[Federal Register: September 13, 2007 (Volume 72, Number 177)]
[Notices]
[Page 52430-52432]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr13se07-103]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Submission for OMB Review; Comment Request
September 7, 2007.
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
11000, 1750 Pennsylvania Avenue, NW., Washington, DC 20220.
Dates: Written comments should be received on or before October 15,
2007 to be assured of consideration.
Internal Revenue Service (IRS)
OMB Number: 1545-0904.
Type of Review: Extension.
Title: INTL-45-86 (Final) TD 8125 Foreign Management and Foreign
Economic Processes Requirements of a Foreign Sale Corporation.
Description: The regulations provide rules for complying with
foreign
[[Page 52431]]
management and foreign economic process requirements to enable Foreign
Sales Corporations to produce foreign training gross receipts and
qualify for reduced tax rates. Rules are included for maintaining
records to substantiate compliance. Affected public is limited to large
corporations that export goods or services.
Respondents: Businesses and other for-profits.
Estimated Total Burden Hours: 22,001 hours.
OMB Number: 1545-1651.
Type of Review: Extension.
Title: REG-118926-97 (Final) Notice of Certain Transfers to Foreign
Partnerships and Foreign Corporations.
Description: Section 6038B requires U.S. persons to provide certain
information when they transfer certain property to a foreign
partnership or foreign corporation. This regulation provides reporting
rules to identify United States persons who contribute property to
foreign partnerships and to ensure the correct reporting of items with
respect to those partnerships.
Respondents: Businesses and other for-profits.
Estimated Total Burden Hours: 1 hour.
OMB Number: 1545-0895.
Type of Review: Revision.
Title: General Business Credit.
Form: 3800.
Description: IRC section 38 permits taxpayers to reduce their
income tax liability by the amount of their general business credit,
which is an aggregation of their investment credit, jobs credit,
alcohol fuel credit, research credit, low-income housing credit,
disabled access credit, enhanced oil recovery credit, etc. Form 3800 is
used to figure the correct credit.
Respondents: Businesses and other for-profits.
Estimated Total Burden Hours: 3,131,300 hours.
OMB Number: 1545-1903.
Type of Review: Extension.
Title: REG-124405-03 (NPRM) Optional 10-Year Write-off of Certain
Tax Preferences.
Description: This collection of information is required by the IRS
to verify compliance with section 59(e). This information will be used
to determine whether the amount of tax has been calculated correctly.
Respondents: Businesses and other for-profits.
Estimated Total Burden Hours: 10,000 hours.
OMB Number: 1545-0086.
Type of Review: Extension.
Title: U.S. Departing Alien Income Tax Return.
Form: 1040-C.
Description: Form 1040-C is used by aliens departing the U.S. to
report income received or expected to be received for the entire tax
year. The data collected are used to insure that the departing alien
has no outstanding U.S. tax liability.
Respondents: Individuals or households.
Estimated Total Burden Hours: 11,632 hours.
OMB Number: 1545-1102.
Type of Review: Extension.
Title: PS-19-92 (Final) Carryover Allocations and Other Rules
Relating to the Low-Income Housing Credit.
Description: The regulations provide the Service the information it
needs to ensure that low-income housing tax credits are being properly
allocated under section 42. This is accomplished through the use of
carryover allocation documents, election statements, and binding
agreements executed between taxpayers (e.g. individuals, businesses,
etc.) and housing credit agencies.
Respondents: Businesses and other for-profits.
Estimated Total Burden Hours: 4,008 hours.
OMB Number: 1545-1575.
Type of Review: Extension.
Title: REG-116608-97 (Final) Eligibility Requirements After Denial
of the Earned Income Credit.
Description: This information is to provide guidance to taxpayers
who have been denied the earned income credit (EIC).
Respondents: Individuals or households.
Estimated Total Burden Hours: 1 hour.
OMB Number: 1545-0128.
Type of Review: Revision.
Title: U.S. Life Insurance Company Income Tax Return.
Form: 1120-L; Schedule M-3 (Form 1120-L).
Description: Life Insurance companies are required to file an
annual return of income and compute and pay the tax due. The data is
used to insure that companies have correctly reported taxable income
and paid the correct tax.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 436,614 hours.
OMB Number: 1545-1304.
Type of Review: Extension.
Title: INTL-941-86; INTL-656-87; and INTL-704-87 (NPRM) Treatment
of Shareholders of Certain Passive Foreign Investment Companies.
Description: The reporting requirements affect U.S. persons that
are direct and indirect shareholders of passive foreign investment
companies (PFICs). The IRS uses Form 8621 to identify PFICs, U.S.
persons that are shareholders, and transactions subject to PFIC
taxation and verify income inclusions, excess distributions and
deferred tax amounts.
Respondents: Businesses and other for-profits.
Estimated Total Burden Hours: 2,500 hours.
OMB Number: 1545-1135.
Type of Review: Extension.
Title: Allocation of Patronage and Nonpatronage Income and
Deductions.
Form: 8817.
Description: Form 8817 is filed by taxable farmer's cooperatives to
report their income and deductions by patronage and nonpatronage
sources. The IRS uses the information on the form to ascertain the
amounts of patronage and nonpatronage income or loss were properly
computed.
Respondents: Businesses and other for-profits.
Estimated Total Burden Hours: 22,006 hours.
OMB Number: 1545-1905.
Type of Review: Extension.
Title: REG-128767-04 (Final), (TD 9289) Treatment of Disregarded
Entities Under Section 752.
Description: Generally, the final regulations recognize that only
the assets of a disregarded entity that limits its member's liability
are available to satisfy creditors' claims under local law. The
proposed regulations provide rules under section 752 for taking into
account the net value of a disregarded entity owned by a partner or
related person for purposes of allocating partnership liabilities.
Respondents: Businesses and other for-profits.
Estimated Total Burden Hours: 3,000 hours.
OMB Number: 1545-2069.
Type of Review: Extension.
Title: Form 8283-V Payment Voucher for Filing Fee Under Section
170(f)(13).
Form: 8283-V.
Description: The Pension Protection Act of 2006 (Pub. L. 109-280)
provides in section 1213(c) of the Act that taxpayers claiming a
deduction for a qualified conservation contribution with respect to the
exterior of a building located in a registered historic district in
excess of $10,000, must pay a $500 fee to the Internal Revenue Service
or the deduction is not allowed.
Respondents: Individuals and households.
Estimated Total Burden Hours: 690 hours.
[[Page 52432]]
OMB Number: 1545-XXXX.
Type of Review: New.
Title: Foreign Based Importers--Non-Filers.
Description: Foreign corporations are subject to tax on income that
is effectively connected with a U.S. trade or business and are required
to file form 1120, 1120-f or 1065 reporting taxable income. The
respondents will be foreign corporations. The information gathered will
be used to determine if the foreign corporation has a U.S. trade or
business and is required to file a U.S. Income Tax return.
Respondents: Businesses and other for-profits.
Estimated Total Burden Hours: 30 hours.
Clearance Officer: Glenn P. Kirkland, (202) 622-3428, Internal
Revenue Service, Room 6516, 1111 Constitution Avenue, NW., Washington,
DC 20224.
OMB Reviewer: Alexander T. Hunt, (202) 395-7316, Office of
Management and Budget, Room 10235, New Executive Office Building,
Washington, DC 20503.
Robert Dahl,
Treasury PRA Clearance Officer.
[FR Doc. E7-18096 Filed 9-12-07; 8:45 am]
BILLING CODE 4830-01-P