Federal Register / Vol. 75, No. 222 / Thursday, November 18, 2010 / Notices 70775 

one spouse or former spouse as a 

transfer of that stock to the other spouse 

or former spouse in exchange for the 

redemption proceeds and a redemption 

of the stock from the latter spouse or 

former spouse in exchange for the 

redemption proceeds. 

Respondents: Individuals and 

Households. 

Estimated Total Burden Hours: 500 

hours. 

OMB Number: 1545–1886. 

Type of Review: Extension without 

change to a currently approved 

collection. 

Title: Revenue Procedure 2004–35, 

Late Spousal S Corp Consents in 

Community Property States. 

Abstract: This revenue procedure 

requires the collection of certain 

information in order for the taxpayer to 

gain relief for late shareholder consents 

for Subchapter S elections. The 

information is designed to make sure 

that applications for relief meet the 

requirements set out in the revenue 

procedure. 

Respondents: Businesses or other forprofits. 

Estimated Total Burden Hours: 500 

hours. 

OMB Number: 1545–1900. 

Type of Review: Extension without 

change to a currently approved 

collection. 

Title: REG–208254–90 (TD 9212— 

final) Source of Compensation for Labor 

or Personal Services. 

Abstract: The proposed regulation 

describes the appropriate bases for 

determining the source of income from 

labor or personal services performed 

partly within and partly without the 

United States. The information required 

in Sec. 1.861–4(b)(2)(ii)(D) and (D)(6) 

will enable an employee to source 

certain fringe benefits on a geographical 

basis. The collections of information 

will, likewise, allow the IRS to verify 

these determinations. 

Respondents: Individuals and 

Households. 

Estimated Total Burden Hours: 10,000 

hours. 

OMB Number: 1545–2058. 

Type of Review: Extension without 

change to a currently approved 

collection. 

Title: U.S. Electronic Large 

Partnership Declaration for an I.R.S. efile return. 

Form: 8453–B. 

Abstract: If you are filing a 2006 Form 

1065–B through an ISP and/or 

transmitter and you are not using an 

ERO, you must file Form 8453–B with 

your electronically filed return. An ERO 

can use either Form 8453–B or Form 

8879–B to obtain authorization to file 

the partnership’s Form 1065–B. 

Respondents: Businesses or other forprofits. 

Estimated Total Burden Hours: 144 

hours. 

OMB Number: 1545–2062. 

Type of Review: Extension without 

change to a currently approved 

collection. 

Title: Reconciliation of Schedule M– 

3 Taxable Income with Tax Return 

Taxable Income for Mixed Groups. 

Form: 8916. 

Abstract: The Form 8916 reconciles 

taxable income per the Schedule M–3 

for the Forms 1120, 1120–L, or 1120–PC 

with the taxable income on mixed 

groups filing Form 1120, 1120–L, or 

1120–PC. This is necessary because 

certain special adjustments are required 

to match taxable income of mixed 

groups as reported on the Schedule M– 

3 with taxable income they report on 

Forms 1120, 1120–L, or 1120–PC. 

Respondents: Businesses or other forprofits. 

Estimated Total Burden Hours: 3,385 

hours. 

OMB Number: 1545–2066. 

Type of Review: Extension without 

change to a currently approved 

collection. 

Title: Notice of Recapture Event for 

New Markets Credit. 

Form: 8874–B 

Abstract: Form 8874–B, Notice of 

Recapture Event for New markets Credit 

was developed because qualified CDEs 

must provide Taxpayers holding a 

qualified equity investment with a 

completed Form 8874–B when a 

recapture event occurs. Regulations 

section 1.45D–1(g)(2)(i)(B). 

Respondents: Businesses or other forprofits. 

Estimated Total Burden Hours: 2,755 

hours. 

OMB Number: 1545–2070. 

Type of Review: Extension without 

change to a currently approved 

collection. 

Title: Rev. Proc. 2007–48 Rotable 

Spare Parts Safe Harbor Method. 

