Federal Register / Vol. 62, No. 144 / Monday, July 28, 1997 / Notices 40399

NEW EXEMPTIONS—Continued

Application

No. Docket No. Applicant Regulation(s) affected Nature of exemption thereof

11926–N .... RSPA–97–2746 The Dow Chemical Co.,

Midland, MI.

49 CFR 173.221 ............... To authorize the transportation in commerce of

polystrene beads, expandable, Class 9, in UN1H2

plastic drums not to exceed 200 pounds. (modes

1, 2, 3, 4)

11927–N .... RSPA–97–2747 Alaska Marine Lines, Seattle, WA.49 CFR 176.170(b) .......... To authorize the transportation in commerce of Class

1 explosives in container sizes 24′ and 40′ by

ocean transportation. (mode 3)

This notice of receipt of applications

for new exemptions is published in

accordance with Part 107 of the

Hazardous Materials Transportation Act

(49 U.S.C. 1806; 49 CFR 1.53(e)).

Issued in Washington, DC, on July 22,

1997.

J. Suzanne Hedgepeth,

Director, Office of Hazardous Materials

Exemptions and Approvals.

[FR Doc. 97–19772 Filed 7–25–97; 8:45 am]

BILLING CODE 4910–60–M

DEPARTMENT OF THE TREASURY

Submission to OMB for Review;

Comment Request

July 17, 1997.

The Department of Treasury has

submitted the following public

information collection requirement(s) to

OMB for review and clearance under the

Paperwork Reduction Act of 1995, Pub.

L. 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 2110,

1425 New York Avenue, NW.,

Washington, DC 20220.

Internal Revenue Service (IRS)

OMB Number: 1545–0046.

Form Number: IRS Form 982.

Type of Review: Extension.

Title: Reduction of Tax Attributes Due

to Discharge of Indebtedness.

Description: Internal Revenue Code

(IRC) section 108 allows taxpayers to

exclude from gross income amounts

attributable to discharge of indebtedness

in title 11 cases, insolvency, or a

qualified farm indebtedness. Section

1081(b) allows corporations to exclude

from gross income amounts attributable

to certain transfers of property. The data

is used to verify adjustments to basis of

property and reduction of tax attributes.

Respondents: Business or other forprofit, Individuals or households.

Estimated Number of Respondents/

Recordkeepers: 1,000.

Estimated Burden Hours Per

Respondent/Recordkeeper:

Recordkeeping—5 hr., 16 min.

Learning about the law or the form—

2 hr., 5 min.

Preparing and sending the form to the

IRS—2 hr., 16 min.

Frequency of Response: On occasion.

Estimated Total Reporting/

Recordkeeping Burden: 9,610 hours.

OMB Number: 1545–0193.

Form Number: IRS Form 4972.

Type of Review: Extension.

Title: Tax on Lump-Sum

Distributions.

Description: Internal Revenue Code

(IRC) section 402(e) allows taxpayers to

compute a separate tax on a lump-sum

distribution from a qualified retirement

plan. Form 4972 is used to correctly

figure that tax. The data is used to verify

the correctness of the separate tax. Form

4972 is also used to make the special

20% capital gain election attributable to

pre-1974 participation from the lumpsum distribution.

Respondents: Individuals or

households.

Estimated Number of Respondents/

Recordkeepers: 140,000.

Estimated Burden Hours Per

Respondent/Recordkeeper:

Recordkeeping—33 min.

Learning about the law or the form—

26 min.

Preparing the form—1 hr., 19 min.

Copying, assembling and sending the

form to the IRS 35 min.

Frequency of Response: Annually.

Estimated Total Reporting/

Recordkeeping Burden: 403,200 hours.

OMB Number: 1545–0712.

Form Number: IRS Form 6198.

Type of Review: Extension.

Title: At-Risk Limitations.

Description: Internal Revenue Code

(IRC) section 465 requires taxpayers to

limit their at-risk loss to the lesser of the

loss or their amount at risk. Form 6198

is used by taxpayers to determine their

deductible loss and by IRS to verify the

amount deducted.

