[Federal Register Volume 75, Number 56 (Wednesday, March 24, 2010)]
[Notices]
[Pages 14253-14255]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-6406]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Submission for OMB Review; Comment Request
March 17, 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 April 23, 2010
to be assured of consideration.
Internal Revenue Service (IRS)
OMB Number: 1545-1700.
Type of Review: Extension without change of a currently approved
collection.
Title: Qualified Subchapter S Subsidiary Election.
Form Number: 8869.
Abstract: Effective for tax years beginning after December 31,
1996, Internal Revenue Code section 1361(b)(3) allows an S corporation
to own a corporate subsidiary, but only if it is wholly owned. To do
so, the parent S corporation must elect to treat the wholly owned
subsidiary as a qualified subchapter S subsidiary (Q Sub). Form 8869 is
used to make this election.
Respondents: Private sector: Businesses or other for-profits.
Estimated Total Burden Hours: 40,750 hours.
OMB Number: 1545-1705.
Type of Review: Extension without change of a currently approved
collection.
Title: REG-246249-96 (TD 9010--Final) Information Reporting
Requirements for Certain Payments Made on Behalf of Another Person,
Payments to Joint Payees, and Payments of Gross Proceeds From Sales
Involving.
Abstract: The regulation under section 6041 clarifies who is the
payee for information reporting purposes if a check or other instrument
is made payable to joint payees, provides information reporting
requirements for escrow agents and other persons making payments on
behalf of another person, and clarifies that the amount to be reported
as paid is the gross amount of the payment. The regulation also removes
investment advisers from the list of exempt recipients for information
reporting purposes under section 6045.
Respondents: Private sector: Businesses or other for-profits.
Estimated Total Burden Hours: 1 hour.
OMB Number: 1545-1130.
Type of Review: Extension without change of a currently approved
collection.
Title: Special Loss Discount Account and Special Estimated Tax
Payments for Insurance Companies.
Form Number: 8816.
Abstract: Form 8816 is used by insurance companies claiming an
additional deduction under IRC section 847 to reconcile their special
loss discount and special estimated tax payments, and to determine
their tax benefit associated with the deduction. The information is
needed by the IRS to determine that the proper additional deduction was
claimed and to insure
[[Page 14254]]
the proper amount of special estimated tax was computed and deposited.
Respondents: Private sector: Businesses or other for-profits.
Estimated Total Burden Hours: 19,830 hours.
OMB Number: 1545-1706.
Type of Review: Extension without change of a currently approved
collection.
Title: TD 9315--Section 1503(d) Closing Agreement Requests.
Abstract: Revenue Procedure 2000-42 informs taxpayers of the
information they must submit to request a closing agreement under Reg.
S1.1503-2(g)(2)(IV)(B)(2)(I) to prevent the recapture of dual
consolidated losses (DCLs) upon the occurrence of certain triggering
events.
Respondents: Private sector: Businesses or other for-profits.
Estimated Total Burden Hours: 2,000 hours.
OMB Number: 1545-1582.
Type of Review: Extension without change of a currently approved
collection.
Title: REG-209373-81 (TD 8797--Final), Election to Amortize Start-
Up Expenditures for Active Trade or Business.
Abstract: The information is needed to comply with section 195 of
the Internal Revenue Code, which requires taxpayers to make an election
in order to amortize start-up expenditures. The information will be
used for compliance and audit purposes.
Respondents: Private sector: Businesses or other for-profits.
Estimated Total Burden Hours: 37,500 hours.
OMB Number: 1545-1160.
Type of Review: Extension without change of a currently approved
collection.
Title: CO-93-90 (Final) Corporations; Consolidated Returns-Special
Rules Relating To Dispositions and Deconsolidations of Subsidiary
Stock.
Abstract: These regulations prevent elimination of corporate-level
tax because of the operation of the consolidated returns investment
adjustment rules. Statements are required for dispositions of a
subsidiary's stock for which losses are claimed, for basis reductions
within 2 years of the stock's deconsolidation, and for elections by the
common parent to retain the NOLs of a disposed subsidiary.
Respondents: Private sector: Businesses or other for-profits.
Estimated Total Burden Hours: 6,000 hours.
OMB Number: 1545-1732.
Type of Review: Extension without change of a currently approved
collection.
Title: REG-105946-00 (TD 8995--Final) Mid-Contract Change in
Taxpayer.
Abstract: The information is needed by taxpayers who assume the
obligation to account for the income from long-term contracts as the
result of certain nontaxable transactions.
Respondents: Private sector: Businesses or other for-profits.
Estimated Total Burden Hours: 10,000 hours.
OMB Number: 1545-1450.
Type of Review: Extension without change of a currently approved
collection.
Title: FI-59-91 (Final), Debt Instructions With Originals Issue
Discount; Contingent Payments; Anti-Abuse Rule.
Abstract: The regulations provide definitions, general rules, and
reporting requirements for debt instruments that provide for contingent
payments. The regulations also provide definitions, general rules, and
recordkeeping requirements for integrated debt instruments.
Respondents: Private sector: Businesses or other for-profits.
Estimated Total Burden Hours: 89,000 hours.
