[Federal Register Volume 75, Number 187 (Tuesday, September 28, 2010)]
[Notices]
[Pages 59795-59797]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-24213]
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DEPARTMENT OF THE TREASURY
Submission for OMB Review; Comment Request
September 22, 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 October 28,
2010 to be assured of consideration.
Internal Revenue Service (IRS)
OMB Number: 1545-1155.
Type of Review: Extension without change to a currently approved
collection.
Title: PS-74-89 (TD 8282) Final Election of Reduced Research
Credit.
Abstract: These regulations prescribe the procedure for making the
election described in section 280C(c)(3) of the Internal Revenue Code.
Taxpayers making this election must reduce their section 41(a) research
credit, but are not required to reduce their deductions for qualified
research expenses, as required in paragraphs (1) and (2) of section
280C(c).
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 50 hours.
OMB Number: 1545-0042.
Type of Review: Revision 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 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.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 42,220 hours.
OMB Number: 1545-0757.
Type of Review: Extension without change to a currently approved
collection.
Title: LR-209-76 (Final) Special Lien for Estate Taxes Deferred
Under Section 6166 or 6166A.
Abstract: Section 632A permits the executor of a decedent's estate
to elect a lien on section 6166 property in favor of the United States
in lieu of a bond or personal liability if an election under section
6166 was made and the executor files an agreement under section
6323A(c).
Respondents: Individuals or households.
Estimated Total Burden Hours: 8,650 hours.
OMB Number: 1545-1861.
Type of Review: Extension without change to a currently approved
collection.
Title: Revenue Procedure 2004-19, Probable or Prospective Reserves
Safe Harbor.
Abstract: This revenue procedure 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.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 50 hours.
OMB Number: 1545-1879.
Type of Review: Extension without change to a currently approved
collection.
Title: Exempt Organization Declaration and Signature for Electronic
Filing.
Form: 8453-EO
Abstract: Form 8453-EO is used to authenticate an electronic Forms
990, 990-EZ, 1120-POL, or 8868 authorize the electronic return
originator, and/or intermediate service provider, if any, to transmit
via a third-party transmitter; and provide the organization's consent
to directly deposit any refund and/or authorize an electronic funds
withdrawal for payment of Federal taxes owed.
Respondents: Private Sector: Not-for-profit institutions.
Estimated Total Burden Hours: 1,046 hours.
OMB Number: 1545-0800.
Type of Review: Extension without change to 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.
Respondents: Private Sector: Not-for-profit institutions,
Businesses or other for-profits and Farms.
Estimated Total Burden Hours: 900 hours.
OMB Number: 1545-0806.
[[Page 59796]]
Type of Review: Extension without change to a currently approved
collection.
Title: EE-12-78 (Final) Non-Bank Trustees.
Abstract: IRC section 408(a)(2) permits an institution other than a
bank to be the trustee of an individual retirement account (IRA). To do
so, an application needs to be filed and various requirements need to
be met. IRS uses the information to determine whether an institution
qualifies to be a non-bank trustee.
Respondents: Private Sector: Not-for-profit institutions.
Estimated Total Burden Hours: 13 hours.
OMB Number: 1545-1433.
Type of Review: Extension without change to a currently approved
collection.
Title: CO-11-91 (TD 8597) (Final) Consolidated and Controlled
Groups-Intercompany Transactions and Related Rules; CO-24-95 (TD 8660)
(Final) Consolidated Groups-Intercompany Transactions and Related
Rules.
Abstract: The regulations require common parents that make
elections under Section 1.1502-13 to provide certain information. The
information will be used to identify and assure that the amount,
location, timing and attributes of intercompany transactions and
corresponding items are properly maintained.
Respondents: Private Sector: Not-for-profit institutions.
Estimated Total Burden Hours: 1,050 hours.
OMB Number: 1545-0982.
Type of Review: Extension without change to a currently approved
collection.
Title: LR-77-86 Temporary (TD 8124) Certain Elections Under the Tax
Reform Act of 1986.
Abstract: These regulations establish various elections with
respect to which immediate interim guidance on the time and manner of
making the election is necessary. These regulations enable taxpayers to
take advantage of the benefits of various Code provisions.
Respondents: Private Sector: Not-for-profit institutions.
Estimated Total Burden Hours: 28,678 hours.
OMB Number: 1545-2085.
Type of Review: Revision of a currently approved collection.
Title: 990-N Electronic Notice (e-Postcard).
Form: 990-N.
Abstract: Section 1223 of the Pension Protection Act of 2006 (PPA
'06), enacted on August 17, 2006, amended Internal Revenue Code (Code)
section 6033 by adding Code section 6033(i), which requires certain
tax-exempt organizations to file an annual electronic notice (Form 990-
N) for tax years beginning after December 31, 2006. These organizations
are not required to file Form 990 (or Form 990-EZ) because their gross
receipts are normally $25,000 or less.
Respondents: Private Sector: Not-for-profit institutions.
Estimated Total Burden Hours: 75,000 hours.
OMB Number: 1545-1255.
Type of Review: Extension without change to a currently approved
collection.
Title: INTL-870-89 (NPRM) Earnings Stripping (Section 163(j)).
