Federal Register / Vol. 63, No. 103 / Friday, May 29, 1998 / Notices 29473

Type of Review: Extension.

Title: Requirements for Investments to

Qualify Under Section 936(d)(4) as

Investments in Qualified Caribbean

Basin Countries.

Description: The collection of

information is required by the Internal

Revenue Service to verify that an

investment qualifies under Internal

Revenue Code (IRC) section 936(d)(4).

The recordkeepers will be possession

corporations, certain financial

institutions located in Puerto Rico, and

borrowers of funds covered by this

regulation.

Respondents: Business or other forprofit.

Estimated Number of Recordkeepers:

50.

Estimated Burden Hours Per

Recordkeeper: 30 hours.

Estimated Total Reporting/

Recordkeeping Burden: 1,500 hours.

OMB Number: 1545–1255.

Regulation Project Number: INTL–

870–89 NPRM.

Type of Review: Extension.

Title: Earnings Stripping (Section

163(j)).

Description: Certain taxpayers are

allowed to write off the fixed basis of

the stock of an acquired corporation

rather than the adjusted basis of the

assets of the acquired corporation rather

than the adjusted basis of the assets of

the acquired corporation to elect

treatment under section 163(j).

Respondents: Business or other forprofit.

Estimated Number of Respondents/

Recordkeepers: 2,300.

Estimated Burden Hours Per

Respondent/Recordkeeper: 30 minutes.

Frequency of Response: Annually.

Estimated Total Reporting/

Recordkeeping Burden: 1,196 hours.

OMB Number: 1545–1413.

Regulation Project Number: IA–30–95

Final.

Type of Review: Extension.

Title: Reporting of Nonpayroll

Withheld Tax Liabilities.

Description: These regulations

concern the Secretary’s authority to

require a return of tax under section

6011 and provide for the requirement of

a return by persons deducting and

withholding income tax from

‘‘Nonpayroll’’ payments.

Respondents: Business or other forprofit, Individuals or households, Notfor-profit institutions, Farms, Federal

Government, State, Local or Tribal

Government.

Estimated Number of Respondents: 1.

Estimated Burden Hours Per

Respondent: 1 hour.

Frequency of Response: Annually.

Estimated Total Reporting Burden: 1

hour.

OMB Number: 1545–1433.

Regulation Project Number: CO–11–

91 Final and CO–24–95 Final.

Type of Review: Extension.

Title: Consolidated Groups and

Controlled Groups—Intercompany

Transactions and Related Rules (CO–

11–91); and Consolidated Groups—

Intercompany Transactions and Related

Rules (CO–24–95).

Description: The regulations require

common parents that make elections

under Section 1.1502–13 to provide

certain information. The information

will be used to identify and assure that

the amount, location, timing and

attributes of intercompany transactions

and corresponding items are properly

maintained.

Respondents: Business or other forprofit.

Estimated Number of Respondents/

Recordkeepers: 2,200.

Estimated Burden Hours Per

Respondent/Recordkeeper: 29 minutes.

Frequency of Response: On occasion.

Estimated Total Reporting/

Recordkeeping Burden: 1,050 hours.

OMB Number: 1545–1443.

Regulation Project Number: PS–25–94

Final (TD 8686).

Type of Review: Extension.

Title: Requirements to Ensure

Collection of Section 2050A Estate Tax.

Description: The regulation provides

guidance relating to the additional

requirements necessary to ensure the

collection of the estate tax imposed

under Section 2056A(b) with respect to

taxable events involving qualified

domestic trusts (QDOT’S). In order to

ensure collection of the tax, the

regulation provides various security

options that may be selected by the trust

and the requirements associated with

each option. In addition, under certain

circumstances the trust is required to

file an annual statement with the IRS

disclosing the assets held by the trust.

Respondents: Individuals or

households.

Estimated Number of Respondents:

4,390.

Estimated Burden Hours Per

Respondent: 1 hour, 23 minutes.

Frequency of Response: Annually.

Estimated Total Reporting Burden:

6,070 hours.

OMB Number: 1545–1461.

Regulation Project Number: INTL–24–

94 Final.

Type of Review: Extension.

Title: Taxpayer Identifying Numbers

(TINs).

Description: This regulation relates to

requirements for furnishing a taxpayer

identifying number on returns,

statements, or other documents.

Procedures are provided for requesting

a taxpayer identifying number for

certain alien individuals for whom a

social security number is not available.

The regulation also requires foreign

persons to furnish a taxpayer identifying

number on their tax returns.

Respondents: Individuals or

households.

Estimated Number of Respondents/

Recordkeepers: 1.

Estimated Burden Hours Per

Respondent/Recordkeeper: 1 hour.

Frequency of Response: On occasion.

Estimated Total Reporting Burden: 1

hour.

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. 98–14255 Filed 5–28–98; 8:45 am]

BILLING CODE 4830–01–P

DEPARTMENT OF THE TREASURY

Submission to OMB for Review;

Comment Request

May 22, 1998.

The Department of the 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 29, 1998 to

be assured of consideration.

Internal Revenue Service (IRS)

OMB Number: 1545–0055.

Form Number: IRS Form 1001.

Type of Review: Extension.

Title: Ownership, Exemption, or

Reduced Rate Certificate.

