[Federal Register Volume 63, Number 141 (Thursday, July 23, 1998)]
[Notices]
[Pages 39636-39637]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-19645]


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DEPARTMENT OF THE TREASURY


Submission to OMB for Review; Comment Request

July 16, 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 August 24, 1998 
to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0923.
    Regulation Project Number: REG-209274-85 NPRM (formerly IA-31-85) 
and LR-124-84 Temporary.
    Type of Review: Extension.
    Title: Tax-Exempt Entity Leasing.
    Description: These regulations provide guidance to persons 
executing lease agreements involving tax-exempt entities under 168(h) 
of the Internal Revenue Code. The regulations are necessary to 
implement Congressionally-enacted legislation and elections for certain 
previously tax-exempt organizations and certain tax-exempt controlled 
entities.
    Respondents: Business or other for-profit, State, Local or Tribal 
Government.
    Estimated Number of Respondents: 4,000.
    Estimated Burden Hours Per Respondent: 30 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 2,000 hours.

    OMB Number: 1545-0982.
    Regulation Project Number: LR-77-86 Temporary (TD 8124).
    Type of Review: Extension.
    Title: Certain Elections Under the Tax Reform Act of 1986.
    Description: These regulations establish various elections with 
respect to which immediate interim guidance on the time and manner of 
making the election is necessary. These regulations enable taxpayers to 
take advantage of the benefits of various Code provisions.
    Respondents: Individuals or households, Business or other for-
profit, Not-for-profit institutions, Farms, State, Local or Tribal 
Government.
    Estimated Number of Respondents: 114,710.
    Estimated Burden Hours Per Respondent: 15 minutes.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 28,678 hours.

    OMB Number: 1545-0985.
    Regulation Project Number: PS-128-86, PS-127-86, and PS-73-88 
Final.
    Type of Review: Extension.
    Title: Generation-Skipping Transfer Tax.
    Description: This regulation provides rules relating to the 
effective date, return requirements, definitions, and certain special 
rules covering the generation-skipping transfer tax. The information 
required by the regulation will require individuals and/or fiduciaries 
to report information on Forms 706NA, 706, 706GS(D), 706GS(D-1), 
706GS(T), 709 and 843 in connection with the generation-skipping 
transfer tax. The information will facilitate the assessment of the tax 
and taxpayer examinations.
    Respondents: Individuals or households, Business or other for-
profit.
    Estimated Number of Respondents/Recordkeepers: 7,500.
    Estimated Burden Hours Per Respondent/Recordkeeper: 30 minutes.
    Frequency of Response: On occasion, Other (Form 706 is filed within 
9 months after the taxpayer dies).
    Estimated Total Reporting/Recordkeeping Burden: 3,750 hours.

    OMB Number: 1545-1051.
    Regulation Project Number: INTL-29-91 Final.
    Type of Review: Extension.
    Title: Computation and Characterization of Income and Earnings and 
Profits under the Dollar Approximate Separate Transactions Method of 
Accounting (DASTM).
    Description: For taxable years after the final regulations are 
effective, taxpayers operating in hyper inflationary currencies must 
use the U.S. dollar as their functional currency and compute

[[Page 39637]]

income using the dollar approximate separate transaction method 
(DASTM). Small taxpayers may elect an alternate method by which to 
compute income or loss. For prior taxable years in which income was 
computed using the profit and loss method, taxpayers may elect to 
recompute their income using DASTM.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 700.
    Estimated Burden Hours Per Respondent: 1 hour, 26 minutes.
    Frequency of Response: Other (one-time election).
    Estimated Total Reporting Burden: 1,000 hours.

    OMB Number: 1545-1056.
    Regulation Project Number: REG-209020-86 (formerly INTL-61-86) NPRM 
and Temporary.
    Type of Review: Extension.
    Title: Foreign Tax Credit; Notification and Adjustment Due to 
Foreign Tax Redeterminations.
    Description: Section 905(c) requires notification and 
redetermination of a taxpayer's United States tax liability to account 
for the effect of a foreign tax redetermination, in certain cases. The 
reporting requirements will enable the Internal Revenue Service to 
recompute a taxpayer's United States tax liability.
    Respondents: Individuals or households, Business or other for-
profit.
    Estimated Number of Respondents: 10,000.
    Estimated Burden Hours Per Respondent: 1 hour.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 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. 98-19645 Filed 7-22-98; 8:45 am]
BILLING CODE 4810-01-P