[Federal Register Volume 75, Number 222 (Thursday, November 18, 2010)]
[Notices]
[Pages 70772-70775]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-29027]
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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
[[Page 70773]]
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: 1545-0172.
Type of Review: Revision to a currently approved collection.
Title: Form 4562--Depreciation and Amortization (Including
Information on Listed Property).
Form: 4562.
Abstract: Taxpayers use Form 4562 to: (1) Claim a deduction for
depreciation and/or amortization; (2) make a section 179 election to
expense depreciable assets; and (3) answer questions regarding the use
of automobiles and other listed property to substantiate the business
use under section 274(d).
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 1,671,337,275 hours.
OMB Number: 1545-0531.
Type of Review: Extension without change to a currently approved
collection.
Title: Form 706-NA, United States Estate (and Generation-Skipping
Transfer) Tax Return, Estate of nonresident not a citizen of the United
States.
Form: 706-NA.
Abstract: Under section 6018, executors must file estate tax
returns for nonresident non-citizens that had property in the U.S.
Executors use Form 706-NS for this purpose. IRS uses the information to
determine correct tax and credits.
Respondents: Individuals and Households.
Estimated Total Burden Hours: 3,584 hours.
OMB Number: 1545-0798.
Type of Review: Extension without change to a currently approved
collection.
Title: 26 CFR 31.6001-1 Records in general; 26 CFR 31.6001-2
Additional Records under FICA; 26 CFR 31.6001-3, Additional records
under Railroad Retirement Tax Act; 26 CFR 31.6001-5 Additional records.
Abstract: IRC 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. 26 CFR 31.6001 has special application to employment
taxes. These records are needed to ensure compliance with the Code.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 30,273,950 hours.
OMB Number: 1545-1142.
Type of Review: Extension without change to a currently approved
collection.
Title: INTL-939-86 (NPRM) Insurance Income of a Controlled Foreign
Corporation for Taxable Years Beginning After December 31, 1986.
Abstract: The information is required to determine the location of
moveable property; allocate income and deductions to the proper
category of insurance income, determine those amounts for computing
taxable income that are derived from an insurance company annual
statement, and permit a CFC to elect to treat related person insurance
income as income effectively connected with the conduct of a U.S. trade
or business. The respondents will be businesses or other for-profit
institutions.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 14,100 hours.
OMB Number: 1545-1357.
Type of Review: Extension without change to a currently approved
collection.
Title: PS-78-91 (TD 8521) (TD 8859) (Final) Procedures for
Monitoring Compliance with Low-Income Housing Credit Requirements; PS-
50-92 (Final) Rules to Carry Out the Purposes of Section 42 and for
Correcting.
Abstract: PS-78-91 (TD 8859)--The regulations require State
allocation plans to provide a procedure for State and local housing
credit agencies to monitor for compliance with the requirements of
section 42 and report any noncompliance to the I.R.S. PS-50-92. These
regulations concern the Secretary's authority to provide guidance under
section 42, and provide for the correction of administrative errors and
omissions made in connection with allocations of low-income housing
credit dollar amounts and recordkeeping within a reasonable period
after their discovery. The final regulations affect State and local
housing credit agencies, owners of building projects for which the low
income housing credit is allocated, and taxpayers claiming the low-
income housing credit.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 104,899 hours.
OMB Number: 1545-1597.
Type of Review: Extension without change to a currently approved
collection.
Title: Revenue Procedure 2000-12, Application Procedures for
Qualified Intermediary Status Under Section 1441; Final Qualified
Intermediary Withholding Agreement.
Abstract: Revenue Procedure 2000-12 describes application
procedures for becoming a qualified intermediary and the requisite
agreement that a qualified intermediary must execute with the IRS. The
information will be used by the IRS to ensure compliance with the U.S.
withholding system under the 1441 regulations (especially proper
entitlement to treaty benefits). Revenue Procedure 2003-64 amends
Revenue Procedure 2000-12. Revenue Procedure 2004-21 amends Revenue
Procedure 2003-64. Revenue Procedure 2005-77 modifies Revenue Procedure
20004-21.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 301,018 hours.
OMB Number: 1545-1622.
Type of Review: Extension without change to a currently approved
collection.
Title: Form 8866--Interest Computation Under the Look-Back Method
for Property Depreciated Under the Income Forecast Method.
Form: 8866.
Abstract: Taxpayers depreciating property under the income forecast
method and placed in service after September 13, 1995, must use Form
8866 to compute and report interest due or to be refunded under IRC
167(g)(2). The IRS uses Form 8866 to determine if the interest has been
figured correctly.
Respondents: Individuals and Households.
Estimated Total Burden Hours: 44,121 hours.
OMB Number: 1545-1847.
Type of Review: Extension without change to a currently approved
collection.