Description: This form is used by

owners of certain types of income to

report to a withholding agent, both the

ownership and any reduced or exempt

tax rate under tax conventions or
29474 Federal Register / Vol. 63, No. 103 / Friday, May 29, 1998 / Notices

treaties, and if appropriate, to claim a

release of tax withheld at source. The

withholding agent uses the information

to determine the appropriate

withholding.

Respondents: Individuals or

households. Business or other for-profit.

Estimated Number of Respondents/

Recordkeepers: 100,000.

Estimated Burden Hours Per

Respondent/Recordkeeper:

Recordkeeping—4 hr., 32 min.

Learning about the law or the form—1

hr., 5 min.

Preparing and sending the form to the

IRS—1 hr., 13 min.

Frequency of Response: On occasion.

Estimated Total Reporting/

Recordkeeping Burden: 684,000 hours.

OMB Number: 1545–0144.

Form Number: IRS Form 2438.

Type of Review: Extension.

Title: Undistributed Capital Gains Tax

Return.

Description: Form 2438 is used by

regulated investment companies to

figure capital gains tax on undistributed

capital gains designated under Internal

Revenue Code (IRC) section 852(b)3(D).

IRS uses this information to determine

the correct tax.

Respondents: Business or other forprofit.

Estimated Number of Respondents/

Recordkeepers: 100.

Estimated Burden Hours Per

Respondent/Recordkeeper:

Recordkeeping—7 hr., 39 min.

Learning about the law or the form—35

min.

Preparing and sending the form to the

IRS—45 min.

Frequency of Response: Annually.

Estimated Total Reporting/

Recordkeeping Burden: 899 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. 98–14256 Filed 5–28–98; 8:45 am]

BILLING CODE 4830–01–P

DEPARTMENT OF THE TREASURY

Submission to OMB for Review;

Comment Request

May 22, 1998.

The Department of the 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 29, 1998 to

be assured of consideration.

Internal Revenue Service (IRS)

OMB Number: 1545–0042.

Form Number: IRS Form 970.

Type of Review: Extension.

Title: Application to Use LIFO

Inventory Method.

Description: Form 970 is filed by

individuals, partnerships, trusts, estates,

or corporations to elect to use the LIFO

inventory method or to extend the LIFO

method to additional goods. The IRS

uses Form 970 to determine if the

election was properly made.

Respondents: Business or other forprofit, Individuals or households.

Estimated Number of Respondents/

Recordkeepers: 3,000.

Estimated Burden Hours Per

Respondent/Recordkeeper:

Recordkeeping—9 hr., 20 min.

Learning about the law or the form—

2 hr., 23 min.

Preparing and sending the form to the

IRS—2 hr., 39 min.

Frequency of Response: On occasion.

Estimated Total Reporting/

Recordkeeping Burden: 43,080 hours.

OMB Number: 1545–0786.

Regulation Project Number: INTL–50–

86 Final (TD 8110).

Type of Review: Extension.

Title: Sanctions on Issuers and

Holders of Registration-Required

Obligations Not in Registered Form.

Description: The Internal Revenue

Service needs the information in order

to ensure that purchasers of bearer

obligations are not U.S. persons (other

than those permitted to hold obligations

under section 165(j) and to ensure that

U.S. persons holding bearer obligations

properly report income and again on

such obligations. The people reporting

will be institutions holding bearer

obligations.

Respondents: Business or other forprofit.

Estimated Number of Respondents:

1,000.

Estimated Burden Hours Per

Respondent: 3 minutes.

Frequency of Response: On occasion.

Estimated Total Reporting Burden:

39,742 hours.

OMB Number: 1545–1270.

Regulation Project Number: PS–66–93

and PS–120–90 Final.

Type of Review: Extension.

Title: Gasohol; Compressed Natural

Gas (PS–66–93); and Gasoline Excise

Tax (PS–120–90).

Description: PS–66–93: Buyers of

compressed natural gas for a nontaxable use must give a certificate.

Persons who pay a ‘‘first tax’’ on

gasoline must file a report.

PS–120–90: Gasoline refiners, traders,

terminal operators, chemical companies

and gasohol blenders must notify each

other of their registration status and/or

intended use of the product before

transactions may be made tax-free.

Respondents: Business or other forprofit, Not-for-profit institutions, Farms,

State, Local or Tribal Government.

Estimated Number of Respondents:

3,170.

Estimated Burden Hours Per

Respondent: 7 minutes.

Frequency of Response: On occasion.

Estimated Total Reporting Burden:

371 hours.

OMB Number: 1545–1338.

Regulation Project Number: PS–103–

90 Final.

Type of Review: Extension.

Title: Election Out of Subchapter K for

Producers of Natural Gas.

Description: Under section 1.761–

2(d)(5)(I), gas producers subject to gas

balancing agreements on the

regulation’s effective date are to file

Form 3115 and certain additional

information to obtain the

Commissioner’s consent to a change in

method of accounting to either of the

two new permissible accounting

methods in the regulations.

Respondents: Business or other forprofit, Individuals or households.

Estimated Number of Respondents:

10.

Estimated Burden Hours Per

Respondent: 30 minutes.

Frequency of Response: Other (one

time only).

Estimated Total Reporting Burden: 5

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