Abstract: The information for which 

the agency is requesting to collect will 

support a taxpayer’s claim for eligibility 

to use the safe harbor method of 

accounting for rotable spare parts 

provided in the proposed revenue 

procedures. The information will be 

submitted as a supporting schedule for 

the Form 3115, Application for Change 

in Accounting Method. 

Respondents: Businesses or other forprofits. 

Estimated Total Burden Hours: 75 

hours. 

Bureau Clearance Officer: R. Joseph 

Durbala, Internal Revenue Service, 1111 

Constitution Avenue, NW., Room 6129, 

Washington, DC 20224; (202) 622–3634. 

OMB Reviewer: Shagufta Ahmed, 

Office of Management and Budget, New 

Executive Office Building, Room 10235, 

Washington, DC 20503; (202) 395–7873. 

Celina Elphage, 

Treasury PRA Clearance Officer. 

[FR Doc. 2010–29027 Filed 11–17–10; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Submission for OMB Review; 

Comment Request 

November 12, 2010. 

The Department of the Treasury will 

submit the following public information 

collection requirements to OMB for 

review and clearance under the 

Paperwork Reduction Act of 1995, 

Public Law 104–13 on or after the date 

of publication of this notice. A copy of 

the submissions may be obtained by 

calling the Treasury Bureau Clearance 

Officer listed. Comments regarding 

these information collections should be 

addressed to the OMB reviewer listed 

and to the Treasury PRA Clearance 

Officer, Department of the Treasury, 

1750 Pennsylvania Avenue, NW., Suite 

11010, Washington, DC 20220. 

Dates: Written comments should be 

received on or before December 20, 2010 

to be assured of consideration. 

Internal Revenue Service (IRS) 

OMB Number: 1545–1902. 

Type of Review: Extension without 

change to a currently approved 

collection. 

Title: Qualified Severance of a Trust 

for Generation-Skipping Transfer (GST) 

Tax Purposes (TD 9348—Final). 

Abstract: This Regulation requires 

taxpayers to report a qualified severance 

by filing a Form 706–GS(T), or such 

other form that may be published by the 

Internal Revenue Service in the future 

that is specifically designated to be 

utilized to report qualified severances. 

Where Form 706–GS(T) is used, the filer 

should attach a Notice of Qualified 

Severance to the return that clearly 

identifies the trust that is being severed 

and the new trusts created as a result of 

the severance. The Notice must also 

provide the inclusion ratio of the trust 

that was severed and the inclusion 

ratios of the new trusts resulting from 

the severance. The information 

collected will be used by the IRS to 

identify the trusts being severed and the 

new trusts created upon severance. The 

collection of information is required in 

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70776 Federal Register / Vol. 75, No. 222 / Thursday, November 18, 2010 / Notices 

order to have a qualified severance. If 

there was no reporting requirement, the 

IRS would be unable to achieve its 

objectives. 

Respondents: Businesses or other forprofits. 

Estimated Total Burden Hours: 12,500 

hours. 

OMB Number: 1545–0923. 

Type of Review: Extension without 

change to a currently approved 

collection. 

Title: REG–209274–85 (NPRM) and 

(Temporary) Tax Exempt Entity Leasing. 

Abstract: These regulations provide 

guidance to persons executing lease 

agreements involving tax-exempt 

entities under section 168(h) of the 

Internal Revenue Code. The regulations 

are necessary to implement 

congressionally enacted legislation and 

elections for certain previously taxexempt organizations and certain taxexempt controlled entities. 

Respondents: Not-for-profit 

institutions. 

Estimated Total Burden Hours: 2,000 

hours. 

OMB Number: 1545–1051. 

Type of Review: Extension without 

change to a currently approved 

collection. 

Title: INTL–29–91 (Final) 

Computation and Characterization of 

Income and Earnings and Profits under 

the Dollar Approximate Separate 

Transactions Method of Accounting 

(DASTM). 