Title: Revenue Procedure 2004-29, Statistical Sampling in Sec. 274
Context.
Abstract: For taxpayers desiring to establish for purposes of Sec.
274(n)(2), (A), (C), (D), or (E) that a portion of the total amount of
substantiated expenses incurred for meals and entertainment is
excerpted from the 50% limitation of Sec. 274(n), the revenue procedure
requires that taxpayers maintain adequate documentation to support the
statistical application, sample unit findings, and all aspects of the
sample plan.
Respondents: Businesses or other for-profits.
[[Page 70774]]
Estimated Total Burden Hours: 3,200 hours.
OMB Number: 1545-0020.
Type of Review: Extension without change to a currently approved
collection.
Title: United States Gift (and Generation-Skipping Transfer) Tax
Return.
Form: 709.
Abstract: Form 709 is used by individuals to report transfers
subject to the gift and generation-skipping transfer taxes and to
compute these taxes. IRS uses the information to enforce these taxes
and to compute the estate tax.
Respondents: Individuals and Households.
Estimated Total Burden Hours: 1,609,730 hours.
OMB Number: 1545-0814.
Type of Review: Extension without change to a currently approved
collection.
Title: EE-44-78 (TD 8100--Final) Cooperative Hospital Service
Organizations.
Abstract: This regulation establishes the rules for cooperative
hospital service organizations which seek tax-exempt status under
section 501(e) of the Internal Revenue Code. Such an organization must
keep records in order to show its cooperative nature and to establish
compliance with other requirements in section 501(c).
Respondents: Not-for-profit institutions.
Estimated Total Burden Hours: 1 hour.
OMB Number: 1545-0997.
Type of Review: Extension without change to a currently approved
collection.
Title: Proceeds From Real Estate Transactions.
Form: 1099-S.
Abstract: Form 1099-S is used by the real estate reporting person
to report proceeds from a real estate transaction to the IRS.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 510,456 hours.
OMB Number: 1545-1112.
Type of Review: Extension without change to a currently approved
collection.
Title: IA-96-88 (Final) Certain Elections under the Technical and
Miscellaneous Revenue Act of 1988 and the Re-designation of Certain
Other Temporary Elections Regulations.
Abstract: These regulations establish various elections with
respect to which immediate interim guidance on the time and manner of
making the elections is necessary. These regulations enable taxpayers
to take advantage of the benefits of various Code provisions.
Respondents: Individuals and Households.
Estimated Total Burden Hours: 6,712 hours.
OMB Number: 1545-1153.
Type of Review: Extension without change to a currently approved
collection.
Title: PS-73-89 (TD 8370) (Final) Excise Tax on Chemicals That
Deplete the Ozone Layer and on Products Containing Such Chemicals.
Abstract: Section 4681 imposes a tax on ozone-depleting chemicals
sold or used by a manufacturer or importer thereof and imported taxable
products sold or used by an importer thereof. A floor stocks tax is
also imposed. This regulation provides reporting and recordkeeping
rules.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 75,142 hours.
OMB Number: 1545-1331.
Type of Review: Extension without change to a currently approved
collection.
Title: PS-55-89 (TD 8566--Final) General Asset Accounts Under the
Accelerated Cost Recovery System.
Abstract: The regulations describe the time and manner of making
the election described in IRC Section 168(i)(4). Basic information
regarding this election is necessary to monitor compliance with the
rules in the IRC Section 168.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 250 hours.
OMB Number: 1545-1413.
Type of Review: Extension without change to a currently approved
collection.
Title: IA-30-95 (TD 8672--Final) Reporting on Non-payroll Withheld
Tax Liabilities.
Abstract: These regulations concern the Secretary's authority to
require a return of tax under section 6011 and provide for the
requirement of a return by persons deducting and withholding income tax
from ``Non-payroll'' payments.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 1 hour.
OMB Number: 1545-1600.
Type of Review: Extension without change to a currently approved
collection.
Title: REG-251703-96 (TD 8813--Final) Residence of Trusts and
Estates-7701.
Abstract: Section 1161 of the Taxpayer Relief Act of 1997, Public
Law 105-34, 111 Stat. 788 (1997), provides that a trust that was in
existence on August 20, 1996 (other than a trust treated as owned by
the grantor under subpart E of part I of subchapter J of chapter 1 of
the Internal Revenue Code of 1986) and that was treated as a United
States person on August 19, 1996, may elect to continue to be treated
as a United States person notwithstanding Sec. 7701(a)(30)(E) of the
Code. The election will require the Internal Revenue Service to collect
information. This regulation provides the procedure and requirements
for making the election to remain a domestic trust.
Respondents: Individuals and Households.
Estimated Total Burden Hours: 114 hours.
OMB Number: 1545-1621.
Type of Review: Extension without change to a currently approved
collection.
