[Federal Register: May 27, 1999 (Volume 64, Number 102)] [Notices] [Page 28868-28870] From the Federal Register Online via GPO Access [wais.access.gpo.gov] [DOCID:fr27my99-125] ======================================================================= ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Submission for OMB Review; Comment Request May 20, 1999. 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 [[Page 28869]] 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 28, 1999 to be assured of consideration. Internal Revenue Service (IRS) OMB Number: 1545-0988. Form Number: IRS Form 8609 and Schedule A. Type of Review: Extension. Title: Low-Income Housing Credit Allocation Certification (8609); and Annual Statement (Schedule A). Description: Owners of residential low-income rental buildings may claim a low-income housing credit for each qualified building over a 10-year credit period. Form 8609 is used to get a credit allocation from the housing credit agency. The form, along with Schedule A, is used by the owner to certify necessary information required by the law. Respondents: Business or others for-profit, Individuals or households, State, Local or Tribal Government. Estimated Number of Respondents/Recordkeepers: 120,000. Estimated Burden Hours Per Respondent/Recordkeeper: ---------------------------------------------------------------------------------------------------------------- Learning about the law or Preparing and sending the Form Recordkeeping the form form to the IRS ---------------------------------------------------------------------------------------------------------------- 8609......................... 8 hr., 37 min............. 2 hr., 17 min............. 2 hr., 31 min. Schedule A (Form 8609)....... 6 hr., 41 min............. 47 min.................... 56 min. ---------------------------------------------------------------------------------------------------------------- Frequency of Response: Annually. Estimated Total Reporting/Recordkeeping Burden: 2,447,400 hours. OMB Number: 1545-1031. Form Number: IRS Form 8697. Type of Review: Extension. Title: Interest Computation Under the Look-Back Method for Completed Long-Term Contracts. Description: Taxpayers required to account for all or part of any long-term contract entered into after February 28, 1996, under the percentage of completion method must use Form 8697 to compute and report interest due or to be refunded under Internal Revenue Code (IRC) section 469(b)(3). The IRS uses Form 8697 to determine if the interest has been figured correctly. Taxpayers may compute interest using the actual method (Part I) or the Simplified Marginal Impact Method (Part II). Respondents: Business or other for-profit, Individuals or households. Estimated Number of Respondents/Recordkeepers: 5,000. Estimated Burden Hours Per Respondent/Recordkeeper: ---------------------------------------------------------------------------------------------------------------- Preparing, copying, Form Recordkeeping Learning about the law of assembling, and sending the form the form to the IRS ---------------------------------------------------------------------------------------------------------------- 8697 (Part I)................ 8 hr., 37 min............. 2 hr., 23 min............. 2 hr., 38 min. 8697 (Part II)............... 9 hr., 20 min............. 2 hr., 5 min.............. 2 hr., 20 min. ---------------------------------------------------------------------------------------------------------------- Frequency of Response: Annually. Estimated Total Reporting/Recordkeeping Burden: 63,360 hours. OMB Number: 1545-1186. Form Number: IRS Form 8825. Type of Review: Extension. Title: Rental Real Estate Income and Expenses of a Partnership or an S corporation. Description: Form 8825 is used to verify that partnerships and S corporations have correctly reported their income and expenses from rental real estate property. The form is filed with either Form 1065 or Form 1120S. Respondents: Business or other for-profit. Estimated Number of Respondents/Recordkeepers: 705,000. Estimated Burden Hours Per Respondent/Recordkeeper: Recordkeeping--8 hr., 28 min. Learning about the law or the form--34 min. Preparing the form--1 hr., 38 min. Copying, assembling, and sending the form to the IRS--16 min. Frequency of Response: Annually. Estimated Total Reporting/Recordkeeping Burden: 6,295,650 hours. OMB Number: 1545-1395. Form Number: IRS Form 8838. Type of Review: Extension. Title: Consent to Extend the Time to Assess Tax Under Section 367-- Gain Recognition Agreement. Description: Form 8838 is used to extend the statute of limitations for U.S. persons who transfer stock or securities to a foreign corporation. The form is filed when the transferor makes a gain recognition agreement. This agreement allows the transferor to defer the payment of tax on the transfer. The IRS uses Form 8838 so that it may assess tax against the transferor after the expiration of the original statute of limitations. Respondents: Business or other for-profit, Individuals or households. Estimated Number of Respondents/Recordkeepers: 1,000. Estimated Burden Hours Per Respondent/Recordkeeper: Recordkeeping--4 hr., 32 min. Learning about the law or the form--2 hr., 10 min. Preparing the form--3 hr., 16 min. Copying, assembling, and sending the form to the IRS--16 min. Frequency of Response: On occasion. Estimated Total Reporting/Recordkeeping Burden: 10,220 hours. OMB Number: 1545-1409. Form Number: IRS Form 8842. Type of Review: Extension. Title: Election to Use Different Annualization Periods for Corporate Estimated Tax. Description: Form 8842 is used by corporations (including S corporations), tax-exempt organizations subject to the unrelated business income tax, and private foundations to annually elect the use of an annualization period in section 6655(e)(2)(c)(I) or (ii) for purposes of figuring the corporation's estimated tax payments under the annualized income installment method. Respondents: Business or other for-profit. Estimated Number of Respondents/Recordkeepers: 1,700. [[Page 28870]] Estimated Burden Hours Per Respondent/Recordkeeper: Recordkeeping--1 hr., 55 min. Learning about the law or the form--18 min. Preparing and sending the form to the IRS--20 min. Frequency of Response: Annually. Estimated Total Reporting/Recordkeeping Burden: 4,335 hours. Clearance Officer: Garrick Shear, 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 10202, New Executive Office Building, Washington, DC 20503. Lois K. Holland, Departmental Reports Management Officer. [FR Doc. 99-13517 Filed 5-26-99; 8:45 am] BILLING CODE 4830-01-P