Abstract: For taxable years after the 

final regulations are effective, taxpayers 

operating in hyperinflationary 

currencies must use the U.S. dollar as 

their functional currency and compute 

income using the dollar approximate 

separate transactions method (DASTM). 

Small taxpayers may elect an alternate 

method by which to compute income or 

loss. For prior taxable years in which 

income was computed using the profit 

and loss method, taxpayers may elect to 

recompute their income using DASTM. 

Respondents: Businesses or other forprofits. 

Estimated Total Burden Hours: 1,000 

hours. 

OMB Number: 1545–1141. 

Type of Review: Extension without 

change to a currently approved 

collection. 

Title: Notice 89–102, Treatment of 

Acquisition of Certain Financial 

Institutions; Tax Consequences of 

Federal Financial Assistance. 

Abstract: Section 597 of the Internal 

Revenue Code provides that the 

Secretary provide guidance concerning 

the tax consequences of Federal 

financial assistance received by 

qualifying institutions. These 

institutions may defer payment of 

Federal income tax attributable to the 

assistance. Required information 

identifies deferred tax liabilities. 

Respondents: Businesses or other forprofits. 

Estimated Total Burden Hours: 125 

hours. 

OMB Number: 1545–1355. 

Type of Review: Extension without 

change to a currently approved 

collection. 

Title: REG–208985–89 (formerly 

INTL–848–89)(NPRM) Taxable Year of 

Certain Foreign Corporations Beginning 

After July 10, 1989. 

Abstract: Proposed regulations set 

forth the ‘‘required year’’ for ‘‘specified 

foreign corporations’’ for taxable years 

beginning after July 10, 1989, and give 

guidance on which foreign corporations 

must change their taxable year and how 

to effect the change in taxable year. 

Specified foreign corporations must 

conform to the required year and must 

state so on Form 5471. 

Respondents: Businesses or other forprofits. 

Estimated Total Burden Hours: 700 

hours. 

OMB Number: 1545–1601. 

Type of Review: Extension without 

change to a currently approved 

collection. 

Title: Revenue Procedure 98–32, 

EFTPS Programs for Reporting Agents. 

Abstract: The Batch and Bulk Filer 

programs are used by Filers for 

electronically submitting enrollments, 

Federal tax deposits, and Federal tax 

payments on behalf of multiple 

taxpayers. These programs are part of 

the Electronic Federal Tax Payment 

System (EFTPS). 

Respondents: Businesses or other forprofits. 

Estimated Total Burden Hours: 

246,877 hours. 

OMB Number: 1545–1616. 

Type of Review: Extension without 

change to a currently approved 

collection. 

Title: REG–115393–98 (Final) Roth 

IRAs 

Abstract: The regulations provide 

guidance on establishing Roth IRAs, 

contributions to Roth IRAs, converting 

amounts to Roth IRAs, re-characterizing 

IRA contributions, Roth IRA 

distributions, and Roth IRA reporting 

requirements. 

Respondents: Individuals or 

Households. 

Estimated Total Burden Hours: 

125,000 hours. 

OMB Number: 1545–2067. 

Type of Review: Extension without 

change to a currently approved 

collection. 

Title: Mine Rescue Team Training 

Credit. 

Form: 8923. 

Abstract: Form 8923, Mine Rescue 

Team Training Credit, was developed to 

carry out the provisions of new code 

section 45N. 45N was added by section 

405 of the Tax Relief and Health Care 

Act of 2006. The new form provides a 

means for the qualified mining company 

to compute and claim the credit. 

Respondents: Businesses or other forprofits. 

Estimated Total Burden Hours: 292 

hours. 

OMB Number: 1545–2063. 

Type of Review: Extension without 

change to a currently approved 

collection. 

Title: 26 CFR 1.932–1 (Formerly Not2007–19 As Amended by Not-2007–31), 

Statute of Limitations and Exchange of 

Information Concerning Certain 

Individuals Filing Income Tax Returns 

with the U.S. VI. 

