[Federal Register Volume 65, Number 89 (Monday, May 8, 2000)]
[Notices]
[Pages 26660-26661]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-11472]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 4972

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Department of the Treasury, as part of its continuing 
effort to reduce paperwork and respondent burden, invites the general 
public and other Federal agencies to take this opportunity to comment 
on proposed and/or continuing information collections, as required by 
the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning 
Form 4972, Tax on Lump-Sum Distributions (From Qualified Retirement 
Plans of Plan Participants Born Before 1936).

DATES: Written comments should be received on or before July 7, 2000 to 
be assured of consideration.

ADDRESSES: Direct all written comments to Garrick R. Shear, Internal 
Revenue Service, room 5244, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to Carol Savage, 
(202) 622-3945, Internal Revenue Service, room 5242, 1111 Constitution 
Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Tax on Lump-Sum Distributions (From Qualified Retirement 
Plans of Plan Participants Born Before 1936).
    OMB Number: 1545-0193.
    Form Number: 4972.
    Abstract: Internal Revenue Code section 402(e) and regulation 
section 1.402(e) allow recipients of lump-sum distributions from a 
qualified retirement plan to figure the tax separately on the 
distributions. The tax can be computed on the 10 year averaging method 
and/or by a special capital gain method. Form 4972 is used to compute 
the separate tax and to make a special 20 percent capital gain election 
on lump-sum distributions attributable to pre-1974 participation.
    Current Actions: The Small Business Job Protection Act of 1996 
repealed the 5-year averaging method for lump-sum distributions from 
qualified plans, effective for taxable years beginning after December 
31, 1999. Thus, the Act repeals the separate tax paid on a lump-sum 
distribution and also repeals the deduction from gross income for 
taxpayers who elect to pay the separate tax on a lump-sum distribution. 
Therefore, lines 23-29 and line 37 in Part III of Form 4972 were 
deleted.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Individuals or households.
    Estimated Number of Responses: 35,000.
    Estimated Time Per Respondent: 2 hours, 44 minutes.
    Estimated Total Annual Burden Hours: 95,550.
    The following paragraph applies to all of the collections of 
information covered by this notice:
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless the collection of 
information displays a valid OMB control number. Books or records 
relating to a collection of information must be retained as long as 
their contents may become material in the administration of any 
internal revenue law. Generally, tax returns and tax return information 
are confidential, as required by 26 U.S.C. 6103.
    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in the request for OMB approval. All 
comments will become a matter of public record. Comments are invited 
on: (a) Whether the collection of information is necessary for the 
proper performance of the functions of the agency, including whether 
the information shall have practical utility; (b) the accuracy of the 
agency's estimate of the burden of the collection of information; (c) 
ways to enhance the quality, utility, and clarity of the information to 
be collected; (d) ways to minimize the burden of the collection of 
information on respondents, including through the use of automated 
collection techniques or other forms of information technology; and (e) 
estimates of capital

[[Page 26661]]

or start-up costs and costs of operation, maintenance, and purchase of 
services to provide information.

    Approved: May 1, 2000.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 00-11472 Filed 5-5-00; 8:45 am]
BILLING CODE 4830-01-P