29472 Federal Register / Vol. 63, No. 103 / Friday, May 29, 1998 / Notices

the appropriate category of subpart F

income. The recordkeeping and election

procedures allow the U.S. shareholders

and the IRS to know the amount of the

controlled foreign corporation’s subpart

F income.

Respondents: Business or other forprofit.

Estimated Number of Respondents/

Recordkeepers: 50,500.

Estimated Burden Hours Per

Respondent/Recordkeeper: 1 hour.

Frequency of Response: Annually,

Other (one-time currency election).

Estimated Total Reporting/

Recordkeeping Burden: 50,417 hours.

OMB Number: 1545–1132.

Regulation Project Number: INTL–

536–89 Final.

Type of Review: Extension.

Title: Registration Requirements with

Respect to Certain Debt Obligations;

Application of Repeal of 30 Percent

Withholding by the Tax Reform Act of

1984.

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 gain on

such obligations.

Respondents: Business or other forprofit.

Estimated Number of Respondents/

Recordkeepers: 5,000.

Estimated Burden Hours Per

Respondent/Recordkeeper: 10 minutes.

Frequency of Response: On occasion.

Estimated Total Reporting/

Recordkeeping Burden: 852 hours.

OMB Number: 1545–1134.

Regulation Project Number: IA–141–

83 Final (TD 8270).

Type of Review: Extension.

Title: Installment Method Reporting

by Dealers in Personal Property.

Description: These regulations

provide guidance with respect to the

manner in which dealers are required to

account for installment sales.

Respondents: Business or other forprofit.

Estimated Number of Recordkeepers:

50,000.

Estimated Burden Hours Per

Recordkeeper: 10 hours.

Estimated Total Reporting/

Recordkeeping Burden: 500,000 hours.

OMB Number: 1545–1243.

Regulation Project Number: PS–163–

84 Final.

Type of Review: Extension.

Title: Treatment of Transactions

Between Partners and Partnerships.

Description: Section 707(a)(2)

provides that if there are transfers of

money or property between a partner

and a partnership, the transfer will be

treated, in certain situations, as a

disguised sale between the partner and

the partnership. The regulations provide

that the partner or the partnership

should disclose the transfers and certain

attendant facts in some situations.

Respondents: Business or other forprofit.

Estimated Number of Respondents:

7,500.

Estimated Burden Hours Per

Respondent: 20 minutes.

Frequency of Response: Annually.

Estimated Total Reporting Burden:

2,500 hours.

OMB Number: 1545–1331.

Regulation Project Number: PS–55–89

Final.

Type of Review: Extension.

Title: General Asset Accounts Under

the Accelerated Cost Recovery System.

Description: The regulations describe

the time and manner of making the

election described in Internal Revenue

Code (IRC) section 168(I)(4). Basic

information regarding this election is

necessary to monitor compliance with

the rules in IRC section 168.

Respondents: Business or other forprofit, Farms.

Estimated Number of Respondents:

1,000.

Estimated Burden Hours Per

Respondent: 15 minutes.

Frequency of Response: Annually.

Estimated Total Reporting Burden:

250 hours.

OMB Number: 1545–1598.

Revenue Procedure Number: Revenue

Procedure 98–22.

Type of Review: Extension.

Title: Employee Plans Compliance

Program.

Description: The information

requested in this revenue procedure is

required to enable the Office of the

Assistant Commissioner (Employee

Plans and Exempt Organizations) of the

Internal Revenue Service to make

determinations regarding the issuance of

various types of closing agreements and

compliance statements. The issuance of

closing agreements compliance

statement allows individuals plans to

continue to maintain their tax-qualified

status. As a result, the favorable tax

treatment of the benefits of the eligible

employees is retained.

Respondents: Individuals or

households, Business or other for-profit,

Not-for-profit institutions, State, Local

or Tribal Government.

Estimated Number of Respondents:

2,000.

Estimated Burden Hours Per

Respondent: 21 hours, 30 minutes.

Frequency of Response: On occasion.

Estimated Total Reporting Burden:

43,000 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. 98–14254 Filed 5–28–98; 8:45 am]

BILLING CODE 4830–01–P

DEPARTMENT OF THE TREASURY

Submission to OMB for Review;

Comment Request

May 20, 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: 1545–0823.

Regulation Project Number: FI–221–

83 NPRM and FI–100–83 Temporary.

Type of Review: Extension.

Title: Indian Tribal Governments

Treated as States For Certain Purposes.

Description: The regulations provide

that if the governing body of a tribe, or

its subdivision, is not designated as an

Indian tribal government or subdivision

thereof for purpose of sections

7701(a)(40) and 7871, it may apply for

a ruling from the IRS.

Respondents: State, Local or Tribal

Governments.

Estimated Number of Respondents:

25.

Estimated Burden Hours Per

Respondent: 1 hour.

Frequency of Response: Other (once).

Estimated Total Reporting Burden: 25

hours.

OMB Number: 1545–1138.

Regulation Project Number: INTL–

955–86 Final, TD 8350.
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