[Federal Register Volume 68, Number 120 (Monday, June 23, 2003)]
[Notices]
[Pages 37202-37203]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-15744]
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DEPARTMENT OF THE TREASURY
Submission for OMB Review; Comment Request
June 10, 2003.
The Department of the Treasury has submitted the following public
information collection requirement(s) to OMB for review and clearance
under the Paperwork Reduction Act of 1995, Public Law 104-13. Copies of
the submission(s) may be obtained by calling the Treasury Bureau
Clearance Officer listed. Comments regarding this information
collection should be addressed to the OMB reviewer listed and to the
Treasury Department Clearance Officer, Department of the Treasury, Room
11000, 1750 Pennsylvania Avenue, NW. Washington, DC 20220.
DATES: Written comments should be received on or before July 23, 2003
to be assured of consideration.
Internal Revenue Service (IRS)
OMB Number: 1545-0771.
Regulation Project Number: EE-63-88 Final and Temporary, IA-140-86
Temporary, and REG-209785-95 Final.
Type of Review: Extension.
Title: EE-63-88 Final and Temporary Regulations: Taxation of Fringe
Benefits and Exclusions From Gross Income for Certain Fringe Benefits;
IA-140-86 Temporary: Fringe Benefits; Listed Property; and REG-209785-
95 Final: Substantiation of Business Expenses.
Description: EE-63-88: This regulation provides guidance on the tax
treatment of taxable and nontaxable fringe benefits and general
specific rules for the valuation of taxable fringe benefits in
accordance with Code sections 61 and 132. The regulation also provides
guidance on exclusions from gross income for certain fringe benefits.
IA-140-86: This regulation provides guidance relating to the
requirement that any deduction or credit with respect to business
travel, entertainment, and gift expenses be substantiated with adequate
records in accordance with Code section 274(d). This regulation also
provides guidance on the taxation of fringe benefits and clarifies the
types of records that are generally necessary to substantiate any
deduction or credit for listed property. REG-209785-95: This regulation
provides that taxpayers who deduct, or reimburse employees for,
business expenses for travel, entertainment, gifts, or listed property
are required to maintain certain records, including receipts, for
expenses of $75 or more. The regulation amends existing regulations by
raising the receipt threshold from $25 to $75.
Respondents: Business or other for-profit, Individuals or
households, Not-for-profit institutions, Farms, Federal Government,
State, Local or Tribal Government.
Estimated Number of Respondents/Recordkeepers: 28,582,150.
Estimated Burden Hours Per Respondent/Recordkeeper: 1 hour, 20
minutes.
Frequency of Response: On occasion.
Estimated Total Reporting/Recordkeeping Burden: 37,922,688 hours.
OMB Number: 1545-1014.
Form Number: IRS Form 1066.
Type of Review: Revision.
Title: Form 1066: U.S. Real Estate Mortgage Investment Conduit
(REMIC) Income Tax Return; Schedule Q (Form 1066): Quarterly Notice to
Residual Interest Holder of REMIC Taxable Income or Net Loss
Allocation.
Description: Form 1066 and Schedule Q (Form 1066) are used by real
estate mortgage investment conduit (REMIC) to figure its tax liability
and income and other tax-related information to pass through to its
residual holders. IRS uses the information to determine the correct tax
liability of the REMIC and its residual holders.
Respondents: Business or other for-profit.
Estimated Number of Respondents/Recordkeepers: 4,917.
Estimated Burden Hours Per Respondent/Recordkeeper:
[[Page 37203]]
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Schedule Q (Form
Form 1066 1066)
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Recordkeeping.................. 32 hr., 3 min.... 6 hr., 27 min.
Learning about the law or the 8 hr., 51 min.... 1 hr., 40 min.
form.
Preparing the form............. 12 hr., 33 min... 1 hr., 52 min.
Copying, assembling, and
sending the form to the IRS.
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Frequency of Response: Quarterly, Annually.
Estimated Total Reporting/Recordkeeping Burden: 758,989 hours.
OMB Number: 1545-1035.
Form Number: IRS Form 8611.
Type of Review: Revision.
Title: Recapture of Low-Income Housing Credits.
Description: Internal Revenue Code (IRC) section 42 permits owners
of residential rental projects providing low-income housing to claim a
credit against their income tax. If the property is disposed of or it
fails to meet certain requirements over a 15-year compliance period and
a bond is not posted, the owner must recapture on Form 8611 part of the
credit(s) taken in prior years.
Respondents: Business or other for-profit, Individuals or
households.
Estimated Number of Respondents/Recordkeepers: 1,200.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--7 hr., 39 min.
Learning about the law or the form--1 hr., 0 min.
Preparing and sending the form to the IRS--1 hr., 10 min.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 10,841 hours.
OMB Number: 1545-1480.
Regulation Project Number: REG-107047-00 Final.
Type of Review: Extension.
Title: Hedging Transactions.
Description: The information is required by the IRS to aid it in
administering the law and to prevent manipulation. The information will
be used to verify that a taxpayer is properly reporting its business
hedging transactions.
Respondents: Business or other for-profit.
Estimated Number of Respondents/Recordkeepers: 127,100.
Estimated Burden Hours Per Respondent/Recordkeeper: 1 hour, 20
minutes.
Frequency of Response: Other (one-time).
Estimated Total Reporting/Recordkeeping Burden: 171,050 hours.
Clearance Officer: Glenn Kirkland (202) 622-3428, Internal Revenue
Service, Room 6411-03, 1111 Constitution Avenue, NW., Washington, DC
20224.
OMB Reviewer: Joseph F. Lackey, Jr. (202) 395-7316, Office of
Management and Budget, Room 10235, New Executive Office Building,
Washington, DC 20503.
Lois K. Holland,
Treasury PRA Clearance Officer.
[FR Doc. 03-15744 Filed 6-20-03; 8:45 am]
BILLING CODE 4830-01-P