[Federal Register Volume 63, Number 89 (Friday, May 8, 1998)]
[Notices]
[Pages 25564-25566]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-12214]


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DEPARTMENT OF THE TREASURY


Submission to OMB for Review; Comment Request

April 27, 1998.
    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.

DATES: Written comments should be received on or before June 8, 1998 to 
be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0115.
    Form Number: IRS Form 1099-MISC.
    Type of Review: Extension.
    Title: Miscellaneous Income.
    Description: Form 1099-MISC is used by payers to report payments of 
$600 or more of rents, prizes and awards, medical and health care 
payments, nonemployee compensation, and crop insurance proceeds, $10 or 
more of royalties, any amount of fishing boar proceeds, certain 
substitute payments, golden parachute payments, and an indication of 
direct sales or $5,000 or more.
    Respondents: Business or other for-profit, Individuals or 
households, Not-for-profit institutions, Farms, Federal Government, 
State, Local or Tribal Government.
    Estimated Number of Respondents: 4,302,217.
    Estimated Burden Hours Per Respondent: 14 minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 16,852,933 hours.

    OMB Number: 1545-0129.
    Form Number: IRS Form 1120-POL.
    Type of Review: Extension.
    Title: U.S. Income Tax Return for Certain Political Organizations.
    Description: Certain political organizations file Form 1120-POL to 
report the tax imposed by section 527. The form is used to designate a 
principal business campaign committee that is subject to a lower rate 
of tax under section 527(h). IRS uses Form 1120-POL to determine if the 
proper tax was paid.
    Respondents: Not-for-profit institutions.
    Estimated Number of Respondents/Recordkeepers: 6,527.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--15 hr., 32 min.
Learning about the law or the form--6 hr., 12 min.
Preparing the form--15 hr., 6 min.
Copying, assembling, and sending the form to the IRS--2 hr., 25 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 256,185 hours.

    OMB Number: 1545-0192.
    Form Number: IRS Form 4970.
    Type of Review: Extension.
    Title: Tax on Accumulation Distribution of Trusts.
    Description: Form 4970 is used by a beneficiary of a domestic or 
foreign trust to compute the tax adjustment attributable to an 
accumulation distribution. The form is used to verify whether the 
correct tax has been paid on the accumulation distribution.
    Respondents: Individuals or households.
    Estimated Number of Respondents/Recordkeepers: 30,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--1 hr., 12 min.
Learning about the law or the form--16 min.
Preparing the form--1 hr., 27 min.
Copying, assembling, and sending the form to the IRS--20 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 97,800 hours.

    OMB Number: 1545-0196.
    Form Number: IRS Form 5227.
    Type of Review: Extension.
    Title: Split-Interest Trust Information Return.
    Description: The data reported is used to verify that the 
beneficiaries of a charitable remainder trust include the correct 
amounts in their tax returns, and that the split-interest trust is not 
subject to private foundation taxes.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 53,303.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--46 hr., 52 min.
Learning about the law or the form--3 hr., 48 min.
Preparing the form--10 hr., 19 min.
Copying, assembling, and sending the form to the IRS--1 hr., 37 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 3,336,768 hours.

    OMB Number: 1545-0582.
    Form Number: IRS Form 1139.
    Type of Review: Extension.
    Title: Corporation Application for Tentative Refund.
    Description: Form 1139 is filed by corporations that expect to have 
a net operating loss, net capital loss, or unused general business 
credits carried back to a prior tax year. IRS uses Form 1139 to 
determine if the amount of the loss or unused credits is reasonable.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 3,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--25 hr., 35 min.
Learning about the law or the form--3 hr., 50 min.

[[Page 25565]]

Preparing the form--9 hr., 4 min.
Copying, assembling, and sending the form to the IRS--1 hr., 20 min.

    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 119,490 hours.

    OMB Number: 1545-0763.
    Regulation Project Number: LR-200-76 Final.
    Type of Review: Extension.
    Title: Qualified Conservation Contributions.
    Description: The information is necessary to comply with various 
substantive requirements of section 170(h), which describes situations 
in which a taxpayer is entitled to an income tax deduction for a 
charitable contribution for conservation purposes of a partial interest 
in real property.
    Respondents: Business or other for-profit, Individuals or 
households, Not-for-profit institutions, Farms, Federal Government, 
State, Local or Tribal Government.
    Estimated Number of Recordkeepers: 1,000.
    Estimated Burden Hours Per Recordkeeper: 1 hour, 15 minutes.
    Estimated Total Recordkeeping Burden: 1,250 hours.

