39230 Federal Register / Vol. 65, No. 122 / Friday, June 23, 2000 / Notices

Gains and Losses, Schedule H, Section

280H Limitations for a Personal Service

Corporation (PSC), Schedule N, Foreign

Operations of U.S. Corporations, and

Schedule PH, U.S. Personal Holding

Company (PHC) Tax.

OMB Number: 1545–0123.

Form Number: 1120, Schedule D,

Schedule H, Schedule N, and Schedule

PH.

Abstract: Form 1120 is used by

corporations to compute their taxable

income and tax liability. Schedule D

(Form 1120) is used by corporations to

report gains and losses from the sale of

capital assets. Schedule H (Form 1120)

is used by personal service corporations

to determine if they have met the

minimum distribution requirements of

Internal Revenue Code section 280H.

Schedule N (Form 1120) is used by

corporations that have assets or business

operations in a foreign country or a U.S.

possession to provide international tax

and passthrough entity information.

Schedule PH (Form 1120) is used by

personal holding companies to compute

their tax liability.

Current Actions: The following

changes are being considered:

As a result of changes made to the

alternative minimum tax (AMT) lines on

the individual tax forms due to section

501 of the Tax Relief Extension Act of

1999, the business credit forms are

being revised to relocate their AMT

lines. For consistency of presentation,

on Schedule J of Form 1120 the AMT

line (line 9) and the subtotal line (line

10) are similarly being relocated to lines

4 and 5, respectively. Also, the qualified

zone academy bond credit is moved

from line 11 to new line 6f. On

Schedule K, questions 7, 8, and 9 are

being deleted and are part of new

Schedule N. Schedule N is a new

schedule that will be completed by

corporations that have assets or business

operations in a foreign country or a U.S.

possession to provide international tax

and passthrough entity information. On

Schedule D, new line 10 is added to the

form to report capital gain distributions.

Previously, corporations entered their

capital gain distributions as a long-term

capital gain on line 6.

Type of Review: Revision of a

currently approved collection.

Affected Public: Business or other forprofit organizations and farms.

Estimated Number of Respondents:

2,835,248.

Estimated Time Per Respondent: 169

hours, 31 minutes.

Estimated Total Annual Burden

Hours: 480,611,258.

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: June 16, 2000.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 00–15872 Filed 6–22–00; 8:45 am]

BILLING CODE 4830–01–P

DEPARTMENT OF THE TREASURY

Internal Revenue Service

Proposed Collection; Comment

Request for Form 1120–FSC and

Schedule P (Form 1120–FSC)

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

1120–FSC, U.S. Income Tax Return of a

Foreign Sales Corporation, and

Schedule P (Form 1120–FSC), Transfer

Price or Commission.

DATES: Written comments should be

received on or before August 22, 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: Form 1120–FSC, U.S. Income

Tax Return of a Foreign Sales

Corporation, and Schedule P (Form

1120–FSC), Transfer Price or

Commission.

OMB Number: 1545–0935.

Form Number: 1120–FSC and

Schedule P (Form 1120–FSC).

Abstract: Form 1120–FSC is filed by

foreign corporations that have elected to

be FSCs or small FSCs. The FSC uses

Form 1120–FSC to report income and

expenses and to figure its tax liability.

IRS uses Form 1120–FSC and Schedule

P (Form 1120–FSC) to determine

whether the FSC has correctly reported

its income and expenses and figured its

tax liability correctly.

Current Actions: The following

changes are being considered: On page

2 of Form 1120–FSC in the section,

Additional Information, new questions

5 and 6 are added. Question 5 asks

whether, during the FSC’s tax year, the

FSC owned any foreign entities that are

disregarded as entities separate from

their owners under Regulations sections

301.7701–2 and 301.7701–3. Question 6

asks whether, during the FSC’s tax year,

the FSC owned at least a 10% interest,

directly or indirectly, in any foreign

partnerships. As a result of changes

made to the alternative minimum tax

(AMT) lines on the individual tax forms

due to section 501 of the Tax Relief

Extension Act of 1999, the business

credit forms are being revised to relocate

their AMT lines. For consistency of

presentation, on Schedule J of Form

1120–FSC the AMT line (line 7) is

similarly being relocated to line 4 and

a new subtotal line (line 5) is added. On

Schedule P of Form 1120–FSC a new

checkbox (checkbox 1b) is added for

reporting on the transaction-bytransaction basis. The new checkbox

indicates that the FSC is choosing to

aggregate its transactions on a tabular

Federal Register / Vol. 65, No. 122 / Friday, June 23, 2000 / Notices 39231

schedule rather than reporting on

Schedule P.

