[Federal Register Volume 72, Number 162 (Wednesday, August 22, 2007)]
[Notices]
[Pages 47126-47127]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 07-4099]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

August 14, 2007.
    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, Public Law 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 September 
21, 2007 to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0051.
    Type of Review: Extension.
    Title: Farmers' Cooperative Association Income Tax Return.
    Form: 990-C.
    Description: Form 990-C is used by farmers' cooperatives to report 
the tax imposed by Internal Revenue Code section 1381. The IRS uses the 
information on the form to determine whether the cooperative has 
correctly computed and reported its income tax liability.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 856,912 hours.

    OMB Number: 1545-1141.
    Type of Review: Extension.
    Title: Notice 89-102, Treatment of Acquisition of Certain Financial 
Institutions; Tax Consequences of Federal Financial Assistance.
    Description: 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 and other for-profits.
    Estimated Total Burden Hours: 125 hours.

    OMB Number: 1545-1355.
    Type of Review: Extension.
    Title: REG-208985-89 (formerly INTL-848-89) (NPRM) Taxable Year of 
Certain Foreign Corporations Beginning After July 10, 1989.
    Description: 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 and other for-profits.
    Estimated Total Burden Hours: 700 hours.

    OMB Number: 1545-1621.
    Type of Review: Extension.
    Title: W-8BEN, Certificate of Foreign Status of Beneficial Owner 
for United States Tax Withholding, W-8ECI, Certificate of Foreign 
Person's Claim for Exemption From Withholding on Income.
    Form: W-8BEN, W-8ECI, W-8EXP, W-8IMY.
    Description: Form W-8BEN is used for certain types of income to 
establish that the person is a foreign person, is the

[[Page 47127]]

beneficial owner of the income for which Form W-8BEN is being provided 
and, if applicable, to claim a reduced rate of, or exemption from, 
withholding as a resident of a foreign country with which the United 
States has an income tax treaty. Form W-8ECI is used to establish that 
the person is a foreign person, is the beneficial owner of the income 
for which Form W-8ECI is being provided, and to claim that the income 
is effectively connected with the conduct of a trade or business within 
the United States.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 43,280,135 hours.

    OMB Number: 1545-1142.
    Type of Review: Extension.
    Title: INTL-939-86 (NPRM) Insurance Income of a Controlled Foreign 
Corporation for Taxable Years Beginning After December 31, 1986.
    Description: The information is required to determine the location 
of moveable property; allocate income and deductions to the proper 
category of insurance income, determine those amounts for computing 
taxable income that are derived from an insurance company annual 
statement, and permit a CFC to elect to treat related person insurance 
income as income effectively connected with the conduct of a U.S. trade 
or business. The respondents will be businesses or other for-profit 
institutions.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 14,100 hours.

    OMB Number: 1545-1886.
    Type of Review: Extension.
    Title: Revenue procedure 2004-35, Late Spousal S Corp Consents in 
Community Property States.
    Description: 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 and other for-profits.
    Estimated Total Burden Hours: 500 hours.

    OMB Number: 1545-1243.
    Type of Review: Revision.
    Title: PS-163-84 (Final) Treatment of Transactions between Partners 
and Partnerships.
    Description: Section 707(a)(2) provides that if there is a transfer 
of money or property by a partner to a partnership, the transfer will 
be treated, in certain situations, as a disguised sale between the 
partner and the partnership. The regulations provide that the partner 
or the partnership should disclose the transfers and certain attendant 
facts in some situations.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 2,500 hours.

    OMB Number: 1545-1051.
    Type of Review: Extension.
    Title: INTL-29-91 (Final) Computation and Characterization of 
Income and Earnings and Profits under the Dollar Approximate Separate 
Transactions Method of Accounting (DASTM).
    Description: 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 re-compute their income 
using DASTM.
    Respondents: Businesses or other for-profits.

    Estimated Total Burden Hours: 1,000 hours.

    OMB Number: 1545-0245.
    Type of Review: Extension.
    Title: Environmental Taxes.
    Form: 6627.
    Description: Form 6627 is used to figure the environmental tax on 
ozone-depleting chemicals (ODCS), imported products that used ODCs as 
materials in the manufacture or production of the product, and the 
floor stocks tax ODCs. Sections 4681 and 4682 impose a tax on ODCs and 
imported products containing ODCs.
    Respondents: Businesses and other for-profits.
    Estimated Total Burden Hours: 8,006 hours.
    Clearance Officer, Glenn P. Kirkland, (202) 622-3428, Internal 
Revenue Service, Room 6516, 1111 Constitution Avenue, NW., Washington, 
DC 20224.
    OMB Reviewer: Alexander T. Hunt, (202) 395-7316, Office of 
Management and Budget, Room 10235, New Executive Office Building, 
Washington, DC 20503.

Robert Dahl,
Treasury PRA Clearance Officer.
[FR Doc. 07-4099 Filed 8-21-07; 8:45 am]
BILLING CODE 4830-01-M