[Federal Register: May 14, 2003 (Volume 68, Number 93)]
[Notices]
[Page 25930-25931]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr14my03-98]
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DEPARTMENT OF THE TREASURY
Submission for OMB Review; Comment Request
May 8, 2003.
The Department of the Treasury has submitted the following public
information collection requirement(s) to OMB for review and clearance
under the Paperwork Reduction Act of 1995, Pub. L. 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 June 13,
2003, to be assured of consideration.
Internal Revenue Service (IRS)
OMB Number: 1545-0233.
Form Number: IRS Form 7004.
Type of Review: Extension.
Title: Application for Automatic Extension of Time to File
Corporation Income Tax Return.
Description: Form 7004 is used by corporations and certain non-
profit institutions to request an automatic 6-month extension of time
to file their income tax returns. The information is needed by IRS to
determine whether Form 7004 was timely filed so as not to impose a late
filing penalty in error and also to insure that the proper amount of
tax was computed and deposited.
Respondents: Business or other for-profit, not-for-profit
institutions.
Estimated Number of Respondents/Recordkeepers: 1,081,045.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--5 hr., 44 min.
Learning about the law or the form--1 hr., 33 min.
Preparing the form--2 hr., 39 min.
Copying, assembling, and sending the form to the IRS--16 min.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 11,048,280 hours.
OMB Number: 1545-0887.
Form Number: IRS Form 8281.
Type of Review: Extension.
Title: Information Return for Publicly Offered Original Issue
Discount Instruments.
Description: Form 8281 is filed by the issuer of a publicly offered
debt instrument having Original Issue Discount (OID). The information
is used to update Publication 1212, ``List of Original Issue Discount
Instruments.''
Respondents: Business or other for-profit.
Estimated Number of Respondents/Recordkeepers: 500.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--5 hr., 1 min.
Learning about the law or the form--30 min.
Preparing, copying, assembling and sending the form to the IRS--36 min.
Frequency of Response: On occasion, annually.
Estimated Total Reporting/Recordkeeping Burden: 3,060 hours.
OMB Number: 1545-1131.
Regulation Project Number: INTL-485-89 Final.
Type of Review: Extension.
Title: Taxation of Gain or Loss from Certain Nonfunctional Currency
Transactions (Section 988 Transactions).
Description: Sections 988(c)(1)(D) and (E) require taxpayers to
make certain elections which determine whether section 988 applies. In
addition sections 988(a)(1)(B) and 988(d) require taxpayers to identify
transactions which generate capital gain or loss or which are hedges of
other transactions.
Respondents: Business or other for-profit, individuals or
households.
Estimated Number of Respondents/Recordkeepers: 5,000.
Estimated Burden Hours Per Respondent/Recordkeeper: 40 minutes.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 3,333 hours.
OMB Number: 1545-1241.
Regulation Project Number: PS-92-90 Final.
Type of Review: Extension.
Title: Special Valuation Rules.
Description: Section 2701 of the Internal Revenue Code allows
various elections by family members who make gifts of common stock or
partnership interests and retain senior interests. The elections affect
the value of the gifted interests and the retained interests.
Respondents: Individuals or households.
Estimated Number of Respondents: 1,200.
Estimated Burden Hours Per Respondent: 25 minutes.
Frequency of Response: Other (one-time election).
Estimated Total Reporting Burden: 496 hours.
OMB Number: 1545-1260.
Regulation Project Number: CO-62-89 Final.
Type of Review: Extension.
Title: Final Regulations Under Section 382 of the Internal Revenue
Code of 1986; Limitations on Corporate Net Operating Loss
Carryforwards.
Description: The reporting requirement concerns the election a
taxpayer may make to treat as the change date the effective date of a
plan of reorganization in a title II or similar case rather than the
confirmation date of a plan.
Respondents: Business or other for-profit.
Estimated Number of Respondents: 10.
Estimated Burden Hours Per Respondent: 1 hour.
Frequency of Response: Other (once).
Estimated Total Reporting Burden: 1 hour.
OMB Number: 1545-1344.
Regulation Project Number: CO-30-92 Final.
Type of Review: Extension.
Title: Consolidated Returns--Stock Basis and Excess Loss Accounts,
Earnings and Profits, Absorption of Deductions and Losses, Joining and
Leaving Consolidated Groups, Worthless Stock Loss, Non-applicability of
Section 357(c).
Description: The reporting requirements affect consolidated
taxpayers who will be making elections (if made) to treat certain loss
carryovers as expiring and an election (if made) allocating items
between returns. The information will facilitate enforcement of
consolidated return regulations.
Respondents: Business or other for-profit.
Estimated Number of Respondents: 52,049.
Estimated Burden Hours Per Respondent: 45 minutes.
Frequency of Response: On occasion.
Estimated Total Reporting Burden: 18,600 hours.
OMB Number: 1545-1426.
[[Page 25931]]
Regulation Project Number: INTL-21-91 Temporary and Final.
Type of Review: Extension.
Title: Section 6662--Imposition of the Accuracy-Related Penalty.
Description: These regulations provide guidance about substantial
and gross valuation misstatements as defined in section 6662(e) and
6662(h). They also provide guidance about the reasonable cause and good
faith exclusion. The regulations apply to taxpayers who have
transactions between persons described in section 482 and net section
482 transfer price adjustments.
Respondents: Business or other for-profit.
Estimated Number of Respondents/Recordkeepers: 2,500.
Estimated Burden Hours Per Respondent/Recordkeeper: 8 hours, 3
minutes.
Frequency of Response: Annually, other (one-time only).
Estimated Total Reporting/Recordkeeping Burden: 20,125 hours.
Clearance Officer: Glenn Kirkland, (202) 622-3428, Internal Revenue
Service, Room 6411-03, 1111 Constitution Avenue, NW., Washington, DC
20224.
Reviewer: Joseph F. Lackey, Jr., (202) 395-7316, Office of
Management and Budget, Room 10235, New Executive Office Building,
Washington, DC 20503.
Mary A. Able,
Departmental Reports Management Officer.
[FR Doc. 03-11999 Filed 5-13-03; 8:45 am]
BILLING CODE 4830-01-P