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the number of the CFR title and the number of each part
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                      related to
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 Department of the Treasury
 DATES: Written comments should be received on or before June 1, 2001 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:*
                     Individuals or households, Business or other for-profit. *Estimated Number of Respondents/Recordkeepers:*
                     3,000. Estimated Burden Hours per Respondent/Recordkeeper
Recordkeeping
8 hr., 7 min.Learning about the law or the form
2 hr., 47 min.Preparing and sending the form to the IRA
3 hr., 2 min.
 *Frequency of Response:*
                     On occasion. *Estimated Total Reporting/Recordkeeping Burden:*
                     41,850 hours. *OMB Number:*
                     1545-1668. *Form Number:*
                     IRS Form 8865 and Schedules. *Type of Review:*
                     Extension. 
                    ( print page 22072) *Title:*
                     Return of U.S. Persons With Respect to Certain Foreign Partnerships. *Description:*
                     The Taxpayer Relief Act of 1997 significantly modified the information reporting requirements with respect to foreign partnerships. The Act made the following three changes (1) Expanded section 6038B to require U.S. persons transferring property to foreign partnerships in certain transactions to report those transfers; (2) expanded section 6038 to require certain U.S. Partners of controlled foreign partnerships to report information about the partnerships; and (3) modified the reporting required under section 6046A with respect to acquisitions and dispositions of foreign partnership interests. Form 8865 is used by U.S. persons to fulfill their reporting obligations under sections 6038B, 6038, and 6046A. *Respondents:*
                     Business or other for-profit, Individuals or households, Not-for-profit institutions. *Estimated Number of Respondents/Recordkeepers:*
                     5,000. *Estimated Burden Hours Per Respondent/Recordkeeper:* Form/Schedule
Recordkeeping
Learning about the law or the form
Preparing, copying, assembling and sending the form to the IRS8865
96 hr., 45 min
21 hr., 32 min
35 hr., 59 min.Schedule K-1 (Form 8865)
30 hr., 7 min
9 hr., 39 min
17 hr., 45 min.Schedule O (Form 8865)
13 hr., 9 min
2 hr., 22 min
2 hr., 42 min.Schedule P (Form 8865)
5 hr., 15 min
30 min
36 min.
 *Frequency of Response:*
                     Annually. *Estimated Total Reporting/Recordkeeping Burden:*
                     444,600. *Clearance Officer:*
                     Garrick Shear, Internal Revenue Service, Room 5244, 1111 Constitution Avenue, NW., Washington, DC 20224. *OMB Reviewer:*
                     Alexander T. Hunt (202) 395-7860, Office of Management and Budget, Room 10202, New Executive Office Building, Washington, DC 20503. Lois K. Holland, Departmental Reports Management Officer.


[FR Doc. 01-10961 Filed 5-1-01; 8:45 am] BILLING CODE 4830-01-U