[Federal Register Volume 62, Number 153 (Friday, August 8, 1997)]
[Notices]
[Pages 42854-42855]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-20906]


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DEPARTMENT OF THE TREASURY


Submission to OMB for Review; Comment Request

July 30, 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.

[[Page 42855]]

Internal Revenue Service (IRS)

    OMB Number: 1545-0130.
    Form Number: IRS Form 1120S, Schedule D and Schedule K-1.
    Type of Review: Revision.
    Title: U.S. Income Tax Return for an S Corporation (Form 1120S); 
Capital Gains and Losses and Built-In Gains (Schedule D); and 
Shareholder's Share of Income, Credits, Deductions, etc, (Schedule K-
1).
    Description: Form 1120S, Schedule K (Form 1120S), and Schedule K-1 
(Form 1120S) are used by an S corporation to figure its tax liability, 
and income and other tax-related income to pass through to its 
shareholders. Schedule K-1 is used to report to shareholders their 
share of the corporation's income, deductions, credits, etc. IRS uses 
the information to determine the correct tax for the S corporation and 
its shareholders.
    Respondents: Business or other for-profit, Farms.
    Estimated Number of Respondents/Recordkeepers: 1,880,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

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                                                                                                                                   Copying, assembling, 
              Form                         Recordkeeping           Learning about the law or the        Preparing the form       and sending the form to
                                                                               form                                                      the IRS        
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1120S...........................  62 hr., 25 min................  20 hr., 1 min.................  35 hr., 53 min...............  4 hr., 1 min.          
Schedule........................  9 hr., 20 min.................  4 hr., 1 min..................  9 hr., 1 min.................  1hr., 20 min.          
Schedule K-1....................  14 hr., 35 min................  10 hr., 13 min................  14 hr., 37 min...............  1hr., 4 min.           
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    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 447,386,680 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. 97-20906 Filed 8-7-97; 8:45 am]
BILLING CODE 4830-01-P