title: TD 9392--Information Return by Donees Relating to Qualified 
Intellectual Property Contributions (REG-158138-04).
    Abstract: These regulations provide guidance for filing information 
returns by donees relating to qualified intellectual property 
contributions. The regulations affect donees receiving qualified 
intellectual property contributions after June 3, 2004.
    Affected Public: Private Sector: Not-for-profit institutions.
    Estimated Total Burden Hours: 200.

Dawn D. Wolfgang,
Treasury PRA Clearance Officer.
[FR Doc. 2012-20722 Filed 8-22-12; 8:45 am]
BILLING CODE 4830-01-P