30478 Federal Register / Vol. 65, No. 92 / Thursday, May 11, 2000 / Notices

Approved: May 2, 2000.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 00–11742 Filed 5–10–00; 8:45 am]

BILLING CODE 4830–01–P

DEPARTMENT OF THE TREASURY

Internal Revenue Service

Proposed Collection; Comment

Request for Form 5735 and Schedule

P (Form 5735)

AGENCY: Internal Revenue Service (IRS),

Treasury.

ACTION: Notice and request for

comments.

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

5735, Possessions Corporation Tax

Credit (Under Sections 936 and 30A),

and Schedule P (Form 5735), Allocation

of Income and Expenses Under Section

936(h)(5).

DATES: Written comments should be

received on or before July 10, 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 forms and instructions

should be directed to Faye Bruce, (202)

622–6665, Internal Revenue Service,

Room 5244, 1111 Constitution Avenue

NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

Title: Possessions Corporation Tax

Credit (Under sections 936 and 30A),

and Allocation of Income and Expenses

Under Section 936(h)(5).

OMB Number: 1545–0217.

Form Number: Form 5735 and

Schedule P (Form 5735).

Abstract: Form 5735 is used to

compute the possessions corporation tax

credit under Internal Revenue Code

sections 936 and 30A. Schedule P (Form

5735) is used by corporations that elect

to share their income or expenses with

their affiliates. The forms provide the

IRS with information to determine if the

corporations have computed the tax

credit and the cost-sharing or profit-split

method of allocating income and

expenses.

Current Actions: There are no changes

being made to the forms at this time.

Type of Review: Extension of a

currently approved collection.

Affected Public: Business or other forprofit organizations.

Estimated Number of Respondents:

1,371.

Estimated Time Per Respondent: 23

hrs., 52 min.

Estimated Total Annual Burden

Hours: 32,713.

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

or start-up costs and costs of operation,

maintenance, and purchase of services

to provide information.

Approved: May 2, 2000.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 00–11743 Filed 5–10–00; 8:45 am]

BILLING CODE 4830–01–P

DEPARTMENT OF THE TREASURY

Internal Revenue Service

Proposed Collection; Comment

Request for Form 3520–A

AGENCY: Internal Revenue Service (IRS),

Treasury.

ACTION: Notice and request for

comments.

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

3520-A, Annual Information Return of

Foreign Trust With a U.S. Owner.

DATES: Written comments should be

received on or before July 10, 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: Annual Information Return of

Foreign Trust With a U.S. Owner.

OMB Number: 1545–0160.

Form Number: 3520–A.

Abstract: Internal Revenue Code

section 6048(b) requires that foreign

trusts with at least one U.S. beneficiary

must file an annual information return.

Form 3520–A is used to report the

income and deductions of the foreign

trust and provide statements to the U.S.

owners and beneficiaries. IRS uses Form

3520–A to determine if the U.S. owner

of the trust has included the net income

of the trust in its gross income.

Current Actions: There are no changes

being made to the form at this time.

Type of Review: Extension of a

currently approved collection.

Affected Public: Individuals or

households and business or other-forprofit organizations.

Estimated Number of Responses: 500.

Estimated Time Per Respondent: 43

hours, 2 minutes.

Estimated Total Annual Burden

Hours: 21,515.