Respondents: Business or other forprofit, Individuals or households, Notfor-profit institutions, Farms.

Estimated Number of Respondents/

Recordkeepers: 121,400.

Estimated Burden Hours Per

Respondent/Recordkeeper:

Recordkeeping—1 hr., 12 min.

Learning about the law or the form—

1 hr., 0 min.

Preparing the form—1 hr., 5 min.

Copying, assembling and sending the

form to the IRS—20 min.

Frequency of Response: Annually.

Estimated Total Reporting/

Recordkeeping Burden: 439,468 hours.

OMB Number: 1545–1480.

Regulation Project Number: FI–34–94

Final.

Type of Review: Extension.

Title: Hedging Transactions by

Members of a Consolidated Group.

Description: The information is

required by the IRS to aid it in

administering the law and to prevent

manipulation. The information will be

used to verify that a taxpayer is properly

reporting its business hedging

transactions.

Respondents: Business or other forprofit.

Estimated Number of Respondents/

Recordkeepers: 17,100.

Estimated Burden Hours Per

Respondent/Recordkeeper: 4 hours, 27

minutes.

Frequency of Response: Other (onetime).

Estimated Total Reporting/

Recordkeeping Burden: 76,050 hours.

OMB Number: 1545–1541.

Revenue Procedure Number: Revenue

Procedure 97–27.

Type of Review: Extension.

Title: Changes in Methods of

Accounting.

Description: The information

requested in sections 6, 8, and 13 of

Revenue Procedure 97–27 is required in

order for the Commissioner to

determine whether the taxpayer is

properly requesting to change its

method of accounting and the terms and

conditions of that change.

Respondents: Business or other forprofit, Individuals or households, Notfor-profit institutions, Farms.
40400 Federal Register / Vol. 62, No. 144 / Monday, July 28, 1997 / Notices

Estimated Number of Respondents:

3,000.

Estimated Burden Hours Per

Respondent: 3 hours, 13 minutes.

Frequency of Response: On occasion.

Estimated Total Reporting Burden:

9,633 hours.

OMB Number: 1545–1542.

Form Number: IRS Form 8482.

Type of Review: Extension.

Title: Magnetic Tape of Federal Tax

Deposits.

Description: This form is used to

transmit Federal Tax Deposit payment

information on magnetic tape from

authorized reporting agents and/or

fiduciaries to the IRS Service Centers.

Respondents: Business or other forprofit.

Estimated Number of Respondents:

14,000.

Estimated Burden Hours Per

Respondent: 3 minutes.

Frequency of Response: On occasion.

Estimated Total Reporting Burden:

700 hours.

Clearance Officer: Garrick Shear (202)

622–3869, Internal Revenue Service,

Room 5571, 1111 Constitution Avenue,

NW, Washington, DC 20224.

OMB Reviewer: Alexander T. Hunt

(202) 395–7860, Office of Management

and Budget, Room 10226, New

Executive Office Building, Washington,

DC 20503.

Lois K. Holland,

Departmental Reports, Management Officer.

[FR Doc. 97–19713 Filed 7–25–97; 8:45 am]

BILLING CODE 4830–01–P

DEPARTMENT OF THE TREASURY

Submission to OMB for Review;

Comment Request

July 22, 1997.

The Department of 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 2110, 1425 New York

Avenue, NW., Washington, DC 20220.

Internal Revenue Service (IRS)

OMB Number: 1545–0059.

Form Number: IRS Form 4137.

Type of Review: Extension.

Title: Social Security and Medicare

Tax on Unreported Tip Income.

Description: Section 3102 requires an

employee who receives tips subject to

Social Security and Medicare tax to

compute tax due on these tips if the

employee did not report them to his or

her employer. The data is used to help

verify that the Social Security and

Medicare tax on tip income is correctly

computed.

Respondents: Individuals or

households.

Estimated Number of Respondents/

Recordkeepers: 76,000.

