Federal Register / Vol. 72, No. 35 / Thursday, February 22, 2007 / Notices 8057 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

Proposed Collection; Comment 

Request for Form 5471 (and Related 

Schedules) 

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 

5471 (and related schedules), 

Information Return of U.S. Persons With 

Respect To Certain Foreign 

Corporations. 

DATES: Written comments should be 

received on or before April 23, 2007 to 

be assured of consideration. 

ADDRESSES: Direct all written comments 

to Glenn P. Kirkland, Internal Revenue 

Service, room 6516, 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 Carolyn N. Brown 

at Internal Revenue Service, room 6516, 

1111 Constitution Avenue, NW., 

Washington, DC 20224, or at (202) 622–

6688, or through the Internet at 

Carolyn.N.Brown@irs.gov. 

SUPPLEMENTARY INFORMATION: 

Title: Information Return of U.S. 

Persons With Respect To Certain 

Foreign Corporations. 

OMB Number: 1545–0704. 

Form Number: 5471 (and related 

schedules). 

Abstract: Form 5471 and related 

schedules are used by U.S. persons that 

have an interest in a foreign corporation. 

The form is used to report income from 

the foreign corporation. The form and 

schedules are used to satisfy the 

reporting requirements of Internal 

Revenue Code sections 6035, 6038 and 

6046 and the regulations thereunder 

pertaining to the involvement of U.S. 

persons with certain foreign 

corporations. 

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: Business or other forprofit organizations and Individuals or 

households. 

Estimated Number of Respondents: 

28,380. 

Estimated Time per Respondent: 155 

hours, 3 minutes. 

Estimated Total Annual Burden 

Hours: 4,400,232. 

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: February 12, 2007. 

Glenn P. Kirkland, 

IRS Reports Clearance Officer. 

[FR Doc. E7–2914 Filed 2–21–07; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

Proposed Collection; Comment 

Request for Form 1120–C 

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–C, U.S. Income Tax Return for 

Cooperative Associations. 

DATES: Written comments should be 

received on or before April 23, 2007 to 

be assured of consideration. 

ADDRESSES: Direct all written comments 

to Glenn P. Kirkland, Internal Revenue 

Service, room 6516, 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 R. Joseph Durbala, 

(202) 622–3634, at Internal Revenue 

Service, room 6516, 1111 Constitution 

Avenue, NW., Washington, DC 20224, 

or through the Internet at 

RJoseph.Durbala@irs.gov. 

SUPPLEMENTARY INFORMATION: 

Title: U.S. Income Tax Return for 

Cooperative Associations. 

OMB Number: 1545–2052. 

Form Number: 1120–C. 

Abstract: IRS Code section 1381 

requires subchapter T cooperatives to 

file returns. Previously, farmers’

cooperatives filed Form 990–C and 

other subchapter T cooperatives filed 

Form 1120. If the subchapter T 

cooperative does not meet certain 

requirements, the due date of their 

return is two and one-half months after 

the end of their tax year which is the 

same as the due date for all other 

corporations. The due date for income 

tax returns filed by subchapter T 

cooperatives who meet certain 

requirements is eight and one-half 

months after the end of their tax year. 

Cooperatives who filed their income tax 

returns on Form 1120 were considered 

to be late and penalties were assessed 

since they had not filed by the normal 

due date for Form 1120. Due to the 

assessment of the penalties, burden was 

placed on the taxpayer and on the IRS 

employees to resolve the issue. 

Proposed regulations (Reg–149436–04) 

published in the Federal Register (71 

FR 43811), proposes that all subchapter 

T cooperatives will file Form 1120–C, 

U.S. Income Tax Return for Cooperative 

Associations. 

Current Actions: There is no change 

in the paperwork burden previously 

approved by OMB. This form is being 

submitted for renewal purposes only. 


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