Abstract: Certain taxpayers are allowed to write off the fixed
basis of the stock of an acquired corporation. The data obtained by the
IRS from the various elections and identifications is used to verify
that taxpayers have, in fact, elected special treatment under section
163(j).
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 1,196 hours.
OMB Number: 1545-2167.
Type of Review: Extension without change to a currently approved
collection.
Title: Notice 2010-28, Stripping Transactions for Qualified Tax
Credit Bonds.
Abstract: The IRS requires the information to ensure compliance
with the tax credit bond credit coupon stripping requirements,
including ensuring that no excess tax credit is taken by holders of
bonds and coupon strips. The information is required in order to inform
holders of qualified tax credit bonds whether the credit coupons
relating to those bonds may be stripped as provided under Sec. 54A(i).
The respondents are issuers of tax credit bonds, including states and
local governments and other eligible issuers.
Respondents: State, Local, and Tribal Governments.
Estimated Total Burden Hours: 1,000 hours.
OMB Number: 1545-1576.
Type of Review: Extension without change to 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.
Respondents: Individuals or households.
Estimated Total Burden Hours: 1,051,357 hours.
OMB Number: 1545-1156.
Type of Review: Extension without change to a currently approved
collection.
Title: Records (26 CFR 1.6001-1).
Abstract: Internal Revenue Code section 6001 requires, in part,
that every person liable for tax, or for the collection of that tax,
keep such records and comply with such rules and regulations as the
Secretary may from time to time prescribe. These records are needed to
ensure proper compliance with the Code.
Respondents: Individuals or households.
Estimated Total Burden Hours: 1 hour.
OMB Number: 1545-1881.
Type of Review: Extension without change to 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.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 28,200 hours.
OMB Number: 1545-1443.
Type of Review: Extension without change to a currently approved
collection.
Title: PS-25-94 (Final) Requirements to Ensure Collection of
Section 2056A Estate Tax (TD 8686).
Abstract: The regulation provides guidance relating to the
additional requirements necessary to ensure the collection of the
estate tax imposed under Section 2056A(b) with respect to taxable
events involving qualified domestic trusts (QDOT'S). In order to ensure
collection of the tax, the regulation provides various security options
that may be selected by the trust and the requirements associated with
each option. In addition, under certain circumstances the trust is
required to file an annual statement with the IRS disclosing the assets
held by the trust.
Respondents: Individuals or households.
Estimated Total Burden Hours: 6,070 hours.
OMB Number: 1545-2052.
Type of Review: Extension without change to a currently approved
collection.
Title: U.S. Income Tax Return for Cooperative Associations.
[[Page 59797]]
Form: 1120-C.
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 their
return is two and one-half months after the end of their 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 who meet
certain requirements is eight and one-half months after the end of
their tax year. Cooperatives who 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.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 430,400 hours.
OMB Number: 1545-1287.
Type of Review: Extension without change to a currently approved
collection.
Title: FI-3-91 (TD 8456--Final) Capitalization of Certain Policy
Acquisition Expenses.
Abstract: Insurance companies that enter into reinsurance agreement
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.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 2,070 hours.
OMB Number: 1545-1138.
Type of Review: Extension without change to a currently approved
collection.
Title: INTL-955-86 (Final) Requirements For Investments to Qualify
under Section 936(d)(4) as Investments in Qualified Caribbean Basin
Countries.
Abstract: The collection of information is required by the Internal
Revenue Service to verify that an investment qualifies under IRC
section 936(d)(4). The recordkeepers will be possession corporations,
certain financial institutions located in Puerto Rico, and borrowers of
funds covered by this regulation.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 1,500 hours.
OMB Number: 1545-1308.
Type of Review: Extension without change to a currently approved
collection.
Title: PS-260-82 (Final) Election, Revocation, Termination, and Tax
Effect of Subchapter S Status--TD 8449.
Abstract: Section 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.
Respondents: Individuals or households.
Estimated Total Burden Hours: 322 hours.
OMB Number: 1545-0122.
Type of Review: Extension without change to a currently approved
collection.
Title: Foreign Tax Credit Corporations.
Form: 1118 (Schedule I, J, K).
Abstract: Form 1118 and separate Schedules I, J, and K are used by
domestic and foreign corporations to claim a credit for taxes paid to
foreign countries. The IRS uses Form 1118 and related schedules to
determine if the corporation has computed the foreign tax credit
correctly.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 3,483,016 hours.
OMB Number: 1545-0191.
Type of Review: Extension without change to 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.
Respondents: Individuals or households.
Estimated Total Burden Hours: 205,596 hours.
OMB Number: 1545-1072.
Type of Review: Extension without change to a currently approved
collection.
Title: INTL-952-86 (TD 8410-Final) Allocation and Apportionment of
Interest Expense and Certain Other Expenses.
Abstract: The regulations provide rules concerning the allocation
and apportionment of expenses to foreign source income for purposes of
the foreign tax credit and other provisions.
Respondents: Individuals or households.
Estimated Total Burden Hours: 3,750 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. 2010-24213 Filed 9-27-10; 8:45 am]
BILLING CODE 4810-01-P