16214 Federal Register / Vol. 62, No. 65 / Friday, April 4, 1997 / Notices

CFR 5.34(f). For activities not previously

approved by the OCC, the OCC provides

public notice and opportunity for

comment on the application by

publishing notice of the application in

the Federal Register.

NationsBank, National Association,

Charlotte, North Carolina, has applied to

the OCC pursuant to 12 CFR 5.34(f) to

establish an operating subsidiary.

NationsBank’s application generally

describes the activities in which the

operating subsidiary will engage as

follows:

The subsidiary will engage in the

development of real estate in locations

that the bank already occupies through

the maintenance of bank premises, in

order to gain increased flexibility in

enhancing its premises locations by

making them economically more

vibrant. The subsidiary will be subject

to the safeguards specified in 12 CFR

5.34(f). The bank further states that such

flexibility will better enable it to

contribute to the communities in which

it operates as well as to make a safer,

more pleasant work environment for

employees and customers. The bank is

currently considering sponsoring the

development of a building to be located

in Charlotte which would house

approximately 45 residential

condominium units. Most of the land on

which the apartment building will be

constructed has been owned for over 25

years by the bank and was the site of a

bank branch. NationsBank is now in the

process of constructing an office

building on the site to be used as bank

premises. The value of the office

building and land is estimated to be $56

million, and the cost of constructing the

residential building is estimated to be

$13 million. Thus, the bank states that

the residential building will be ancillary

to its office building, and that both

buildings will form an integrated mixeduse development with shared parking.

Future projects are expected to be

limited in number and in all cases will

be confined to areas adjacent to or near

bank premises. These projects may

include the construction of an office

building, retail space or a residential

building. In order to ensure that the

subsidiary’s activities remain consistent

with the parameters described above,

NationsBank states that it will submit a

detailed description of each future

project to the OCC for prior approval.

The OCC reviews operating subsidiary

applications to determine whether the

proposed activities are legally

permissible for an operating subsidiary

and to ensure that the proposal is

consistent with safe and sound banking

practices and OCC policy and does not

endanger the safety or soundness of the

parent national bank. In publishing

notice of the application, the OCC does

not take a position on issues raised by

the proposal. Notice is published solely

to seek the views of interested persons

on the issues presented and does not

represent a determination by the OCC

that the proposal meets, or is likely to

meet, the criteria outlined above.

Interested parties are invited to

comment on any aspect of the

application.

Dated: March 31, 1997.

Eugene A. Ludwig,

Comptroller of the Currency.

[FR Doc. 97–8572 Filed 4–3–97; 8:45 am]

BILLING CODE 4810–33–P

[Docket No. 97–06]

Operating Subsidiary Notice

AGENCY: Office of the Comptroller of the

Currency, Treasury.

ACTION: Notice and request for comment

on an operating subsidiary.

SUMMARY: The Office of the Comptroller

of the Currency (OCC) requests

comment concerning an application

filed by NationsBank, National

Association, Charlotte, North Carolina,

to engage in real estate lease financing

through an operating subsidiary of the

bank.

DATES: Comments should be submitted

on or before May 5, 1997.

ADDRESSES: Written comments

regarding the application should be sent

to the Office of the Comptroller of the

Currency, Communications Division,

250 E Street, SW., Third Floor,

Washington, DC 20219, Attn: Docket

No. 97–06. In addition, comments may

be sent by facsimile transmission to fax

number (202) 874–5274 or by internet

mail to

REGS.COMMENTS@OCC.TREAS.GOV.

A copy of the application will be

available for inspection and copying at

the OCC’s Public Reference Room, 250

E Street, SW., Washington, DC 20219,

through the OCC’s Information Line at

(202) 479–0141, or through the OCC’s

web site at HTTP://

WWW.OCC.TREAS.GOV. Appointments

for inspection of comments or the

application can be made by calling (202)

874–5043.

FOR FURTHER INFORMATION CONTACT:

William B. Glidden, Assistant Director,

Bank Activities and Structure Division,

(202) 874–5300, or Robert Sihler, Senior

Bank Structure Analyst, Bank

Organization and Structure, (202) 874–

5060.

SUPPLEMENTARY INFORMATION: A national

bank may establish or acquire an

operating subsidiary to conduct, or may

conduct in an existing operating

subsidiary, activities that are part of or

incidental to the business of banking, as

determined by the OCC pursuant to 12

U.S.C. 24(Seventh), and other activities

permissible for national banks or their

subsidiaries under other statutory

authority. Section 5.34(d) of 12 CFR part

5 authorizes the OCC to permit a

national bank to conduct an activity

through its operating subsidiary that is

different from that permissible for the

parent national bank, subject to the

additional requirements specified in 12

CFR 5.34(f). For activities not previously

approved by the OCC, the OCC provides

public notice and opportunity for

comment on the application by

publishing notice of the application in

the Federal Register.

