[Federal Register Volume 76, Number 41 (Wednesday, March 2, 2011)]
[Notices]
[Pages 11566-11567]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-4566]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 1065-B and
Schedules
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
[[Page 11567]]
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-B, U.S.
Return of Income for Electing Large Partnerships, and Schedule K-1,
Partner's Share of Income (Loss) From an Electing Large Partnership.
DATES: Written comments should be received on or before May 2, 2011 to
be assured of consideration.
ADDRESSES: Direct all written comments to Yvette Lawrence, 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 and instructions should be directed to Ralph M.
Terry, at Internal Revenue Service, room 6129, 1111 Constitution Avenue
NW., Washington, DC 20224, or at (202) 622-8144, or through the
Internet at [email protected].
SUPPLEMENTARY INFORMATION:
Title: U.S. Return of Income for Electing Large Partnerships (Form
1065-B), and Schedules.
OMB Number: 1545-1626.
Form Number: Form 1065-B and Schedules.
Abstract: Form 1065-B is an information return used to report the
income, gains, losses, deductions, etc., from the operation of an
electing large partnership (as defined in section 775). An electing
large partnership (ELP) may be required to pay certain taxes, such as
recapture of the investment credit under section 50, but generally it
``passes through'' any profits or losses to its partners. Partners must
include these ELP items on their income tax returns.
Current Actions: Schedule K and M-3 have been added to this
collection which has resulted in an increase to the overall burden of
form 1605-B.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations and
farms.
Estimated Number of Respondents: 100.
Estimated Time Per Respondent: 324 hrs. 19 min.
Estimated Total Annual Burden Hours: 728,996.
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; and (e)
estimates of capital or start-up costs and costs of operation,
maintenance, and purchase of services to provide information.
Approved: February 24, 2011.
Yvette Lawrence,
IRS Reports Clearance Officer.
[FR Doc. 2011-4566 Filed 3-1-11; 8:45 am]
BILLING CODE 4830-01-P