[Federal Register Volume 62, Number 190 (Wednesday, October 1, 1997)]
[Notices]
[Page 51507]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-26025]



[[Page 51507]]

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DEPARTMENT OF THE TREASURY


Submission to OMB for Review; Comment Request

September 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: 1545-0155.
    Form Number: IRS Form 3468.
    Type of Review: Revision.
    Title: Investment Credit.
    Description: Taxpayers are allowed a credit against their income 
tax for certain expenses they incur for their trades or businesses. 
Form 3468 is used to compute this investment tax credit. The 
information collected is used by the IRS to verify that the credit has 
been correctly computed.
    Respondents: Business or other for-profit, Individuals or 
households, Not-for-profit institutions, Farms.
    Estimated Number of Respondents/Recordkeepers: 360,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--11 hr., 58 min.
Learning about the law or the form--2 hr., 59 min.
Preparing and sending the form to the IRS--3 hr., 18 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 6,566,400 hours.
    OMB Number: 1545-1034.
    Form Number: IRS Form 8582-CR.
    Type of Review: Extension.
    Title: Passive Activity Credit Limitations.
    Description: Under section 469, credits from passive activities, to 
the extent they do not exceed the tax attributable to net passive 
income, are not allowed. Form 8582-CR is used to figure the passive 
activities credit allowed and the amount of credit to be reported on 
the tax return.
    Respondents: Individuals or households, Business of other for-
profit, Farms.
    Estimated Number of Respondents/Recordkeepers: 900,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--2 hr., 5 min.
Learning about the law or the form--4 hr., 22 min.
Preparing the form--3 hr., 25 min.
Copying, assembling, and sending the form to the IRS--2 hr., 18 min.
    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden:

    OMB Number: 1545-1276.
    Regulation Project Number: FI-88-86 Final.
    Type of Review: Extension.
    Title: Real Estate Mortgage Investment Conduits (TD 8458).
    Description: Section 860E(e) imposes an excise tax on this transfer 
of a residual interest in a REMIC to a disqualified party. The tax must 
be paid by the transferor of a pass-thru entity of which the 
disqualified party is an interest holder.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 1,600.
    Estimated Burden Hours Per Respondent: 20 minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 525 hours.

    OMB Number: 1545-1546.
    Revenue Procedure Number: Revenue Procedure 97-33.
    Type of Review: Extension.
    Title: Electronic Federal Tax Payment System (EFTPS).
    Description: Some taxpayers are required by regulations issued 
under Sec. 6302(h) of the Internal Revenue Code to make Federal Tax 
Deposits (FTDs) using the Electronic Federal Tax Payment System 
(EFTPS). Other taxpayers may choose to voluntarily participate in 
EFTPS. EFTPS requires that a taxpayer complete an enrollment form to 
provide the information the IRS needs to properly credit the taxpayer's 
account. Revenue Procedure 97-33 provides procedures and information 
that will help taxpayers to electronically make FTDs and tax payments 
through EFTPS.
    Respondents: Business or other for-profit, Individuals or 
households, Not-for-profit institutions, Farms, Federal Government, 
State, Local or Tribal Government.
    Estimated Number of Recordkeepers: 1,380,000.
    Estimated Burden Hours Per Recordkeeper: 30 minutes.
    Frequency of Response: On occasion, Weekly, Monthly, Quarterly, 
Semi-annually, Annually, Biennially.
    Estimated Total Recordkeeping Burden: 690,000 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. 97-26025 Filed 9-30-97; 8:45 am]
BILLING CODE 4830-01-P