Type of Review: Revision of a

currently approved collection.

Affected Public: Business or other forprofit organizations.

Estimated Number of Respondents:

5,000.

Estimated Time Per Respondent: 214

hours, 53 minutes.

Estimated Total Annual Burden

Hours: 1,074,400.

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: June 16, 2000.

Garrick R. Shear,

IRS Reports Clearance Officer

[FR Doc. 00–15873 Filed 6–22–00; 8:45 am]

BILLING CODE 4830–01–P

DEPARTMENT OF VETERANS

AFFAIRS

[OMB Control No. 2900–0386]

Proposed Information Collection

Activity: Proposed Collection;

Comment Request

AGENCY: Veterans Benefits

Administration, Department of Veterans

Affairs.

ACTION: Notice.

SUMMARY: The Veterans Benefits

Administration (VBA), Department of

Veterans Affairs (VA), is announcing an

opportunity for public comment on the

proposed collection of certain

information by the agency. Under the

Paperwork Reduction Act (PRA) of

1995, Federal agencies are required to

publish notice in the Federal Register

concerning each proposed collection of

information, including each proposed

extension of a currently approved

collection, and allow 60 days for public

comment in response to the notice. This

notice solicits comments for information

needed to request guaranty on an

interest rate reduction refinancing loan.

DATES: Written comments and

recommendations on the proposed

collection of information should be

received on or before August 22, 2000.

ADDRESSES: Submit written comments

on the collection of information to

Nancy J. Kessinger, Veterans Benefits

Administration (20S52), Department of

Veterans Affairs, 810 Vermont Avenue,

NW, Washington, DC 20420. Please refer

to ‘‘OMB Control No. 2900–0386’’ in

any correspondence.

FOR FURTHER INFORMATION CONTACT:

Nancy J. Kessinger at (202) 273–7079 or

FAX (202) 275–5947.

SUPPLEMENTARY INFORMATION: Under the

PRA of 1995 (Public Law 104–13; 44

U.S.C., 3501–3520), Federal agencies

must obtain approval from the Office of

Management and Budget (OMB) for each

collection of information they conduct

or sponsor. This request for comment is

being made pursuant to Section

3506(c)(2)(A) of the PRA.

With respect to the following

collection of information, VBA invites

comments on: (1) Whether the proposed

collection of information is necessary

for the proper performance of VBA’s

functions, including whether the

information will have practical utility;

(2) the accuracy of VBA’s estimate of the

burden of the proposed collection of

information; (3) ways to enhance the

quality, utility, and clarity of the

information to be collected; and (4)

ways to minimize the burden of the

collection of information on

respondents, including through the use

of automated collection techniques or

the use of other forms of information

technology.

Title: Interest Rate Reduction

Refinancing Loan Worksheet, VA Form

26–8923.

OMB Control Number: 2900–0386.

Type of Review: Extension of a

currently approved collection.

Abstract: Lenders are required to

submit VA Form 26–8923 when

requesting guaranty on an interest rate

reduction refinancing loan. VA loan

examiners must assure that the

requirements of the Deficit Reduction

Act of 1984 and applicable VA

regulations have been met before the

issuance of guaranty. The form ensures

that lenders correctly compute the

funding fee and the maximum

permissible loan amount for interest rate

reduction refinancing loans.

Affected Public: Business or other forprofit.

Estimated Annual Burden: 8,333

hours.

Estimated Average Burden Per

Respondent: 10 minutes.

Frequency of Response: On occasion.

Estimated Number of Respondents:

50,000.

Dated: June 8, 2000.

By direction of the Secretary.

Donald L. Neilson,

Director, Information Management Service.

[FR Doc. 00–15895 Filed 6–22–00; 8:45 am]

BILLING CODE 8320–01–P

DEPARTMENT OF VETERANS

AFFAIRS

[OMB Control No. 2900–0358]

Agency Information Collection

Activities Under OMB Review

AGENCY: Veterans Benefits

Administration, Department of Veterans

Affairs.

ACTION: Notice.

SUMMARY: In compliance with the

Paperwork Reduction Act (PRA) of 1995

(44 U.S.C., 3501 et seq.), this notice

announces that the Veterans Benefits

Administration (VBA), Department of

Veterans Affairs, has submitted the

collection of information abstracted

below to the Office of Management and

Budget (OMB) for review and comment.

The PRA submission describes the

nature of the information collection and

its expected cost and burden; it includes

the actual data collection instrument.

DATES: Comments must be submitted on

or before July 24, 2000.

FOR FURTHER INFORMATION OR A COPY OF

THE SUBMISSION CONTACT: Denise