[Federal Register Volume 75, Number 222 (Thursday, November 18, 2010)]
[Notices]
[Pages 70775-70777]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-29026]
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DEPARTMENT OF THE TREASURY
Submission for OMB Review; Comment Request
November 12, 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 December
20, 2010 to be assured of consideration.
Internal Revenue Service (IRS)
OMB Number: 1545-1902.
Type of Review: Extension without change to a currently approved
collection.
Title: Qualified Severance of a Trust for Generation-Skipping
Transfer (GST) Tax Purposes (TD 9348--Final).
Abstract: This Regulation requires taxpayers to report a qualified
severance by filing a Form 706-GS(T), or such other form that may be
published by the Internal Revenue Service in the future that is
specifically designated to be utilized to report qualified severances.
Where Form 706-GS(T) is used, the filer should attach a Notice of
Qualified Severance to the return that clearly identifies the trust
that is being severed and the new trusts created as a result of the
severance. The Notice must also provide the inclusion ratio of the
trust that was severed and the inclusion ratios of the new trusts
resulting from the severance. The information collected will be used by
the IRS to identify the trusts being severed and the new trusts created
upon severance. The collection of information is required in
[[Page 70776]]
order to have a qualified severance. If there was no reporting
requirement, the IRS would be unable to achieve its objectives.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 12,500 hours.
OMB Number: 1545-0923.
Type of Review: Extension without change to a currently approved
collection.
Title: REG-209274-85 (NPRM) and (Temporary) Tax Exempt Entity
Leasing.
Abstract: These regulations provide guidance to persons executing
lease agreements involving tax-exempt entities under section 168(h) of
the Internal Revenue Code. The regulations are necessary to implement
congressionally enacted legislation and elections for certain
previously tax-exempt organizations and certain tax-exempt controlled
entities.
Respondents: Not-for-profit institutions.
Estimated Total Burden Hours: 2,000 hours.
OMB Number: 1545-1051.
Type of Review: Extension without change to a currently approved
collection.
Title: INTL-29-91 (Final) Computation and Characterization of
Income and Earnings and Profits under the Dollar Approximate Separate
Transactions Method of Accounting (DASTM).
Abstract: For taxable years after the final regulations are
effective, taxpayers operating in hyperinflationary currencies must use
the U.S. dollar as their functional currency and compute income using
the dollar approximate separate transactions method (DASTM). Small
taxpayers may elect an alternate method by which to compute income or
loss. For prior taxable years in which income was computed using the
profit and loss method, taxpayers may elect to recompute their income
using DASTM.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 1,000 hours.
OMB Number: 1545-1141.
Type of Review: Extension without change to a currently approved
collection.
Title: Notice 89-102, Treatment of Acquisition of Certain Financial
Institutions; Tax Consequences of Federal Financial Assistance.
Abstract: Section 597 of the Internal Revenue Code provides that
the Secretary provide guidance concerning the tax consequences of
Federal financial assistance received by qualifying institutions. These
institutions may defer payment of Federal income tax attributable to
the assistance. Required information identifies deferred tax
liabilities.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 125 hours.
OMB Number: 1545-1355.
Type of Review: Extension without change to a currently approved
collection.
Title: REG-208985-89 (formerly INTL-848-89)(NPRM) Taxable Year of
Certain Foreign Corporations Beginning After July 10, 1989.
Abstract: Proposed regulations set forth the ``required year'' for
``specified foreign corporations'' for taxable years beginning after
July 10, 1989, and give guidance on which foreign corporations must
change their taxable year and how to effect the change in taxable year.
Specified foreign corporations must conform to the required year and
must state so on Form 5471.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 700 hours.
OMB Number: 1545-1601.
Type of Review: Extension without change to a currently approved
collection.
Title: Revenue Procedure 98-32, EFTPS Programs for Reporting
Agents.
Abstract: The Batch and Bulk Filer programs are used by Filers for
electronically submitting enrollments, Federal tax deposits, and
Federal tax payments on behalf of multiple taxpayers. These programs
are part of the Electronic Federal Tax Payment System (EFTPS).
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 246,877 hours.
OMB Number: 1545-1616.
Type of Review: Extension without change to a currently approved
collection.
Title: REG-115393-98 (Final) Roth IRAs
Abstract: The regulations provide guidance on establishing Roth
IRAs, contributions to Roth IRAs, converting amounts to Roth IRAs, re-
characterizing IRA contributions, Roth IRA distributions, and Roth IRA
reporting requirements.
Respondents: Individuals or Households.
Estimated Total Burden Hours: 125,000 hours.
OMB Number: 1545-2067.
Type of Review: Extension without change to a currently approved
collection.
Title: Mine Rescue Team Training Credit.
Form: 8923.
Abstract: Form 8923, Mine Rescue Team Training Credit, was
developed to carry out the provisions of new code section 45N. 45N was
added by section 405 of the Tax Relief and Health Care Act of 2006. The
new form provides a means for the qualified mining company to compute
and claim the credit.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 292 hours.
OMB Number: 1545-2063.
Type of Review: Extension without change to a currently approved
collection.
Title: 26 CFR 1.932-1 (Formerly Not-2007-19 As Amended by Not-2007-
31), Statute of Limitations and Exchange of Information Concerning
Certain Individuals Filing Income Tax Returns with the U.S. VI.