    OMB Number: 1545-0927.
    Form Number: IRS Form 8390.
    Type of Review: Extension.
    Title: Information Return for determination of Life Insurance 
Company Earnings Rate Under Section 809.
    Description: Life insurance companies are required to provide data 
so the Secretary of the Treasury can compute the: (1) stock earnings 
rate of the 50 largest stock companies; and (2) average mutual earnings 
rate. These factors are used to compute the differential earnings rate 
which will determine the tax liability for mutual insurance companies.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 150.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--56 hr., 41 min.
Learning about the law or the form--3 hr., 35 min.
Preparing and sending the form to the IRS--4 hr., 40 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 9,738 hours.

    OMB Number: 1545-1014.
    Form Number: IRS Form 1066 and Schedule Q (Form 1066).
    Type of Review: Extension.
    Title: U.S. Real Estate Mortgage Investment Conduit (REMIC) Income 
Tax Return (1066); and Quarterly Notice to Residual Interest Holder of 
REMIC Taxable Income or Net Loss Allocation (Schedule Q).
    Description: Form 1066 and Schedule Q (Form 1066) are used by a 
real estate mortgage investment conduit (REMIC) to figure its tax 
liability and income and other tax-related information to pass through 
to its residual holders. IRS uses the information to determine the 
correct tax liability of the REMIC and its residual holders.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 4,917.
    Estimated Burden Hours Per Respondent/Recordkeeper:

----------------------------------------------------------------------------------------------------------------
                                                     Form 1066                     Schedule Q  (Form 1066)      
----------------------------------------------------------------------------------------------------------------
Recordkeeping.........................  28 hr., 13 min.....................  6 hr., 13 min.                     
Learning about the law or the form....  6 hr., 41 min......................  1 hr., 28 min.                     
Preparing the form....................  9 hr., 41 min......................  2 hr., 34 min.                     
Copying, assembling, and sending the    32 min.............................  16 min.                            
 form to the IRS.                                                                                               
----------------------------------------------------------------------------------------------------------------

    Frequency of Response: Quarterly, Annually.
    Estimated Total Reporting/Recordkeeping Burden: 736,862 hours.

    OMB Number: 1545-1020.
    Form Number: IRS Form 1041-T.
    Type of Review: Extension.
    Title: Allocation of Estimated Tax Payments to Beneficiaries.
    Description: This form was developed to allow a trustee of a trust 
or an executor of an estate to make an election under Internal Revenue 
Code (IRC) section 643(g) to allocate any payment of estimated tax to a 
beneficiary(ies). This form serves as a transmittal so that Service 
Center personnel can determine the correct amounts that are to be 
transferred from the fiduciary's account to the individual's account.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 1,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--20 min.
Learning about the law or the form--4 min.
Preparing the form--21 min.
Copying, assembling, and sending the form to the IRS--17 min.

    Frequency of Response: Other (when such election is made).
    Estimated Total Reporting/Recordkeeping Burden: 1,040 hours.

    OMB Number: 1545-1250.
    Form Number: IRS Form 9356.
    Type of Review: Revision.
    Title: Application for Software Developers to Participate in the 
1040PC Format for Individual Income Tax Returns.
    Description: Form 9356 will be filled in by software developers and 
submitted to the IRS as an application for producing software for the 
Form 1040PC.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 200.
    Estimated Burden Hours Per Respondent: 15 minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 50 hours.

    OMB Number: 1545-1308
    Regulation Project Number: PS-260-82 Final.
    Type of Review: Extension.
    Title: Election, Revocation, Termination, and Tax Effect of 
Subchapter S Status.
    Description: Sections 1.1362-1 through 1.1362-7 of the Income Tax 
Regulations provide the specific procedures and requirements necessary 
to implement section 1362, including the filing of various elections 
and statements with the Internal Revenue Service.
    Respondents: Individuals or households, Business or other for-
profit, Farms.
    Estimated Number of Respondents: 133.
    Estimated Burden Hours Per Respondent: 3 hours, 18 minutes.
    Estimated Total Reporting Burden: 322 hours.

    OMB Number: 1545-1379.
    Form Number: IRS Form 8831.
    Type of Review: Extension.
    Title: Excise Taxes on Excess Inclusions of REMIC Residual 
Interests.
    Description: Form 8831 is used by a real estate mortgage investment 
conduit

[[Page 25566]]

(REMIC) to figure its excise tax liability under Code sections 
860E(e)(1), 860E(e)(6), and 860E(e)(7). IRS uses the information to 
determine the correct tax liability of the REMIC.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 31.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--4 hr., 32 min.
Learning about the law or the form--1 hr., 29 min.
Preparing and sending the form to the IRS--1 hr., 38 min.
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 237 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. 98-12214 Filed 5-7-98; 8:45 am]
BILLING CODE 4830-01-U