[Federal Register Volume 62, Number 203 (Tuesday, October 21, 1997)]
[Notices]
[Pages 54684-54685]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-27766]


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DEPARTMENT OF THE TREASURY


Submission to OMB for Review; Comment Request

October 14, 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: 1545-1098.
    Regulation Project Number: TD 8418 Final (FI-91-86; FI-90-86; FI-
90-91; and FI-1-90).
    Type of Review: Extension.
    Title: Arbitrage Restrictions on Tax-Exempt Bonds.
    Description: This regulation requires state and local governmental 
issuers of tax-exempt bonds to rebate arbitrage profits earned on 
nonpurpose investments acquired with the bond proceeds. Issuers are 
required to submit a form with the rebate. The regulations provide for 
several elections, all of which must be in writing.
    Respondents: Not-for-profit institutions, State, Local or Tribal 
Governments.
    Estimated Number of Respondents/Recordkeepers: 3,100.
    Estimated Burden Hours Per Respondent/Recordkeeper: 2 hours, 46 
minutes.
    Frequency of Response: On occasion, Other (at most every 5 years).
    Estimated Total Reporting/Recordkeeping Burden: 8,550 hours.

    OMB Number: 1545-1160.
    Regulation Project Number: CO-93-90 Final.
    Type of Review: Extension.
    Title: Corporations; Consolidated Returns--Special Rules Relating 
to Dispositions and Deconsolidations of Subsidiary Stock.
    Description: These regulations prevent elimination of corporate-
level tax because of the operation of the consolidated returns 
investment adjustment rules. Statements are required for dispositions 
of a subsidiary's stock for which losses are claimed, for basis 
reductions within 2 years of the stock's deconsolidation, and for 
elections by the common parent to retain the NOL's of a disposed 
subsidiary.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 3,000.
    Estimated Burden Hours Per Respondent: 2 hours.
    Frequency of Response: Other (one time).
    Estimated Total Reporting/Recordkeeping Burden: 6,000 hours.

    OMB Number: 1545-1440.
    Regulation Project Number: INTL-64-93 Final.
    Type of Review: Extension.
    Title: Conduit Arrangements Regulations.
    Description: This document contains regulations relating to when 
the district director may recharacterize a financing arrangement as a 
conduit arrangement. Such recharacterization will affect the amount of 
withholding tax due on financing transactions that are part of the 
financing arrangement. These regulations will affect withholding agents 
and foreign investors.
    Respondents: Business or other for-profit.
    Estimated Number of Recordkeepers: 1,000.
    Estimated Burden Hours Per Recordkeeper: 10 hours.
    Estimated Total Recordkeeping Burden: 10,000 hours.

    OMB Number: 1545-1449.
    Regulation Project Number: IA-57-94.

[[Page 54685]]

    Type of Review: Extension.
    Title: Cash Reporting by Court Clerks.
    Description: Section 6050I(g) imposes a reporting requirement on 
criminal court clerks that receive more than $10,000 in cash as bail. 
The IRS will use the information to identify individuals with large 
cash incomes. Clerks must also furnish the information to the United 
States Attorney for the jurisdiction in which the individual charged 
with the crime resides and to each person posting the bond whose name 
appears on Form 8300.
    Respondents: Federal Government, State, Local or Tribal Government.
    Estimated Number of Respondents: 250.
    Estimated Burden Hours Per Respondent: 30 minutes.
    Frequency of Response: On occasion, Annually.
    Estimated Total Reporting Burden: 125 hours.

    OMB Number: 1545-1548.
    Revenue Procedure Number: Revenue Procedure 97-40.
    Type of Review: Extension.
    Title: Late S Corporation Election Relief.
    Description: Revenue Procedure 97-40 provides that taxpayers whose 
S corporation election was filed late (but was filed within 6 months of 
the statutory due date, and before a tax return is due for that taxable 
year) can obtain late S election relief by filing Form 2553 and 
attaching a statement explaining the reasonable cause for the failure 
to file a timely S corporation election.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 200.
    Estimated Burden Hours Per Respondent: 1 hour.
    Frequency of Response: Other (must be done within 6 months of Form 
2553's due date).
    Estimated Total Reporting Burden: 200 hours.

    OMB Number: 1545-1550.
    Notice Number: Notice 97-45.
    Type of Review: Extension.
    Title: Highly Compensated Employee Definition.
    Description: This notice provides guidance on the definition of a 
highly compensated employee within the meaning of section 14(q) of the 
Internal Revenue Code as simplified by section 1431 of the Small 
Business Job Protection Act of 1996, including an employer's option to 
make a top-paid group election under section 414(q)(1)(B)(ii).
    Respondents: Business or other for-profit, Not-for-profit 
institutions.
    Estimated Number of Recordkeepers: 218,683.
    Estimated Burden Hours Per Recordkeeper: 18 minutes.
    Estimated Total Recordkeeping Burden: 65,605 hours.

    OMB Number: 1545-1551.
    Revenue Procedure Numbers: Revenue Procedures 97-36, 97-37, 97-38 
and 97-39.
    Type of Review: Extension.
    Title: Changes in Methods of Accounting.
    Description: The information collected in the four revenue 
procedures is required in order for the Commissioner to determine 
whether the taxpayer properly is requesting to change its method of 
accounting and the conditions of the change.
    Respondents: Business or other for-profit, Individuals or 
households, Not-for-profit institutions, Farms.
    Estimated Number of Respondents/Recordkeepers: 12,350.
    Estimated Burden Hours Per Respondent/Recordkeeper: 17 hours, 20 
minutes.
    Frequency of Response: On occasion, Annually.
    Estimated Total Reporting/Recordkeeping Burden: 214,144 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. 97-27766 Filed 10-20-97; 8:45 am]
BILLING CODE 4830-01-P