[Federal Register Volume 75, Number 140 (Thursday, July 22, 2010)]
[Notices]
[Pages 42831-42832]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-17873]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 1065, Schedule C, 
Schedule D, Schedule K-1, Schedule L, Schedule M-1, Schedule M-2, and 
Schedule 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 and/or continuing information collections, as required by 
the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning 
Form 1065 (U.S. Return of Partnership Income), Schedule D (Capital 
Gains and Losses), Schedule K-1 (Partner's Share of Income, Credits, 
Deductions and Other Items), Schedule L (Balance Sheets per Books), 
Schedule M-1 (Reconciliation of Income (Loss) per Books With Income 
(Loss) per Return)), Schedule M-2 (Analysis of Partners' Capital 
Accounts), and Schedule M-3 (Net Income (Loss) Reconciliation for 
Certain Partnerships)).

DATES: Written comments should be received on or before September 20, 
2010 to be assured of consideration.

ADDRESSES: Direct all written comments to Gerald Shields, 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(s) and instructions should be directed to Elaine 
Christophe, (202) 622-3179, or 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. Return of Partnership Income (Form 1065), Capital Gains 
and Losses (Schedule D), Partner's Share of Income, Credits, 
Deductions, etc. (Schedule K-1), Balance Sheets per Books (Schedule L), 
Reconciliation of Income (Loss) per Books With Income (Loss) per Return 
(Schedule M-1), Analysis of Partners' Capital Accounts (Schedule M-2), 
and Net Income (Loss) Reconciliation for Certain Partnerships (Schedule 
M-3).
    OMB Number: 1545-0099.
    Form Number: 1065, Schedule D, Schedule K-1, Schedule L, Schedule 
M-1, Schedule M-2, and Schedule M-3.
    Abstract: Internal Revenue Code section 6031 requires partnerships 
to file returns that show gross income items, allowable deductions, 
partners' names, addresses, and distribution shares, and other 
information. This information is used by the IRS to verify correct 
reporting of partnership items and for general statistics. The 
information is used by partners to determine the income, loss, credits, 
etc., to report on their tax returns.
    Current Actions: Major changes were made to the form, instructions, 
and some of the schedules to better serve the taxpayers. These changes 
resulted in a decrease in burden hours.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations, farms, 
and individuals or households.
    Estimated Number of Respondents: 2,376,800.
    Estimated Time per Respondent: Varies.
    Estimated Total Annual Burden Hours: 707,661,044.
    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;

[[Page 42832]]

and (e) estimates of capital or start-up costs and costs of operation, 
maintenance, and purchase of services to provide information.

    Approved: July 15, 2010.
Gerald Shields,
IRS Supervisory Tax Analyst.
[FR Doc. 2010-17873 Filed 7-21-10; 8:45 am]
BILLING CODE 4830-01-P