[Federal Register Volume 62, Number 172 (Friday, September 5, 1997)]
[Notices]
[Pages 47110-47111]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-23593]


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DEPARTMENT OF THE TREASURY


Submission to OMB for Review; Comment Request

August 27, 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: 1545-0123.
    Form Number: IRS Form 1120, Schedule D, Schedule H, and Schedule 
PH.
    Type of Review: Revision.
    Title: U.S. Corporation Income Tax Return 1120); Capital Gains and 
Losses (Schedule D); Section 280H Limitations for a Personal Service 
Corporation (PSC) (Schedule H); and U.S. Personal Holding Company (PHC) 
Tax (Schedule PH).
    Description: Form 1120 is used by corporations to compute their 
taxable income and tax liability. Schedule D (Form 1120) is used by 
corporations to report gains and losses from the sale of capital 
assets. Schedule PH (Form 1120) is used by personal holding companies 
to figure the personal holding company tax under section 541. Schedule 
H (Form 1120) is used by personal service corporations to determine if 
they have met the minimum distribution requirements of section 280H. 
The IRS uses these forms to determine whether corporations have 
correctly computed their tax liability.
    Respondents: Business or other for-profit, Farms.
    Estimated Number of Respondents/Recordkeepers: 2,462,931.
    Estimated Burden Hours Per Respondent/Recordkeeper:

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                                                                                                                                   Copying, assembling, 
              Form                         Recordkeeping           Learning about the law of the        Preparing the form        and ending the form to
                                                                               form                                                      the IRS        
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1120............................  71 hr., 31 min................  41 hr., 46 min................  71 hr., 2 min................  7 hr., 47 min.         
1120-A..........................  43 hr., 3 min.................  24 hr., 8 min.................  41 hr., 43 min...............  4 hr., 34 min.         
Schedule D......................  6 hr., 56 min.................  3 hr., 31 min.................  5 hr., 39 min................  32 min.                
Schedule H......................  5 hr., 59 min.................  35 min........................  43 min.......................  0 min.                 
Schedule PH.....................  15 hr., 19 min................  6 hr., 12 min.................  8 hr., 35 min................  32 min.                
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[[Page 47111]]

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 478,936,465 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. 97-23593 Filed 9-4-97; 8:45 am]
BILLING CODE 4830-01-P