[Federal Register Volume 75, Number 139 (Wednesday, July 21, 2010)]
[Notices]
[Pages 42482-42484]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-17716]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Submission for OMB Review; Comment Request
July 15, 2010.
The Department of the Treasury will submit the following public
information collection requirements to OMB for review and clearance
under the Paperwork Reduction Act of 1995, Public Law 104-13 on or
after the date of publication of this notice. A copy of the submissions
may be obtained by calling the Treasury Bureau Clearance Officer
listed. Comments regarding these information collections should be
addressed to the OMB reviewer listed and to the Treasury PRA Clearance
Officer, Department of the Treasury, 1750 Pennsylvania Avenue, NW.,
Suite 11010, Washington, DC 20220.
Dates: Written comments should be received on or before August 20,
2010 to be assured of consideration.
Internal Revenue Service (IRS)
OMB Number: 1545-NEW.
Type of Review: New Collection requesting OMB control number.
Title: RP-12512-09 Rules for Certain Rental Real Estate Activities.
Abstract: This Revenue Procedure grants relief under Sec. 1.469-
9(g) for certain taxpayers to make late elections to treat all
interests in rental real estate as a single rental real estate
activity.
Respondents: Individuals or Households.
Estimated Total Burden Hours: 300 hours.
OMB Number: 1545-0959.
Type of Review: Extension without change of a currently approved
collection.
Title: LR-213-76 (T.D. 8095) Estate and Gift Taxes; Qualified
Disclaimers of Property.
Abstract: 26 U.S.C. 2518 allows a person to disclaim an interest in
property received by gift or inheritance. The interest is treated as if
the dis-claimant never received or transferred such interest for
Federal gift tax purposes. A qualified disclaimer must be in writing
and delivered to the transferor or trustee.
Respondents: Individuals or households.
Estimated Total Burden Hours: 1,000 hours.
OMB Number: 1545-1038.
Type of Review: Revision of a currently approved collection.
Title: Annual Certification of a Qualified Residential Rental
Project.
Form: 8703.
Abstract: Operators of qualified residential projects will use this
form to certify annually that their projects meet the requirements of
IRC section 142(d). Operators are required to file this certification
under section 142(d)(7). Operators must indicate on the form the
specific ``set-aside'' test the bond issuer elected under 26 U.S.C.
142(d) for the project period. They must also indicate the percentage
of low-income units in the residential rental project.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 76,620 hours.
OMB Number: 1545-1709.
Type of Review: Revision of a currently approved collection.
Title: Application for Extension of Time to File an Exempt
Organization Return (Form-8868).
Form: 8868.
Abstract: 26 U.S.C. 6081 of the Internal Revenue Code grants a
reasonable extension of time for filing any return. This form is used
by fiduciaries and certain exempt organizations, to request an
extension of time to file their returns. The information is used to
determine whether the extension should be granted.
Respondents: Private Sector: Not-for-profit institutions.
Estimated Total Burden Hours: 1,291,497 hours.
OMB Number: 1545-1715.
Type of Review: Extension without change of a currently approved
collection.
Title: Tip Rate Determination Agreement (for use by employers in
the food and beverage industry).
Abstract: Information is required by the Internal Revenue Service
in its tax compliance efforts to assist employers and their employees
in understanding and complying with section 26 U.S.C. 6053(a), which
requires employees to report all their tips monthly to their employers.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 1,737 hours.
OMB Number: 1545-1716.
Type of Review: Extension without change of a currently approved
collection.
Title: Notice 2001-1, Employer-designed Tip Reporting Program for
the Food and Beverage Industry (EmTRAC).
Abstract: 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.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 870 hours.
OMB Number: 1545-1721.
Type of Review: Revision of a currently approved collection.
Title: Taxable REIT Subsidiary Election.
Form: 8875.
[[Page 42483]]
Abstract: A corporation and a REIT use Form 8875 to jointly elect
to have the corporation treated as a taxable REIT subsidiary as
provided in 26 U.S.C. 856(l).
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 9,980 hours.
OMB Number: 1545-1875.
Type of Review: Extension without change of a currently approved
collection.
Title: Revenue Procedure 2004-12, Health Insurance Costs of
Eligible Individuals.
Abstract: Revenue Procedure 2004-12 informs states how to elect a
health program to be qualified health insurance for purposes of the
health coverage tax credit (HCTC) under section 35 of the Internal
Revenue Code. The collection of information is voluntary. However, if a
state does not make an election, eligible residents of the state may be
impeded in their efforts to claim the HCTC.
