11936 Federal Register / Vol. 72, No. 49 / Wednesday, March 14, 2007 / Notices 

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 an 

existing final regulation, REG–209446–

82 (TD 8852), Passthrough of Items of an 

S Corporation to its Shareholders 

(§ 1.1366–1). 

DATES: Written comments should be 

received on or before May 14, 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 regulation 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: Passthrough of Items of an S 

Corporation to its Shareholders. 

OMB Number: 1545–1613. 

Regulation Project Number: REG–

209446–82. 

Abstract: Section 1366 requires 

shareholders of an S corporation to take 

into account their pro rata share of 

separately stated items of the S 

corporation and nonseparately 

computed income or loss. Section 

1.1366–1 of the regulation provides that 

an S corporation must report, and a 

shareholder is required to take into 

account in the shareholder’s return, the 

shareholder’s pro rata share, whether or 

not distributed, of the S corporation’s 

items of income, loss, deduction, or 

credit. 

Current Actions: There is no change to 

this existing regulation. 

Type of Review: Extension of a 

currently approved collection. 

Affected Public: Business or other forprofit organizations, and Individuals or 

households. 

This reporting requirement is 

reflected in the burden of Form 1040, 

U.S. Individual Income Tax Return, and 

Form 1120S, U.S. Income Tax Return for 

an S Corporation. 

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: March 6, 2007. 

Glenn P. Kirkland, 

IRS Reports Clearance Officer. 

[FR Doc. E7–4603 Filed 3–13–07; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

[EE–12–78] 

Proposed Collection; Comment 

Request for Regulation Project 

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 an 

existing final regulation, EE–12–78 (TD 

7611) Nonbank Trustees (§ 1.408–2(e)). 

DATES: Written comments should be 

received on or before May 14, 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 information collection 

should be directed to Carolyn N. Brown, 

at (202) 622–6688, or at Internal 

Revenue Service, room 6516, 1111 

Constitution Avenue, NW., Washington, 

DC 20224, or through the Internet, at 

Carolyn.N.Brown@irs.gov. 

SUPPLEMENTARY INFORMATION: 

Title: Nonbank Trustees. 

OMB Number: 1545–0806. 

Regulation Project Number: EE–12–

78. 

Abstract: Internal Revenue Code 

section 408(a)(2) permits an institution 

other than a bank to be the trustee of an 

individual retirement account. This 

regulation imposes certain reporting and 

recordkeeping requirements to enable 

the IRS to determine whether an 

institution qualifies to be a nonbank 

trustee and to insure that accounts are 

administered according to sound 

fiduciary principles. 

Current Actions: There is no change to 

this existing regulation. 

Type of Review: Extension of a 

currently approved collection. 

Affected Public: Business or other forprofit organizations. 

Estimated Number of Respondents: 

23. 

Estimated Time per Respondent: 34 

minutes. 

Estimated Total Annual Burden 

Hours: 13. 

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 


cprice-sewell on PROD1PC66 with NOTICES
Federal Register / Vol. 72, No. 49 / Wednesday, March 14, 2007 / Notices 11937 

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: March 5, 2007. 

Glenn P. Kirkland, 

IRS Reports Clearance Officer. 

[FR Doc. E7–4605 Filed 3–13–07; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

Proposed Collection; Comment 

Request for Form 5330 

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 

5330, Return of Excise Taxes Related to 

Employee Benefit Plans. 

DATES: Written comments should be 

received on or before May 14, 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: Return of Excise Taxes Related 

to Employee Benefit Plans. 

OMB Number: 1545–0575. 

Form Number: Form 5330. 

Abstract: Internal Revenue Code 

sections 4971, 4972, 4973(a), 4975, 

4976, 4977, 4978, 4978A, 4978B, 4979, 

4979A, and 4980 impose various excise 

taxes in connection with employee 

benefit plans. Form 5330 is used to 

compute and collect these taxes. The 

IRS uses the information on the form to 

verify that the proper amount of tax has 

been reported. 

Current Actions: Major changes were 

made to the form and instructions to 

better serve the taxpayers. These 

changes resulted in an increase in 

burden hours. 

Type of Review: Revision of a 

currently approved collection. 

Affected Pubic: Individuals and 

business or other for-profit 

organizations. 

Estimated Number of Respondents: 

8,403. 

Estimated Time per Respondent: 56 

hours, 55 minutes. 

Estimated Total Annual Burden 

Hours: 478,215. 

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: March 2, 2007. 

Glenn P. Kirkland, 

IRS Reports Clearance Officer. 

[FR Doc. E7–4610 Filed 3–13–07; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

Proposed Collection; Comment 

Request for Form 2032 

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, Pub. 

L. 104–13 (44 U.S.C. 3506(c)(2)(A)). 

Currently, the IRS is soliciting 

comments concerning Form 2032, 

Contract Coverage Under Title II of the 

Social Security Act. 

DATES: Written comments should be 

received on or before May 14, 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: Contract Coverage Under Title II 

of the Social Security Act. 

OMB Number: 1545–0137. 

Form Number: 2032. 

Abstract: Citizens and resident aliens 

employed abroad by foreign affiliates of 

American employers are exempt from 

social security taxes. Under Internal 

Revenue Code section 3121(1), 

American employers may file an 

agreement to waive this exemption and 

obtain social security coverage for U.S. 

citizens and resident aliens employed 

abroad by their foreign affiliates. Form 

2032 is used for this purpose. 

Current Actions: There are no changes 

being made to the form at this time. 

Type of Review: Extension of a 

currently approved collection. 


cprice-sewell on PROD1PC66 with NOTICES