[Federal Register: May 26, 1998 (Volume 63, Number 100)]
[Notices]               
[Page 28552]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr26my98-94]

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DEPARTMENT OF THE TREASURY

 
Submission to OMB for Review; Comment Request

May 13, 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 June 25, 1998 
to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-1586.
    Revenue Procedure Number: Revenue Procedure 98-17.
    Type of Review: Extension.
    Title: Contributions to Foreign Partnerships Under Section 6038B.
    Description: This notice provides simplified reporting for 
transfers by U.S. persons to foreign partnerships under section 6038B, 
as amended by the Taxpayer Relief Act of 1997. These reporting 
requirements can be relied on by transferors not subject to section 
6038B to avoid a penalty under section 1494(c).
    Respondents: Business or other for-profit, Individuals or 
households, Not-for-profit institutions.
    Estimated Number of Respondents: 500.
    Estimated Burden Hours Per Respondent: 30 minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 250 hours.

    OMB Number: 1545-1591.
    Revenue Procedure Number: Revenue Procedure 98-23.
    Type of Review: Extension.
    Title: Qualified Subchapter S Trust Conversions to Electing Small 
Business Trusts.
    Description: This revenue procedure provides a method for taxpayers 
to obtain the Secretary's consent to convert a Qualified Subchapter S 
Trust (QSST) to an Electing Small Business Trust (ESBT) as well as to 
convert an ESBT to a QSST.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 2,500.

    Estimated Burden Hours Per Respondent: 1 hour.
    Frequency of Response: Other (once).
    Estimated Total Reporting Burden: 2,500 hours.

    OMB Number: 1545-1595.
    Revenue Procedure Number: Revenue Procedure 98-25.
    Type of Review: Extension.
    Title: Automatic Data Processing.
    Description: Revenue Procedure 98-25 specifies the basic 
requirements that the IRS considers to be essential in cases where a 
taxpayer's records are maintained within an Automatic Data Processing 
System (ADP).
    If machine--sensible records are lost, stolen, destroyed, or 
materially inaccurate, the Revenue Procedure requires that a taxpayer 
promptly notify its District Director and submit a plan to replace the 
affected records. The District Director will notify the taxpayer of any 
objection(s) to the taxpayer's plan. Also, the Revenue Procedure 
provides that a taxpayer who maintains machine-sensible records may 
request to enter into a Record Retention Limitation Agreement (RRLA) 
with its District Director. The taxpayer's request must identify and 
describe those records the taxpayer proposes not to retain and explain 
why those records will not become material to the administration of any 
internal revenue law. The District Director will notify the taxpayer 
whether or not the District Director will enter into an RRLA.
    Finally, Revenue Procedure 98-25 provides that the District 
Director may conduct an evaluation of a taxpayer's machine-sensible 
records and may initiate testing to establish the authenticity, 
readability, completeness, and integrity of such records.
    Respondents: Business or other for-profit, Individuals or 
households, Not-for-profit institutions, Farms, Federal Government, 
State, Local or Tribal Government.
    Estimated Number of Respondents: 3,000.
    Estimated Burden Hours Per Respondent: 40 hours.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 120,000 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.
Dale A. Morgan,
Departmental Reports Management Officer.
[FR Doc. 98-13824 Filed 5-22-98; 8:45 am]
BILLING CODE 4830-01-P