Respondents: State, Local, and Tribal Governments.
Estimated Total Burden Hours: 26 hours.
OMB Number: 1545-2040.
Type of Review: Extension without change of a currently approved
collection.
Title: Revenue Procedure Granting Automatic Consent to change
certain elections relating to the apportionment of interest expense and
research and experimental expenditures.
Abstract: This revenue procedure provides the administrative
procedure under which a taxpayer may obtain automatic consent to
change: (a) From the fair market value method under Sec. 1.861-
8T(c)(2) or from the alternative tax book value method under Sec.
1.861-9(i)(1) to apportion interest expense or (b) from the sales
method or the optional gross income methods under Sec. 1.861-17(c) and
(d) to apportion research and experimental expenditures. This revenue
procedure is effective for either (a) a taxpayer's first taxable year
beginning after December 31, 2004 (the taxpayer's 2005 taxable year);
or (b) a taxpayer's taxable year immediately following the taxpayer's
2005 taxable year, but, in such case, a taxpayer will not be provided
automatic consent to change any election that first took effect with
respect to the taxpayer's 2005 taxable year. This revenue procedure is
effective only if the taxpayer attaches the statement(s) to Form 1118
or Form 1116, whichever is applicable, by the later of: (a) One year
after the date this revenue procedure is published, or (b) the due date
(including extensions) of the taxpayer's income tax return to which the
statement(s) relates; and if the taxpayer maintains all necessary
documentation to establish change and qualification. The reporting and
recordkeeping requirements imposed by this revenue procedure will
enable the IRS to identify eligibility to use the procedure and the
years for which the new method or methods is being adopted.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 100 hours.
OMB Number: 1545-0782.
Type of Review: Extension without change of a currently approved
collection.
Title: LR-7 (TD 6629) Final, Limitation on Reduction in Income Tax
Liability Incurred to the Virgin Islands.
Abstract: The Tax Reform Act of 1986 repealed the mandatory
reporting and recordkeeping requirements of section 934(d)(1954 Code).
The prior exception to the general rule of section 934 (1954 Code) to
prevent the Government of the U.S. Virgin Islands from granting tax
rebates with regard to taxes attributable to income derived from
sources within the U.S. was contingent upon the taxpayer's compliance
with the reporting requirements of section 934(d).
Respondents: Individuals or households.
Estimated Total Burden Hours: 185 hours.
OMB Number: 1545-1068.
Type of Review: Extension without change of a currently approved
collection.
Title: INTL-362-88 (T.D. 8618)(Final) Definition of a Controlled
Foreign Corporation, Foreign Base Company Income, and Foreign Personal
Holding Company Income of a Controlled Foreign Corporation.
Abstract: The election and recordkeeping requirements are necessary
to exclude certain high-taxed or active business income from subpart F
income or to include certain income in the appropriate category of
subpart F income. The recordkeeping and election procedures allow the
U.S. shareholders and the IRS to know the amount of the controlled
foreign corporation's subpart F income.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 50,417 hours.
OMB Number: 1545-1132.
Type of Review: Extension without change of a currently approved
collection.
Title: INTL-536-89 (T.D. 8300) (Final) Registration Requirements
with Respect to Certain Debt Obligations; Application of Repeal of 30
Percent Withholding by the Tax Reform Act of 1984.
Abstract: The Internal Revenue Service needs the information in
order to ensure that purchasers of bearer obligations are not U.S.
persons (other than those permitted to hold obligations under section
165(j) and to ensure that U.S. persons holding bearer obligations
properly report income and gain on such obligations.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 850 hours.
OMB Number: 1545-2043.
Type of Review: Revision of a currently approved collection.
Title: Form 8879-B, IRS e-file Signature Authorization for Form
1065-B
Form: 8879-B
Abstract: Tax year 2006 is the first year that filers of Form 1065-
B (electing large partnerships) can file electronically. Form 8879-B is
used when a personal identification number (PIN) will be used to
electronically sign the electronic tax return, and, if applicable,
consent to an electronic funds withdrawal.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 273 hours.
OMB Number: 1545-1836.
Type of Review: Revision of a currently approved collection.
Title: Support Schedule for Advance Ruling Period.
Form: 8734.
