[Federal Register Volume 78, Number 227 (Monday, November 25, 2013)]
[Notices]
[Pages 70412-70414]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-28200]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

November 20, 2013.
    The Department of the Treasury will submit the following 
information collection requests 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 December 26, 2013 to be 
assured of consideration.

ADDRESSES: Send comments regarding the burden estimate, or any other 
aspect of the information collection, including suggestions 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 8141, Washington, 
DC 20220, or email at [email protected].

FOR FURTHER INFORMATION CONTACT: Copies of the submission(s) may be 
obtained by calling (202) 622-1295, sending an email to 
[email protected], or the entire information collection request may be 
found at www.reginfo.gov.

Internal Revenue Service (IRS)

    OMB Number: 1545-0042.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Application to Use LIFO Inventory Method.
    Form: 970.
    Abstract: Form 970 is filed by individuals, partnerships, trusts, 
estates, or corporations to elect to use the last-in, first-out (LIFO) 
inventory method or to extend the LIFO method to additional goods. The 
IRS uses Form 970 to determine if the election was properly made.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 42,220.

    OMB Number: 1545-0112.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Form 1099-INT, Interest Income.
    Form: 1099-INT.
    Abstract: Form 1099-INT is used for reporting interest income paid, 
as

[[Page 70413]]

required by sections 6049 and 6041 of the Internal Revenue Code. It is 
used to verify that payees are correctly reporting their income.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 63,079,438.

    OMB Number: 1545-0191.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Investment Interest Expense Deduction.
    Form: 4952.
    Abstract: Internal Revenue Code section 163(d) provides a 
limitation on individuals, estates, or trusts that paid or accrued 
interest on investment indebtedness. Form 4952 is used to accumulate a 
taxpayer's interest from all sources and provides a line-by-line 
computation of the allowable deduction for investment interest.
    Affected Public: Individuals or Households.
    Estimated Annual Burden Hours: 205,596.

    OMB Number: 1545-0800.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Reg. 601.601 Rules and Regulations.
    Abstract: Persons wishing to speak at a public hearing on a 
proposed rule must submit written comments and an outline within 
prescribed time limits, for use in preparing agendas and allocating 
time. Persons interested in the issuance, amendment, or repeal of a 
rule may submit a petition for this. IRS considers the petitions in its 
deliberations.
    Affected Public: Private Sector: Businesses or other for-profits, 
Farms, and Not-for-profit institutions.
    Estimated Annual Burden Hours: 900.

    OMB Number: 1545-1287.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: FI-3-91 (TD 8456--Final) Capitalization of Certain Policy 
Acquisition Expenses.
    Abstract: Insurance companies that enter into reinsurance 
agreements must determine the amounts to be capitalized under those 
agreements consistently. The regulations provide elections to permit 
companies to shift the burden of capitalization for their mutual 
benefit.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 2,070.

    OMB Number: 1545-1308.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: PS-260-82 (Final) Election, Revocation, Termination, and Tax 
Effect of Subchapter S Status--TD 8449.
    Abstract: Sections 1-1362 through 1.1362-7 of the Income Tax 
Regulations provide the specific procedures and requirements necessary 
to implement section 1362, including the filing of various elections 
and statements with the Internal Revenue Service.
    Affected Public: Individuals or Households and Private Sector: 
Businesses or other for-profits, and farms.
    Estimated Annual Burden Hours: 322.

    OMB Number: 1545-1576.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Student Loan Interest Statement.
    Form: 1098-E.
    Abstract: Section 6050S(b)(2) of the Internal Revenue Code requires 
persons (financial institutions, governmental units, etc.) to report 
$600 or more of interest paid on student loans to the IRS and the 
students. Form 1098-E is used for this purpose.
    Affected Public: Individuals or Households.
    Estimated Annual Burden Hours: 1,051,357.

    OMB Number: 1545-1861.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Revenue Procedure 2004-19, Probable or Prospective Reserves 
Safe Harbor.
    Abstract: Revenue Procedure 2004-19 requires a taxpayer to file an 
election statement with the Service if the taxpayer wants to use the 
safe harbor to estimate the taxpayers' oil and gas properties' probable 
or prospective reserves for purposes of computing cost depletion under 
Sec. 611 of the Internal Revenue Code.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 50.

    OMB Number: 1545-1879.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Exempt Organization Declaration and Signature for Electronic 
Filing.
    Form: 8453-EO.
    Abstract: Form 8453-EO is used to enable the electronic filing of 
Forms 990, 990-EZ, 990-PF, or 1120-POL.
    Affected Public: Private Sector: Not-for-profit institutions.
    Estimated Annual Burden Hours: 1,046.

    OMB Number: 1545-1881.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Election to Treat a Qualified Revocable Trust as Part of an 
Estate.
    Form: 8855.
    Abstract: Form 8855 is used to make a section 645 election that 
allows a qualified revocable trust to be treated and taxed (for income 
tax purposes) as part of its related estate during the election period.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 28,200.

    OMB Number: 1545-2052.
    Type of Review: Revision of a currently approved collection.
    Title: U.S. Income Tax Return for Cooperative Associations.
    Abstract: IRS Code section 1381 requires subchapter T cooperatives 
to file returns. Previously, farmers' cooperatives filed Form 990-C, 
and other subchapter T cooperatives filed Form 1120. If the subchapter 
T cooperative does not meet certain requirements, the due date of its 
return is two and one-half months after the end of its tax year which 
is the same as the due date for all other corporations. The due date 
for income tax returns filed by subchapter T cooperatives that meet 
certain requirements is eight and one-half months after the end of 
their tax year. Cooperatives that filed their income tax returns on 
Form 1120 were considered to be late, and penalties were assessed since 
they had not filed by the normal due date for Form 1120. Due to the 
assessment of the penalties, burden was placed on the taxpayer and on 
the IRS employees to resolve the issue.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 335,700.

    OMB Number: 1545-2055.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Energy Efficient Appliance Credit.
    Form: 8909.
    Abstract: Form 8909, Energy Efficient Appliance Credit, was 
developed to carry out the provisions of Code section 45M. This section 
was added by section 1334 of the Energy Policy Act of 2005 (P.L. 109-
58). The form provides a means for the eligible manufacturer/taxpayer 
to compute the amount of, and claim, the credit.

[[Page 70414]]

    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 131.

Brenda Simms,
Treasury PRA Clearance Officer.
[FR Doc. 2013-28200 Filed 11-22-13; 8:45 am]
BILLING CODE 4810-01-P