[Federal Register Volume 65, Number 194 (Thursday, October 5, 2000)]
[Notices]
[Page 59501]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-25649]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 8870

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 8870, Information Return for Transfers Associated With Certain 
Personal Benefit Contracts.

DATES: Written comments should be received on or before December 4, 
2000 to be assured of consideration.

ADDRESSES: Direct all written comments to Garrick R. Shear, Internal 
Revenue Service, room 5244, 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 Carol Savage, 
(202) 622-3945, Internal Revenue Service, room 5242, 1111 Constitution 
Avenue, NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Information Return for Transfers Associated With Certain 
Personal Benefit Contracts.
    OMB Number: 1545-1702.
    Form Number: 8870.
    Abstract: Section 537 of the Ticket to Work and Work Incentives 
Improvement Act of 1999 added section 170(f)(10) to the Internal 
Revenue Code. Section 170(f)(10)(F) requires an organization to report 
annually: (1) Any premiums paid after February 8, 1999 to which section 
170(f)(10) applies; (2) the name and taxpayer identification number 
(TIN) of each beneficiary under each contract to which the premiums 
relate; and (3) any other information the Secretary of the Treasury may 
require. A charitable organization described in section 170(c) or a 
charitable remainder trust described in section 664(d) that paid 
premiums after February 8, 1999, on certain life insurance, annuity, 
and endowment contracts (personal benefit contracts) must complete and 
file Form 8870.
    Current Actions: There are no changes being made to the form at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Not-for-profit institutions.
    Estimated Number of Respondents: 5,000.
    Estimated Time Per Respondent: 14 hours, 50 minutes.
    Estimated Total Annual Burden Hours: 74,200.
    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: September 27, 2000.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 00-25649 Filed 10-4-00; 8:45 am]
BILLING CODE 4830-01-P