Title: W-8BEN, Certificate of Foreign Status of Beneficial Owner
for United States Tax Withholding, W-8ECI, Certificate of Foreign
Person's Claim for Exemption From Withholding on Income.
Form: W-8BEN; W-8ECI; W-8EXP; W-8IMY.
Abstract: Form W-8BEN is used for certain types of income to
establish that the person is a foreign person, is the beneficial owner
of the income for which Form W-8BEN is being provided and, if
applicable, to claim a reduced rate of, or exemption from, withholding
as a resident of a foreign country with which the United States has an
income tax treaty. Form W-8ECI is used to establish that the person is
a foreign person, is the beneficial owner of the income for which Form
W-8ECI is being provided, and to claim that the income is effectively
connected with the conduct of a trade or business within the United
States.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 43,280,135 hours.
OMB Number: 1545-1751.
Type of Review: Extension without change to a currently approved
collection.
Title: REG-107151-00 (TD 9035--Final) Constructive Transfers and
Transfers of Property to a Third Party on Behalf of a Spouse.
Abstract: The regulation sets forth the required information that
will permit spouses or former spouses to treat a redemption by a
corporation of stock of
[[Page 70775]]
one spouse or former spouse as a transfer of that stock to the other
spouse or former spouse in exchange for the redemption proceeds and a
redemption of the stock from the latter spouse or former spouse in
exchange for the redemption proceeds.
Respondents: Individuals and Households.
Estimated Total Burden Hours: 500 hours.
OMB Number: 1545-1886.
Type of Review: Extension without change to a currently approved
collection.
Title: Revenue Procedure 2004-35, Late Spousal S Corp Consents in
Community Property States.
Abstract: This revenue procedure requires the collection of certain
information in order for the taxpayer to gain relief for late
shareholder consents for Subchapter S elections. The information is
designed to make sure that applications for relief meet the
requirements set out in the revenue procedure.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 500 hours.
OMB Number: 1545-1900.
Type of Review: Extension without change to a currently approved
collection.
Title: REG-208254-90 (TD 9212--final) Source of Compensation for
Labor or Personal Services.
Abstract: The proposed regulation describes the appropriate bases
for determining the source of income from labor or personal services
performed partly within and partly without the United States. The
information required in Sec. 1.861-4(b)(2)(ii)(D) and (D)(6) will
enable an employee to source certain fringe benefits on a geographical
basis. The collections of information will, likewise, allow the IRS to
verify these determinations.
Respondents: Individuals and Households.
Estimated Total Burden Hours: 10,000 hours.
OMB Number: 1545-2058.
Type of Review: Extension without change to a currently approved
collection.
Title: U.S. Electronic Large Partnership Declaration for an I.R.S.
e-file return.
Form: 8453-B.
Abstract: If you are filing a 2006 Form 1065-B through an ISP and/
or transmitter and you are not using an ERO, you must file Form 8453-B
with your electronically filed return. An ERO can use either Form 8453-
B or Form 8879-B to obtain authorization to file the partnership's Form
1065-B.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 144 hours.
OMB Number: 1545-2062.
Type of Review: Extension without change to a currently approved
collection.
Title: Reconciliation of Schedule M-3 Taxable Income with Tax
Return Taxable Income for Mixed Groups.
Form: 8916.
Abstract: The Form 8916 reconciles taxable income per the Schedule
M-3 for the Forms 1120, 1120-L, or 1120-PC with the taxable income on
mixed groups filing Form 1120, 1120-L, or 1120-PC. This is necessary
because certain special adjustments are required to match taxable
income of mixed groups as reported on the Schedule M-3 with taxable
income they report on Forms 1120, 1120-L, or 1120-PC.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 3,385 hours.
OMB Number: 1545-2066.
Type of Review: Extension without change to a currently approved
collection.
Title: Notice of Recapture Event for New Markets Credit.
Form: 8874-B
Abstract: Form 8874-B, Notice of Recapture Event for New markets
Credit was developed because qualified CDEs must provide Taxpayers
holding a qualified equity investment with a completed Form 8874-B when
a recapture event occurs. Regulations section 1.45D-1(g)(2)(i)(B).
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 2,755 hours.
OMB Number: 1545-2070.
Type of Review: Extension without change to a currently approved
collection.
Title: Rev. Proc. 2007-48 Rotable Spare Parts Safe Harbor Method.
Abstract: The information for which the agency is requesting to
collect will support a taxpayer's claim for eligibility to use the safe
harbor method of accounting for rotable spare parts provided in the
proposed revenue procedures. The information will be submitted as a
supporting schedule for the Form 3115, Application for Change in
Accounting Method.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 75 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. 2010-29027 Filed 11-17-10; 8:45 am]
BILLING CODE 4830-01-P