[Federal Register Volume 62, Number 213 (Tuesday, November 4, 1997)]
[Notices]
[Pages 59756-59757]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-29170]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 3520

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Department of the Treasury, as part of its continuing 
effort to reduce paperwork and respondent burden, invites the general 
public and other Federal agencies to take this opportunity to comment 
on proposed and/or continuing information collections, as required by 
the Paperwork Reduction Act of 1995, Pub. L. 104-13 (44 U.S.C. 
3506(c)(2)(A)).
    Currently, the IRS is soliciting comments concerning Form 3520, 
Annual Return To Report Transactions With Foreign Trusts and Receipt of 
Certain Foreign Gifts.

DATES: Written comments should be received on or before January 5, 1998 
to be assured of consideration.

ADDRESSES: Direct all written comments to Garrick R. Shear, Internal 
Revenue Service, room 5571, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to Martha R. 
Brinson, (202) 622-3869, Internal Revenue Service, room 5571, 1111 
Constitution Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

    Title: Annual Return To Report Transactions With Foreign Trusts and 
Receipt of Certain Foreign Gifts.
    OMB Number: 1545-0159.
    Form Number: Form 3520.
    Abstract: Form 3520 is filed by U.S. persons who create a foreign 
trust, transfer property to a foreign trust, receive a distribution 
from a foreign trust, or receive large gifts from a foreign source. IRS 
uses the form to identify U.S. persons who have transactions that may 
trigger a taxable event in the future.
    Current Actions: The following changes were made:
    Form 3520 was revised to reflect the expanded reporting 
requirements added to Code sections 6048 and 6039F by the Small 
Business Job Protection Act for foreign trusts that have a U.S. 
grantor, transferor, or executor. The revised form is divided into four 
parts:
    Part I of the form reflects the expanded reporting requirements for 
U.S. persons who directly or indirectly transfer money or property to a 
foreign trust. This includes a transfer by reason of death of a U.S. 
citizen or resident, if any portion of a foreign trust was included in 
the gross estate of the decedent.
    Part II of the form is used to report the annual income information 
required for U.S. persons that are treated as owners 3 of any portion 
of a foreign trust for U.S. income tax purposes under Code sections 671 
through 679.
    Part III of the form is used by U.S. beneficiaries of a foreign 
trust to report any distributions they received from the foreign trust 
after August 20, 1996.
    Part IV of the form is used by any U.S. person to report large 
gifts or bequests received after August 20, 1996, from foreign sources.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 2,000.
    Estimated Time Per Respondent: 61 hr., 46 min.
    Estimated Total Annual Burden Hours: 123,520.
    The following paragraph applies to all of the collections of 
information covered by this notice:
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless the collection of 
information displays a valid OMB control number. books or records 
relating to a collection of information must be retained as long as 
their contents may become material in the administration of any 
internal revenue law. Generally, tax returns and tax return information 
are confidential, as required by 26 U.S.C. 6103.

Request for Comments

    Comments submitted in response to this notice will be summarized 
and/or included in the request for OMB approval. All comments will 
become a matter of public record. Comments are invited on: (a) Whether 
the collection of information is necessary for the proper performance 
of the functions of the agency, including whether the information shall 
have practical utility; (b) the accuracy of the agency's estimate of 
the burden of the collection of information; (c) ways to enhance the 
quality, utility, and clarity of the information to be collected; (d) 
ways to minimize the burden of the collection of information on 
respondents, including through the use of automated collection 
techniques or other forms of information technology; and (e) estimates 
of capital or start-up costs and costs of operation, maintenance, and 
purchase of services to provide information.


[[Page 59757]]


    Approved: October 28, 1997.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 97-29170 Filed 11-3-97; 8:45 am]
BILLING CODE 4830-01-U