Abstract: This Regulation concerns 

the statute of limitations on assessment 

of the U.S. income tax liability, if any, 

of U.S. citizens or resident aliens who 

are bona fide residents of the USVI. In 

general, the Regulation provides rules 

allowing bona fide residents of the USVI 

to start the period of limitations by 

properly filing a return with the USVI 

tax administration and, in the case of 

individuals with $75,000 or more of 

gross income during the taxable year, by 

filing an income tax return with the IRS 

reporting no gross income and no 

taxable income on lines 22 and 43 (in 

addition to a proper USVI filing). The 

Regulation provides for a new collection 

of information in the form of an annual 

information statement, under sections 

932(c) and 7654, for U.S. citizens or 

residents with $75,000 or more of gross 

income who claim bona fide residency 

status in the USVI. Taxpayers subject to 

the new collection of information must 

attach a statement to their US 1040 

return, for taxable years ending on or 

after December 31, 2006, that answers 

several questions relating to their claim 

of bona fide residency status in the 

USVI. 

Respondents: Individuals or 

households. 

Estimated Total Burden Hours: 42,500 

hours. 

OMB Number: 1545–1731. 

Type of Review: Extension without 

change to a currently approved 

collection. 

Title: Revenue Procedure 2001–37, 

Extraterritorial Income Exclusion 

Elections. 

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Federal Register / Vol. 75, No. 222 / Thursday, November 18, 2010 / Notices 70777 

Abstract: A taxpayer that wants to 

revoke its election to be treated as a 

domestic corporation for all purposes of 

the Internal Revenue Code (‘‘Code’’) 

must file a revocation statement with 

the Internal Revenue Service (‘‘IRS’’). 

This revenue procedure provides 

guidance for implementing the elections 

(and revocation of such elections) 

established under the ‘‘FSC Repeal and 

Extraterritorial Income Exclusion Act of 

2000.’’ 

Respondents: Businesses or other forprofits. 

Estimated Total Burden Hours: 19 

hours. 

OMB Number: 1545–1884. 

Type of Review: Extension without 

change to a currently approved 

collection. 

Title: Announcement 2004–43, 

Election of Alternative Deficit 

Reduction Contribution. 

Abstract: Announcement 2004–43 

describes the notice that must be given 

by an employer to plan participants and 

beneficiaries and to the Pension Benefit 

Guaranty Corporation within 30 days of 

making an election to take advantage of 

the alternative deficit reduction 

contribution described in Public Law, 

108–18, and gives a special transition 

rule for the 1st quarter. 

Respondents: Businesses or other forprofits. 

Estimated Total Burden Hours: 12,000 

hours. 

OMB Number: 1545–1899. 

Type of Review: Extension without 

change to a currently approved 

collection. 

Title: REG–138176–02 (NPRM) 

Timely Mailing Treated As Timely 

Filing. 

Abstract: Section 7502(a) of the 

Internal Revenue Code provides that a 

document received after the due date for 

filing will be treated as filed on the date 

of the United States postmark on the 

envelope containing the document if the 

postmark date is on or before the date 

for filing the document and the 

document is placed in the U.S. mail on 

or before the due date. Under I.R.C. Sec. 

7502, in order for taxpayers to establish 

the postmark date and prima facie 

evidence of delivery when using 

registered or certified mail to file 

documents with the IRS, taxpayers will 

need to retain the sender’s receipt. 

Respondents: Individuals or 

households. 

Estimated Total Burden Hours: 

1,084,765 hours. 

OMB Number: 1545–1906. 

Type of Review: Extension without 

change to a currently approved 

collection. 

Title: REG–149524–03, LIFO 

Recapture Under Section 1363(d). 

Abstract: This collection of 

information is required to inform the 

IRS of partnerships electing to increase 

the basis of inventory to reflect any 

amount included in a partner’s income 

under section 1363(d). Section 1.1363– 

2(e)(ii) allows a partnership to elect to 

adjust the basis of its inventory to take 

account of LIFO recapture. Section 

1.1363–2(e)(3) provides guidance on 

how to make this election. 

