[Federal Register Volume 78, Number 192 (Thursday, October 3, 2013)]
[Notices]
[Pages 61448-61449]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-24257]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Forms 1120-L and SCH M-3

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

[[Page 61449]]

and/or continuing information collections, as required by the Paperwork 
Reduction Act of 1995. Currently, the IRS is soliciting comments 
concerning Form 1120-L, U.S. Life Insurance Company Income Tax Return, 
and 1120-L SCH M-3, Net Income (Loss) Reconciliation for U.S. Life 
Insurance Companies With Total Assets of $10 Million or More.

DATES: Written comments should be received on or before December 2, 
2013 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.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to Kerry Dennis, 
at Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., 
Washington, DC 20224, or through the internet at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: U.S. Life Insurance Company Income Tax Return and Net Income 
(Loss) Reconciliation for U.S. Life Insurance Companies With Total 
Assets of $10 Million or More.
    OMB Number: 1545-0128.
    Form Number: 1120-L and SCH M-3.
    Abstract: Life insurance companies are required to file an annual 
return of income (Form 1120 L) to report the income, gains, losses, 
deductions, credits, and to figure the income tax liability of life 
insurance companies. Schedule M-3 Part I, asks certain questions about 
the corporation's financial statements and reconciles financial 
statement net income (loss) for the corporation (or consolidated 
financial statement group, if applicable), to net income (loss) of the 
corporation for U.S. taxable income purposes. Schedule M-3, Parts II 
and III, reconcile financial statement net income (loss) for the U.S. 
corporation (or consolidated tax group, if applicable), as reported on 
Schedule M-3, Part I, to taxable income on Form 1120-L. For life 
insurance companies that prepare an annual statement, financial 
statement net income (loss) is to be reported on the statutory basis on 
Schedule M-3, Part I.
    The data is used to insure that the companies have correctly 
reported taxable income and paid the correct tax.
    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: 4,440.
    Estimated Time per Respondent: 280 hours, 43 minutes.
    Estimated Total Annual Burden Hours: 644,738.
    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 18, 2013.
R. Joseph Durbala,
IRS Reports Clearance Officer.
[FR Doc. 2013-24257 Filed 10-2-13; 8:45 am]
BILLING CODE 4830-01-P