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[Federal Register Volume 62, Number 250 (Wednesday, December 31, 1997)]
[Notices]
[Pages 68354-68355]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-34026]

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DEPARTMENT OF THE TREASURY

Submission to OMB for Review; Comment Request

December 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: 1545-1224.
    Regulation Project Number: INTL-112-88 Final.
    Type of Review: Extension.
    Title: Allocation and Apportionment of Deduction for State Income 
Taxes.
    Description: The reporting requirements affect those taxpayers 
claiming foreign tax credits and that elect to use an alternative 
method of allocating and apportioning deductions for state income 
taxes. This information will be used by the IRS to estimate the 
resources to be required in auditing income tax returns, and should 
facilitate the completion of audits.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 1,000.
    Estimated Burden Hours Per Respondent: 1 hour.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 1,000 hours.
    OMB Number: 1545-1291.
    Regulation Project Number: PS-78-91 Final.

[[Page 68355]]

    Type of Review: Extension
    Title: Procedure for Monitoring Compliance with Low-Income Housing 
Credit Requirements.
    Description: The regulations require state allocation plans to 
provide a procedure for State and local housing credit agencies to 
monitor for compliance with the requirements of section 42 and report 
and noncompliance to the Internal Revenue Service.
    Respondents: Business or other for-profit, Individuals or 
households, Not-for-profit institutions, State, Local or Tribal 
Government.
    Estimated Number of Respondents/Recordkeepers: 5,000.
    Estimated Burden Hours Per Respondent/Recordkeeper: 3 hours, 45 
minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 18,750 hours.

    OMB Number: 1545-1299.
    Regulation Project Number: IA-54-90 Final.
    Type of Review: Revision.
    Title: Settlement Funds.
    Description: The reporting requirements affect taxpayers that are 
qualified settlement funds; they will be required to file income tax 
returns, estimated tax returns, and withholding tax returns. The 
information will facilitate taxpayer examinations.
    Respondents: Individuals or households, Business or other for-
profit, Not-for-profit institutions, Farms, Federal Government, State, 
Local or Tribal Government.
    Estimated Number of Respondents: 1,500.
    Estimated Burden Hours Per Respondent: 2 hours, 22 minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 3,542 hours.

    OMB Number: 1545-1448.
    Regulation Project Number: EE-81-88 Final.
    Type of Review: Extension.
    Title: Deductions for Transfers of Property.
    Description: These regulations concerns the Secretary's authority 
to require the filing of an information return under Code section 6041 
and expand the requirement to furnish forms to certain corporate 
service providers.
    Respondents:  Individuals or households, Business or other for-
profit, Not-for-profit institutions, Farms.
    Estimated Number of Respondents: 1.
    Estimated Burden Hours Per Respondent: 1 hour.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 1 hour.

    OMB Number: 1545-1452.
    Regulation Project Number: FI-43-94 Final.
    Type of Review: Extension.
    Title: Regulation Under Section 1258 of the Internal Revenue Code 
of 1986; Netting Rule for Certain Conversion Transactions.
    Description: Section 1258 recharacterizes capital gains from 
conversion transactions as ordinary income to the extent of the time 
value element. This regulation provides that certain gains and losses 
may be netted for purposes of determining the amount of gain 
recharacterized.
    Respondents: Business or other for-profit, Not-for-profit 
institutions.
    Estimated Number of Recordkeepers: 50,000.
    Estimated Burden Hours Per Recordkeeper: 6 minutes.
    Estimated Total Recordkeeping Burden: 5,000 hours.

    OMB Number: 1545-1562.
    Revenue Procedure Number: Revenue Procedure 97-48.
    Type of Review: Extension.
    Title: Automatic Relief for Late S Corporation Elections.
    Description: The revenue procedure only applies to the following 
two situations:
    (1) A corporation intends to be an S corporation, the corporation 
and its shareholders reported their income consistent with S 
corporation status for the taxable year the S corporation election 
should have been made and for every subsequent year, and the 
corporation did not receive notification from the Service regarding any 
problem with the S corporation status within 6 months of the date on 
which the Form 1120S for the first year was timely filed; and
    (2) For periods prior to January 1, 1997, a corporation intends to 
be an S corporation; however, due to a late S corporation election the 
corporation was not permitted to be an A corporation for the first 
taxable year specified in the election (because late S corporation 
election relief was not available during this period), the corporation 
for all succeeding years, and all relevant taxable years for both the 
corporation and all of its shareholders are open.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 100.
    Estimated Burden Hours Per Respondent: 1 hour.
    Frequency of Response: Other (once).
    Estimated Total Reporting Burden: 100 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. 97-34026 Filed 12-30-97; 8:45 am]
BILLING CODE 4830-01-P
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