Estimated Burden Hours Per

Respondent/Recordkeeper:

Recordkeeping—26 min.

Learning about the law or the form—

7 min.

Preparing the form—21 min.

Copying, assembling, and sending the

form to the IRS—17 min.

Frequency of Response: Annually.

Estimated Total Reporting/

Recordkeeping Burden: 90,440 hours.

OMB Number: 1545–0228.

Form Number: IRS Form 6252.

Type of Review: Extension.

Title: Installment Sale Income.

Description: Information is needed to

figure and report an installment sale for

a casual or incidental sale of personal

property, and a sale of real property by

someone not in the business of selling

real estate. Data is used to determine

whether the installment sale has been

properly reported and the correct

amount of profit is included in income

on the taxpayer’s return.

Respondents: Business or other forprofit, Individuals or households, Notfor-profit institutions, Farms.

Estimated Number of Respondents/

Recordkeepers: 782,848.

Estimated Burden Hours Per

Respondent/Recordkeeper:

Recordkeeping—1 hr., 25 min.

Learning about the law or the form—

40 min.

Preparing the form—56 min.

Copying, assembling and sending the

form to the IRS—20 min.

Frequency of Response: Annually.

Estimated Total Reporting/

Recordkeeping Burden: 2,630,369 hours.

OMB Number: 1545–0644.

Form Number: IRS Form 6781.

Type of Review: Extension.

Title: Gains and Losses From Section

1256 Contracts and Straddles.

Description: Form 6781 is used by

taxpayers in computing their gains and

losses from Section 1256 Contracts and

Straddles and their special tax

treatment. The data is used to verify that

the tax reported accurately reflects any

such gains and losses.

Respondents: Business or other forprofit, Individuals or households.

Estimated Number of Respondents/

Recordkeepers: 100,000.

Estimated Burden Hours Per

Respondent/Recordkeeper:

Recordkeeping—10 hr., 17 min.

Learning about the law or the form—

2 hr., 33 min.

Preparing the form—3 hr., 46 min.

Copying, assembling and sending the

form to the IRS—16 min.

Frequency of Response: Annually.

Estimated Total Reporting/

Recordkeeping Burden: 1,686,000 hours.

OMB Number: 1545–0998.

Form Number: IRS Form 8615.

Type of Review: Extension.

Title: Tax on Children Under Age 14

Who Have Investment Income of More

Than $1,300.

Description: Under section 1(g),

children under age 14 who have

unearned income may be taxed on part

of that income at their parent’s tax rate.

Form 8615 is used to see if any of the

child’s unearned income is taxed at the

parent’s rate and, if so, to figure the

child’s tax on his or her unearned

income and earned income, if any.

Respondents: Individuals or

households.

Estimated Number of Respondents/

Recordkeepers: 500,000.

Estimated Burden Hours Per

Respondent/Recordkeeper:

Recordkeeping—13 min.

Learning about the law or the form—

13 min.

Preparing the form—45 min.

Copying, assembling, and sending the

form to the IRS—17 min.

Frequency of Response: Annually.

Estimated Total Reporting/

Recordkeeping Burden: 735,000 hours.

OMB Number: 1545–1035.

Form Number: IRS Form 8611.

Type of Review: Extension.

Title: Recapture of Low-Income

Housing Credit.

Description: Internal Revenue Code

(IRC) section 42 permits owners of

residential rental projects providing

low-income housing to claim a credit

against their income tax. If the property

is disposed of or it fails to meet certain

requirements over a 15-year compliance

period and a bond is not posted, the

owner must recapture on Form 8611

part of the credit(s) taken in prior years.

Respondents: Business or other forprofit, Individuals or households.

Estimated Number of Respondents/

Recordkeepers: 1,200.

Estimated Burden Hours Per

Respondent/Recordkeeper:

Recordkeeping—6 hr., 56 min.

Learning about the law or the form—

1 hr., 12 min.

Preparing and sending the form to the

IRS—1 hr., 22 min.