Abstract: This Regulation concerns the statute of limitations on
assessment of the U.S. income tax liability, if any, of U.S. citizens
or resident aliens who are bona fide residents of the USVI. In general,
the Regulation provides rules allowing bona fide residents of the USVI
to start the period of limitations by properly filing a return with the
USVI tax administration and, in the case of individuals with $75,000 or
more of gross income during the taxable year, by filing an income tax
return with the IRS reporting no gross income and no taxable income on
lines 22 and 43 (in addition to a proper USVI filing). The Regulation
provides for a new collection of information in the form of an annual
information statement, under sections 932(c) and 7654, for U.S.
citizens or residents with $75,000 or more of gross income who claim
bona fide residency status in the USVI. Taxpayers subject to the new
collection of information must attach a statement to their US 1040
return, for taxable years ending on or after December 31, 2006, that
answers several questions relating to their claim of bona fide
residency status in the USVI.
Respondents: Individuals or households.
Estimated Total Burden Hours: 42,500 hours.
OMB Number: 1545-1731.
Type of Review: Extension without change to a currently approved
collection.
Title: Revenue Procedure 2001-37, Extraterritorial Income Exclusion
Elections.
[[Page 70777]]
Abstract: A taxpayer that wants to revoke its election to be
treated as a domestic corporation for all purposes of the Internal
Revenue Code (``Code'') must file a revocation statement with the
Internal Revenue Service (``IRS''). This revenue procedure provides
guidance for implementing the elections (and revocation of such
elections) established under the ``FSC Repeal and Extraterritorial
Income Exclusion Act of 2000.''
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 19 hours.
OMB Number: 1545-1884.
Type of Review: Extension without change to a currently approved
collection.
Title: Announcement 2004-43, Election of Alternative Deficit
Reduction Contribution.
Abstract: Announcement 2004-43 describes the notice that must be
given by an employer to plan participants and beneficiaries and to the
Pension Benefit Guaranty Corporation within 30 days of making an
election to take advantage of the alternative deficit reduction
contribution described in Public Law, 108-18, and gives a special
transition rule for the 1st quarter.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 12,000 hours.
OMB Number: 1545-1899.
Type of Review: Extension without change to a currently approved
collection.
Title: REG-138176-02 (NPRM) Timely Mailing Treated As Timely
Filing.
Abstract: Section 7502(a) of the Internal Revenue Code provides
that a document received after the due date for filing will be treated
as filed on the date of the United States postmark on the envelope
containing the document if the postmark date is on or before the date
for filing the document and the document is placed in the U.S. mail on
or before the due date. Under I.R.C. Sec. 7502, in order for taxpayers
to establish the postmark date and prima facie evidence of delivery
when using registered or certified mail to file documents with the IRS,
taxpayers will need to retain the sender's receipt.
Respondents: Individuals or households.
Estimated Total Burden Hours: 1,084,765 hours.
OMB Number: 1545-1906.
Type of Review: Extension without change to a currently approved
collection.
Title: REG-149524-03, LIFO Recapture Under Section 1363(d).
Abstract: This collection of information is required to inform the
IRS of partnerships electing to increase the basis of inventory to
reflect any amount included in a partner's income under section
1363(d). Section 1.1363-2(e)(ii) allows a partnership to elect to
adjust the basis of its inventory to take account of LIFO recapture.
Section 1.1363-2(e)(3) provides guidance on how to make this election.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 200 hours.
OMB Number: 1545-2060.
Type of Review: Extension without change to a currently approved
collection.
Title: Notice 2007-46--Credit for New Medium-Duty and Heavy-Duty
Hybrid Motor Vehicles.
Abstract: This notice sets forth a process that allows taxpayers
who purchase medium-duty and heavy-duty hybrid vehicles to rely on the
domestic manufacturer's (or, in the case of a foreign manufacturer, its
domestic distributor's) certification that both a particular make,
model, and year of vehicle qualifies as a qualified hybrid motor
vehicle under Sec. 30B(3) and (d), and the amount of the credit
allowable with respect to the vehicle.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 280 hours.
OMB Number: 1545-2068.
Type of Review: Extension without change to a currently approved
collection.
Title: TD 9340 (Final) Revised Regulations Concerning Section
403(b) Tax-Sheltered Annuity Contracts.
Abstract: The collection of information in the regulations is in
Sec. 1.403(b)-10(b)(2) of the Income Tax Regulations, requiring, in
the case of certain exchanges or transfers, that the section 403(b)
plan sponsor or administrator enter into an agreement to exchange
certain information with vendors of section 403(b) contracts. Such
information exchange is necessary to ensure compliance with tax law
requirements relating to loans and hardship distributions from section
403(b) plans.
Respondents: Not-for-profit institutions.
Estimated Total Burden Hours: 45,000 hours.
OMB Number: 1545-0121.
Type of Review: Revision of a currently approved collection.
Title: Foreign Tax Credit (Individual, Estate, or Trust).
Form: 1116.
Abstract: Form 1116 is used by individuals (including nonresident
aliens) estates or trusts that paid foreign income taxes on U.S.
taxable income to compute the foreign tax credit. This information is
used by the IRS to verify the foreign tax credit.
Respondents: Individuals or households.
Estimated Total Burden Hours: 25,066,693 hours.
OMB Number: 1545-0796.
Type of Review: Extension without change to a currently approved
collection.
Title: Office of Chief Counsel--Application.
Form: 6524.
Abstract: The Chief Counsel Application form provides data we deem
critical for evaluating an attorney applicant's qualifications such as
LSAT score, bar admission status, type of work preference, law school,
and class standing. OF-306 does not provide this information.
Respondents: Individuals or Households.
Estimated Total Burden Hours: 900 hours.
OMB Number: 1545-1189.
Type of Review: Extension without change to a currently approved
collection.
Title: Dollar Election Under Section 985.
Form: 8819.
Abstract: Form 8819 is filed by U.S. and foreign businesses to
elect the U.S. dollar as their functional currency or as the functional
currency of their controlled entities. The IRS uses Form 8819 to
determine if the election is properly made.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 3,220 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. 2010-29026 Filed 11-17-10; 8:45 am]
BILLING CODE 4830-01-P