NationsBank, National Association,

Charlotte, North Carolina, has applied to

the OCC pursuant to 12 CFR 5.34(f) to

establish an operating subsidiary.

NationsBank’s application generally

describes the activities in which the

operating subsidiary will engage as

follows:

The subsidiary will engage in real

estate lease financing transactions on a

nationwide basis, subject to the

safeguards specified in 12 CFR 5.34(f)

and certain limitations designed to

minimize the risk to the subsidiary and

the bank. In particular, the transactions

will be on a ‘‘nonoperating’’ basis and

for an initial term of at least 90 days.

The leases will be ‘‘full payout’’ leases

designed to yield a return that will

compensate the subsidiary for not less

than its full investment in the real

property plus the estimated total cost of

financing the property over the term of

the lease from rental payments,

estimated tax benefits, and the

estimated residual value of the property

at the expiration of the initial term. For

purposes of determining whether a

given lease is a full payout lease, the

estimated residual value of the property

will not exceed 25 percent of the

acquisition cost of the property to the

subsidiary. The subsidiary will acquire

real property only in connection with a

proposed leasing transaction. Thus, it

will not acquire real property in

anticipation of leasing the property at a

later date. If upon termination or

expiration of the lease the lessee does

not acquire the real property, the

subsidiary either will enter into a new

lease agreement with the lessee or with

a third party or will reclassify the

property as OREO and dispose of the

property in accordance with OCC OREO
Federal Register / Vol. 62, No. 65 / Friday, April 4, 1997 / Notices 16215

guidelines. NationsBank states that in

its opinion when the real estate lease

financing transactions are conducted as

described they will be the functional

equivalent of mortgage loans made by

the subsidiary.

The OCC reviews operating subsidiary

applications to determine whether the

proposed activities are legally

permissible for an operating subsidiary

and to ensure that the proposal is

consistent with safe and sound banking

practices and OCC policy and does not

endanger the safety or soundness of the

parent national bank. In publishing

notice of the application, the OCC does

not take a position on issues raised by

the proposal. Notice is published solely

to seek the views of interested persons

on the issues presented and does not

represent a determination by the OCC

that the proposal meets, or is likely to

meet, the criteria outlined above.

Interested parties are invited to

comment on any aspect of the

application.

Dated: March 31, 1997.

Eugene A. Ludwig,

Comptroller of the Currency.

[FR Doc. 97–8573 Filed 4–3–97; 8:45 am]

BILLING CODE 4810–33–P

Internal Revenue Service

Proposed Collection; Comment

Request for Form W–2G

AGENCY: Internal Revenue Service (IRS),

Treasury.

ACTION: Notice and request for

comments.

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

W–2G, Certain Gambling Winnings.

DATES: Written comments should be

received on or before June 3, 1997 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: Certain Gambling Winnings.

OMB Number: 1545–0238.

Form Number: W–2G.

Abstract: Internal Revenue Code

sections 6041, 3402(q), and 3406 require

payers of certain gambling winnings to

withhold tax and to report the winnings

to the IRS. IRS uses the information to

verify compliance with the reporting

rules and to verify that the winnings are

properly reported on the recipient’s tax

return.

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: Businesses or other

for-profit organizations, state or local

governments, and non-profit

institutions.

Estimated Number of Respondents:

6,400.

Estimated Time Per Respondent: 8 hr.

49 min.

Estimated Total Annual Burden

Hours: 564,200.

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: March 27, 1997.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 97–8693 Filed 4–3–97; 8:45 am]

BILLING CODE 4830–01–U

Proposed Collection; Comment

Request for Form 1040EZ

AGENCY: Internal Revenue Service (IRS),

Treasury.

ACTION: Notice and request for

comments.

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

1040EZ, Income Tax Return for Single

and Joint Filers With No Dependents.

DATES: Written comments should be

received on or before June 3, 1997 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: Income Tax Return for Single

and Joint Filers With No Dependents.

OMB Number: 1545–0675.

Form Number: 1040EZ.

Abstract: This form is used by certain

individuals to report their income

subject to income tax and to figure their

correct tax liability. The data is also

used to verify that the items reported on

the form are correct and are also for

general statistical use.

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: Individuals or

households.

Estimated Number of Respondents:

15,705,603.

Estimated Time Per Respondent: 2 hr.

4 min.

Estimated Total Annual Burden

Hours: 32,452,166.