OMB Number: 1545-0138.
Type of Review: Extension without change of a currently approved
collection.
Title: U.S. Departing Alien Income Tax Statement.
Form Number: 2063.
Abstract: Form 2063 is used by a departing resident alien against
whom a termination assessment has not been made, or a departing non-
resident alien who has no taxable income from United States sources, to
certify that they have satisfied all U.S. income tax obligations. The
data is used by the IRS to certify that departing aliens have complied
with U.S. income tax laws.
Respondents: Individuals or Households.
Estimated Total Burden Hours: 17,049 hours.
OMB Number: 1545-0240.
Type of Review: Revision of a currently approved collection.
Title: Claim for Refund of Income Tax Return Preparer Penalties.
Form Number: 6118.
Abstract: Form 6118 is used by preparers to file for a refund of
penalties incorrectly charged. The information enables the IRS to
process the claim and have the refund issued to the tax return
preparer.
Respondents: Individuals or Households.
Estimated Total Burden Hours: 11,400 hours.
OMB Number: 1545-1144.
Type of Review: Extension without change of a currently approved
collection.
Title: Generation-Skipping Transfer Tax Return for Distributions.
Form Number: 706-GS (D).
Abstract: Form 706-GS (D) is used by distributees to compute and
report the Federal GST tax imposed by IRC section 2601. IRS uses the
information to enforce this tax and to verify that the tax has been
properly computed.
Respondents: Individuals or Households.
Estimated Total Burden Hours: 980 hours.
OMB Number: 1545-1724.
Type of Review: Extension without change of a currently approved
collection.
Title: REG-109481-99 (TD 9076--Final) Special Rules Under Section
417(a)(7) for Written Explanations Provided by Qualified Retirement
Plans After Annuity Starting Dates.
Abstract: The collection of information requirement in sections
1.417(e)-1(b)(3)(iv)(B) and 1.417(e)-1(b)(3)(v)(A) is required to
ensure that a participant and the participant's spouse consent to a
form of distribution from a qualified plan that may result in reduced
periodic payments.
Respondents: Individuals or Households.
Estimated Total Burden Hours: 12,500 hours.
OMB Number: 1545-0236.
Type of Review: Extension without change of a currently approved
collection.
Title: Occupational Tax and Registration Return for Wagering.
Form Number: 11-C.
Abstract: Form 11-C is used to register persons accepting wagers
(IRC section 4412). IRS uses this form to register the respondent,
collect the annual stamp tax (IRC section 4411), and to verify that the
tax on wagers is reported on Form 730.
Respondents: Private sector: Businesses or other for-profits.
Estimated Total Burden Hours: 126,175 hours.
OMB Number: 1545-1559.
Type of Review: Extension without change of a currently approved
collection.
Title: Revenue Procedures 98-46 and 97-44, LIFO Conformity
Requirement.
Abstract: Revenue Procedure 97-44 permits automobile dealers that
comply
[[Page 14255]]
with the terms of the revenue procedure to continue using the LIFO
inventory method despite previous violations of the LIFO conformity
requirements of section 472(c) or (e)(2). Revenue Procedure 98-46
modifies Revenue Procedure 97-44 by allowing medium-and heavy-duty
truck dealers to take advantage of the favorable relief provided in
Revenue Procedure 97-44.
Respondents: Private sector: Businesses or other for-profits.
Estimated Total Burden Hours: 100,000 hours.
OMB Number: 1545-1704.
Type of Review: Extension without change of a currently approved
collection.
Title: Revenue Procedure 2000-41 (Change in Minimum Funding
Method).
Form Number:
Abstract: This revenue procedure provides a mechanism whereby a
plan sponsor or plan administrator may obtain a determination from the
Internal Revenue Service that its proposed change in the method of
funding its pension plan(s) meets the standards of section 412 of the
Internal Revenue Code.
Respondents: Private sector: Businesses or other for-profits.
Estimated Total Burden Hours: 5,400 hours.
OMB Number: 1545-1451.
Type of Review: Extension without change of a currently approved
collection.
Title: REG-248900-96 (TD 8712--Final), Definition of Private
Activity Bonds.
Abstract: Section 103 provides generally that interest on certain
State or local bonds is excluded from gross income. However, under
sections 103(b)(1) and 141, interest on private activity bonds (other
than qualified bonds) is not excluded. The regulations provide rules,
for purposes of section 141, to determine how bond proceeds are
measured and used and how debt service for those bonds is paid or
secured.
Respondents: State, Local, and Tribal Governments.
Estimated Total Burden Hours: 30,100 hours.
OMB Number: 1545-1299.
Type of Review: Extension without change of a currently approved
collection.
Title: IA-54-90 (TD 8459--Final) Settlement Funds.
Abstract: The reporting requirements affect taxpayers that are
qualified settlement funds; they will be required to file income tax
returns, estimated income tax returns, and withholding tax returns. The
information will facilitate taxpayer examinations.
Respondents: Private sector: Businesses or other for-profits.
Estimated Total Burden Hours: 3,542 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. 2010-6406 Filed 3-23-10; 8:45 am]
BILLING CODE 4830-01-P