[Federal Register: July 17, 1998 (Volume 63, Number 137)]
[Notices]               
[Page 38693]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr17jy98-120]

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DEPARTMENT OF THE TREASURY

 
Submission to OMB for Review; Comment Request

July 7, 1998.
    The Department of Treasury has submitted the following public 
information collection requirement(s) to OMB for review and clearance 
under the Paperwork Reduction Act of 1995, Public Law 104-13. Copies of 
the submission(s) may be obtained by calling the Treasury Bureau 
Clearance Officer listed. Comments regarding this information 
collection should be addressed to the OMB reviewer listed and to the 
Treasury Department Clearance Officer, Department of the Treasury, Room 
2110, 1425 New York Avenue, NW., Washington, DC 20220.
    Dates: Written comments should be received on or before August 17, 
1998 to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0704.
    Form Number: IRS Form 5471 and Related Schedules.
    Type of Review: Revision.
    Title: Information Return of U.S. Persons with Respect To Certain 
Foreign Corporations.
    Description: Form 5471 and related schedules are used by U.S. 
persons that have an interest in a foreign corporation. The form and 
schedules are used to satisfy the reporting requirements of section 
6035, 6038 and 6046 and the regulations thereunder pertaining to the 
involvement of U.S. persons with certain foreign corporations.
    Respondents: Business or other for-profit, Individuals or 
households.
    Estimated Number of Respondents/Recordkeepers: 43,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

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                                                                                                                              Preparing and sending the 
                Form                                Recordkeeping                    Learning about the law or the form            form to the IRS      
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5471................................  81 hr., 24 min...........................  25 hr., 20 min...........................  31 hr., 22 min.             
Schedule J..........................  3 hr., 50 min............................  1 hr., 0 min.............................  1 hr., 6 min.               
Schedule M..........................  26 hr., 33 min...........................  6 min....................................  32 min.                     
Schedule N..........................  8 hr., 22 min............................  2 hr., 47 min............................  3 hr., 2 min.               
Schedule O..........................  10 hr., 46 min...........................  30 min...................................  42 min.                     
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    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 7,281,930 hours.
    Clearance Officer: Garrick Shear (202) 622-3869, Internal Revenue 
Service, Room 5571, 1111 Constitution Avenue, NW, Washington, DC 20224.
    OMB Reviewer: Alexander T. Hunt (202) 395-7860, Office of 
Management and Budget, Room 10226, New Executive Office Building, 
Washington, DC 20503.
Lois K. Holland,
Departmental Reports Management Officer.
[FR Doc. 98-19056 Filed 7-16-98; 8:45 am]
BILLING CODE 4830-01-P