[Federal Register Volume 77, Number 190 (Monday, October 1, 2012)]
[Notices]
[Pages 60022-60023]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-23967]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Information Collection 
Tools

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

[[Page 60023]]

Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning; 
RP 2002-67, Settlement of Section 351 Contingent Liability Tax Shelter 
Cases; Schedule C (Form 1040), Profit or Loss From Business; Form 8907, 
Nonconventional Source Fuel Credit; and REG-155929-06, Payout 
Requirements for Type III Supporting Organizations that are not 
Functionally Integrated.

DATES: Written comments should be received on or before November 30, 
2012 to be assured of consideration.

ADDRESSES: Direct all written comments to Yvette 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: Requests for additional information or 
copies of the collection tools should be directed to R. Joseph Durbala, 
Internal Revenue Service, room 6129, 1111 Constitution Avenue NW., 
Washington, DC 20224, or at (202) 622-3634, or through the Internet at 
[email protected].

SUPPLEMENTARY INFORMATION: Currently, the IRS is seeking comments 
concerning the following information collection tools, reporting, and 
recordkeeping requirements:
    (1) Title: Settlement of Section 351 Contingent Liability Tax 
Shelter Cases.
    OMB Number: 1545-1801.
    Form Number: RP 2002-67.
    Abstract: Revenue Procedure 2002-67 prescribes procedures for 
taxpayers who elect to participate in a settlement initiative aimed at 
resolving tax shelter cases involving contingent liability transactions 
that are the same or similar to those described in Notice 2001-17 
(``contingent liability transaction''). There are two resolution 
methodologies: a fixed concession procedure and a fast track dispute 
resolution procedure that includes binding arbitration.
    Current Actions: There are no changes to the previously approved 
burden of this existing collection.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations and 
Individuals.
    Estimated Number of Respondents: 150.
    Estimated Time per Respondent: 50 hrs.
    Estimated Total Annual Burden Hours: 7,500.
    (2) Title: Profit or Loss From Business.
    OMB Number: 1545-1974.
    Form Number: Schedule C (Form 1040).
    Abstract: Schedule C (Form 1040) is used by individuals to report 
their Business Income. The data is used to verify that the items 
reported on the form are correct and also for general statistical use.
    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: Business or other for-profit organizations.
    Estimated Number of Respondents: 10,000,236.
    Estimated Time per Respondent: 10 hrs., 22 min.
    Estimated Total Annual Reporting Burden hours: 103,702,448.
    (3) Title: Nonconventional Source Fuel Credit.
    OMB Number: 1545-2008.
    Form Number: Form 8907.
    Abstract: Form 8907 will be used to determine the amount of credit 
that can be claimed for the production and sale of qualified 
nonconventional source fuel.
    Current Actions: There is no change in the paperwork burden 
previously approved by OMB.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Businesses and other for-profit organizations, 
Individuals or Households.
    Estimated Number of Respondents: 22,000.
    Estimated Time per Respondent: 12 hrs., 41 min.
    Estimated Total Annual Burden Hours: 278,960.
    (4) Title: Payout Requirements for Type III Supporting 
Organizations that are not Functionally Integrated.
    OMB Number: 1545-2157.
    Form Number: REG-155929-06.
    Abstract: This document contains proposed regulations regarding the 
requirements to qualify as a Type III supporting organization that is 
operated in connection with one or more supported organizations. The 
regulations reflect changes to the law made by the Pension Protection 
Act of 2006. The regulations will affect Type III supporting 
organizations and their supported organizations.
    Current Actions: There is no change in the paperwork burden 
previously approved by OMB.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Not-for-profit institutions, State, Local or 
Tribal Governments.
    Estimated Number of Respondents: 4,200.
    Estimated Time per Respondent: 2 hour.
    Estimated Total Annual Burden Hours: 8,400.
    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.
    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in the request for OMB approval. All 
comments will become a matter of public record. Comments are invited 
on: (a) Whether the collection of information is necessary for the 
proper performance of the functions of the agency, including whether 
the information shall have 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 through 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 information.

    Approved: September 14, 2012.
Yvette Lawrence,
IRS Reports Clearance Officer.
[FR Doc. 2012-23967 Filed 9-28-12; 8:45 am]
BILLING CODE 4830-01-P