Federal Register / Vol. 63, No. 119 / Monday, June 22, 1998 / Notices 33981

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, Pub.

L. 104–13 (44 U.S.C. 3506(c)(2)(A)).

Currently, the IRS is soliciting

comments concerning an existing final

regulation, PS–97–91 and PS–101–90

(TD 8448), Enhanced Oil Recovery

Credit (§§ 1.43–3(a)(3) and 1.43–3(b)(3)).

DATES: Written comments should be

received on or before August 21, 1998

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 regulation should be

directed to Carol Savage, (202) 622–

3945, Internal Revenue Service, room

5569, 1111 Constitution Avenue NW.,

Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

Title: Enhanced Oil Recovery Credit.

OMB Number: 1545–1292.

Regulation Project Number: PS–97–91

and PS–101–90.

Abstract: This regulation provides

guidance concerning the costs subject to

the enhanced oil recovery credit, the

circumstances under which the credit is

available, and procedures for certifying

to the Internal Revenue Service that a

project meets the requirements of

section 43(c) of the Internal Revenue

Code.

Current Actions: There is no change to

this existing regulation.

Type of Review: Extension of OMB

approval.

Affected Public: Individuals or

households, and business or other forprofit organizations.

Estimated Number of Respondents:

20.

Estimated Time Per Respondent: 73

hours.

Estimated Total Annual Burden

Hours: 1,460.

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: June 12, 1998.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 98–16414 Filed 6–19–98; 8:45 am]

BILLING CODE 4830–01–P

DEPARTMENT OF THE TREASURY

Internal Revenue Service

Proposed Collection; Comment

Request for Form 2119

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

2119, Sale of Your Home.

DATES: Written comments should be

received on or before August 21, 1998

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: Sale of Your Home

OMB Number: 1545–0072.

Form Number: 2119.

Abstract: Form 2119 is filed with

Form 1040 by individuals to report the

sale of their main residence and to:

• Claim the exclusion for sales after

May 6, 1997, or

• Elect the one-time exclusion for

people who were age 55 or older on the

date of sale, or

• Postpone paying tax on all or part

of the gain.

Current Actions: Form 2119 will

become obsolete for tax year 1998 and

subsequent years, due to changes made

to Internal Revenue Code section 121 by

the Taxpayer Relief Act of 1997

(particularly the increase in the

exclusion amount to $250,000/

$500,000) which will allow most

taxpayers to fully exclude gain on home

sales after May 6, 1997. Taxpayers who

need to figure a reduced exclusion or

whose gain is more than $500,000

should use the worksheet in Publication

523, Selling Your Home, which will

retain explanations of prior law. Any

taxable gain would be carried forward to

Schedule D (Form 1040). Taxpayers

who sold homes under the prior law

and who are reporting either gain or the

replacement of the home would still

need to file Form 2119. A supply of

1997 Forms 2119 will be available for

this purpose.

Type of Review: Extension of a

currently approved collection.

Affected Public: Individuals or

households.

Estimated Number of Respondents:

10,000

Estimated Time Per Respondent: 3 hr.,

25 min.

Estimated Total Annual Burden

Hours: 34,100

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.
33982 Federal Register / Vol. 63, No. 119 / Monday, June 22, 1998 / Notices

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: June 12, 1998.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 98–16415 Filed 6–19–98; 8:45 am]

BILLING CODE 4830–01–U

DEPARTMENT OF THE TREASURY

Internal Revenue Service

Proposed Collection; Comment

Request for Form 1065, Schedule D,

and Schedule K–1

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

1065, U.S. Partnership Return of

Income, Schedule D, Capital Gains and

Losses, and Schedule K–1, Partner’s

Share of Income, Credits, Deductions,

etc.

DATES: Written comments should be

received on or before August 21, 1998

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: U.S. Partnership Return of

Income (Form 1065), Capital Gains and

Losses (Schedule D), and Partner’s

Share of Income, Credits, Deductions,

etc. (Schedule K–1).

OMB Number: 1545–0099.

Form Number: 1065, Schedule D, and

Schedule K–1.

Abstract: Internal Revenue Code

section 6031 requires partnerships to

file returns that show gross income

items, allowable deductions, partners’

names, addresses, and distribution

shares, and other information. This

information is used by the IRS to verify

correct reporting of partnership items

and for general statistics. The

information is used by partners to

determine the income, loss, credits, etc.,

to report on their tax returns.

Current Actions: There are no changes

being made to the forms at this time.

Type of Review: Extension of a

currently approved collection.

Affected Public: Business or other forprofit organizations, farms, and

individuals or households.

Estimated Number of Respondents:

1,513,000.

Estimated Time Per Respondent:

Varies.

Estimated Total Annual Burden

Hours: 1,122,528,688.

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: June 11, 1998.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 98–16416 Filed 6–19–98; 8:45 am]

BILLING CODE 4830–01–U

DEPARTMENT OF THE TREASURY

Internal Revenue Service

Proposed Collection; Comment

Request for Form 1099–INT

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

1099–INT, Interest Income.

DATES: Written comments should be

received on or before August 21, 1998

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: Interest Income.

OMB Number: 1545–0112.

Form Number: 1099–INT.

Abstract: Form 1099–INT is used for

reporting interest income paid, as

required by sections 6049 and 6041 of

the Internal Revenue Code. The IRS uses

the form to verify compliance with the

reporting rules and to verify that the