[Federal Register Volume 62, Number 235 (Monday, December 8, 1997)]
[Notices]
[Pages 64632-64633]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-32077]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 1041 and Related 
Schedules D, J, and K-1

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, Public Law 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning 
Form 1041 and related Schedules D, J, and K-1.

DATES: Written comments should be received on or before February 6, 
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: U.S. Income Tax Return for Estates and Trusts (Form 1041), 
Capital Gains and Losses (Schedule D), Accumulation Distribution for a 
Complex Trust (Schedule J), Beneficiary's Share of Income, Deductions, 
Credits, etc. (Schedule K-1).
    OMB Number: 1545-0092.

[[Page 64633]]

    Form Number: Form 1041 and related Schedules D, J, and K-1.
    Abstract: IRC section 6012 requires that an annual income tax 
return be filed for estates and trusts. The data is used by the IRS to 
determine that the estates, trusts, and beneficiaries filed the proper 
returns and paid the correct tax.
    Current Actions:
    The following changes were made:
    Form 1041:

Page 2

    Line 6 was added to Schedule A for an adjustment necessitated by 
Internal Revenue Code section 1202.
    Other Information--Line 9 was added to identify those returns with 
potential for generation-skipping transfer tax.

Page 3

    Line 11 was added to Schedule I for the new section 1202 
adjustment.
    New Part IV was necessitated by the capital gain changes in the 
Taxpayer Relief Act of 1997 (TRA 97). Because capital gain rates may 
not be below the alternative minimum tax rates, fiduciaries must 
calculate the capital gains minimum tax on Schedule I.

Schedule D

    Line 4 was deleted to reduce burden and save space.
    Parts II and III were revised to reflect the capital gain changes 
in TRA 97. The old Part V was moved to the instructions and made into a 
worksheet. Old Part VI was renumbered as Part V. The new Tax 
Computation Using Maximum Capital Gain Rates has been completely 
revised as required by TRA 97.

Schedule K-1

    New lines 4a and 4b were added to reflect changes made by TRA 97. 
The beneficiaries need this breakdown of long-term capital gain to 
complete their own Schedule D.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations and 
individuals.
    Estimated Number of Respondents: 3,242,585.
    Estimated Time Per Respondent: 107 hr., 21 min.
    Estimated Total Annual Burden Hours: 348,095,641.
    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.

    Approved: November 26, 1997.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 97-32077 Filed 12-5-97; 8:45 am]
BILLING CODE 4830-01-U