Respondents: Businesses or other forprofits. 

Estimated Total Burden Hours: 200 

hours. 

OMB Number: 1545–2060. 

Type of Review: Extension without 

change to a currently approved 

collection. 

Title: Notice 2007–46—Credit for New 

Medium-Duty and Heavy-Duty Hybrid 

Motor Vehicles. 

Abstract: This notice sets forth a 

process that allows taxpayers who 

purchase medium-duty and heavy-duty 

hybrid vehicles to rely on the domestic 

manufacturer’s (or, in the case of a 

foreign manufacturer, its domestic 

distributor’s) certification that both a 

particular make, model, and year of 

vehicle qualifies as a qualified hybrid 

motor vehicle under § 30B(3) and (d), 

and the amount of the credit allowable 

with respect to the vehicle. 

Respondents: Businesses or other forprofits. 

Estimated Total Burden Hours: 280 

hours. 

OMB Number: 1545–2068. 

Type of Review: Extension without 

change to a currently approved 

collection. 

Title: TD 9340 (Final) Revised 

Regulations Concerning Section 403(b) 

Tax-Sheltered Annuity Contracts. 

Abstract: The collection of 

information in the regulations is in 

§ 1.403(b)–10(b)(2) of the Income Tax 

Regulations, requiring, in the case of 

certain exchanges or transfers, that the 

section 403(b) plan sponsor or 

administrator enter into an agreement to 

exchange certain information with 

vendors of section 403(b) contracts. 

Such information exchange is necessary 

to ensure compliance with tax law 

requirements relating to loans and 

hardship distributions from section 

403(b) plans. 

Respondents: Not-for-profit 

institutions. 

Estimated Total Burden Hours: 45,000 

hours. 

OMB Number: 1545–0121. 

Type of Review: Revision of a 

currently approved collection. 

Title: Foreign Tax Credit (Individual, 

Estate, or Trust). 

Form: 1116. 

Abstract: Form 1116 is used by 

individuals (including nonresident 

aliens) estates or trusts that paid foreign 

income taxes on U.S. taxable income to 

compute the foreign tax credit. This 

information is used by the IRS to verify 

the foreign tax credit. 

Respondents: Individuals or 

households. 

Estimated Total Burden Hours: 

25,066,693 hours. 

OMB Number: 1545–0796. 

Type of Review: Extension without 

change to a currently approved 

collection. 

Title: Office of Chief Counsel— 

Application. 

Form: 6524. 

Abstract: The Chief Counsel 

Application form provides data we 

deem critical for evaluating an attorney 

applicant’s qualifications such as LSAT 

score, bar admission status, type of work 

preference, law school, and class 

standing. OF–306 does not provide this 

information. 

Respondents: Individuals or 

Households. 

Estimated Total Burden Hours: 900 

hours. 

OMB Number: 1545–1189. 

Type of Review: Extension without 

change to a currently approved 

collection. 

Title: Dollar Election Under Section 

985. 

Form: 8819. 

Abstract: Form 8819 is filed by U.S. 

and foreign businesses to elect the U.S. 

dollar as their functional currency or as 

the functional currency of their 

controlled entities. The IRS uses Form 

8819 to determine if the election is 

properly made. 

Respondents: Businesses or other forprofits. 

Estimated Total Burden Hours: 3,220 

hours. 

Bureau Clearance Officer: R. Joseph 

Durbala, Internal Revenue Service, 1111 

Constitution Avenue, NW., Room 6129, 

Washington, DC 20224; (202) 622–3634. 

OMB Reviewer: Shagufta Ahmed, 

Office of Management and Budget, New 

Executive Office Building, Room 10235, 

Washington, DC 20503; (202) 395–7873. 

Celina Elphage, 

Treasury PRA Clearance Officer. 

[FR Doc. 2010–29026 Filed 11–17–10; 8:45 am] 

BILLING CODE 4830–01–P 

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