Abstract: Form 8734 is used by charitable exempt organizations to
furnish financial information supporting its qualification of public
charity status under 26 U.S.C. 509 and that the IRS can use to classify
a charity as a public charity.
Respondents: Private Sector: Not-for-profit institutions.
Estimated Total Burden Hours: 97,411 hours.
OMB Number: 1545-1735.
Type of Review: Extension without change of a currently approved
collection.
Title: Revenue Procedure 2001-20, Voluntary Compliance on Alien
Withholding Program (VCAP).
Abstract: The revenue procedure will improve voluntary compliance
of colleges and universities in connection with their obligations to
report withhold and pay taxes due on compensation paid to foreign
students and scholars
[[Page 42484]]
(nonresident aliens). The revenue procedure provides an optional
opportunity for colleges and universities which have not fully complied
with their tax obligations concerning nonresident aliens to self-audit
and come into compliance with applicable reporting and payment
requirements.
Respondents: Private Sector: Not-for-profit institutions.
Estimated Total Burden Hours: 346,500 hours.
OMB Number: 1545-1877.
Type of Review: Extension without change of a currently approved
collection.
Title: Revenue Procedure 2004-18, Average Area Purchase Price Safe
Harbors and Nationwide Purchase Prices under section 143.
Abstract: Revenue Procedure 2004-18 provides issuers of qualified
mortgage bonds, as defined in section 143(a) of the Internal Revenue
Code, and issuers of mortgage credit certificates, as defined in
section 25(c), with: (1) Nationwide average purchase prices for
residences located in the United States; and (2) average area purchase
price safe harbors for residences located in statistical areas in each
state, the District of Columbia, Puerto Rico, the Northern Mariana
Islands, American Samoa, the Virgin Islands, and Guam.
Respondents: State, Local, and Tribal Governments.
Estimated Total Burden Hours: 15 hours.
OMB Number: 1545-2041.
Type of Review: Extension without change of a currently approved
collection.
Title: Expenses Paid by Certain Whaling Captains in Support of
Native Alaskan Subsistence Whaling.
Abstract: This document provides guidelines under section 170(n)
for substantiating certain expenses of carrying out sanctioned whaling
activities.
Respondents: Individuals or households.
Estimated Total Burden Hours: 48 hours.
OMB Number: 1545-2049.
Type of Review: Extension without change of a currently approved
collection.
Title: Notice 2006-107--Diversification Requirements for Qualified
Defined Contribution Plans. Holding Publicly Traded Employer
Securities.
Abstract: This notice contains two model forms that may be used by
employers to notify plan participants of their diversification rights
under sections 901 and 507 of the Pension Protection Act of 2006.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 7,725 hours.
OMB Number: 1545-1589.
Type of Review: Extension without change of a currently approved
collection.
Title: Revenue Procedure 98-19, Exceptions to the notice and
reporting requirements of section 6033(e)(1) and the tax imposed by
section 6033(e)(2).
Abstract: Revenue Procedure 98-19 provides guidance to
organizations exempt from taxation under section 501(a) of the Internal
Revenue Code of 1986 on certain exceptions from the reporting and
notice requirements of section 6033(e)(1) and the tax imposed by
section 6033(e)(2).
Respondents: Private Sector: Not-for-profit institutions.
Estimated Total Burden Hours: 150,000 hours.
OMB Number: 1545-1592.
Type of Review: Extension without change of a currently approved
collection.
Title: Revenue Procedure 98-20, Certification for No Information
Reporting on the Sale of a Principal Residence.
Abstract: The revenue procedure applies only to the sale of a
principal residence for $250,000 or less ($500,000 or less if the
seller is married). The revenue procedure provides the written
assurances that are acceptable to the Service for exempting a real
estate reporting person from information reporting requirements for the
sale of a principal residence.
Respondents: Individuals or Households.
Estimated Total Burden Hours: 420,500 hours.
Bureau Clearance Officer: R. Joseph Durbala, Internal Revenue
Service, 1111 Constitution Avenue, NW., Room 6129, Washington, DC
20224; (202) 622-3634.
OMB Reviewer: Shagufta Ahmed, Office of Management and Budget, New
Executive Office Building, Room 10235, Washington, DC 20503; (202) 395-
7873.
Celina Elphage,
Treasury PRA Clearance Officer.
[FR Doc. 2010-17716 Filed 7-20-10; 8:45 am]
BILLING CODE 4810-01-P