23976 Federal Register / Vol. 66, No. 91 / Thursday, May 10, 2001 / Notices

Institutions of Higher Education, and

Non-Profit Organizations. NADBank

disburses grants using monies

transferred from the Treasury. The

information collected will be used to

verify grantee compliance with the

terms of the Grant Agreement entered

into between NADBank and each

grantee.

Respondents: Not-for-profit

institutions, State, Local or Tribal.

Estimated Number of Respondents/

Recordkeepers: 18.

Estimated Burden Hours Per

Respondent/Recordkeeper: 126 hours.

Frequency of Response: On occasion,

Quarterly, Annually.

Estimated Total Reporting/

Recordkeeping Burden: 414 hours.

Clearance Officer: Lois K. Holland

(202) 622–1563, Departmental Offices,

Room 2110, 1425 New York Avenue,

NW., Washington, DC 20220.

OMB Reviewer: Alexander T. Hunt

(202) 395–7860, Office of Management

and Budget, Room 10202, New

Executive Office Building, Washington,

DC 20503.

Mary A. Able,

Departmental Reports, Management Officer.

[FR Doc. 01–11742 Filed 5–9–01; 8:45 am]

BILLING CODE 4810–25–P

DEPARTMENT OF THE TREASURY

Submission for OMB Review;

Comment Request

May 3, 2001.

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 June 11, 2001 to

be assured of consideration.

Internal Revenue Service (IRS)

OMB Number: 1545–0134.

Form Number: IRS Form 1128.

Type of Review: Extension.

Title: Application to Adopt, Change,

or Retain a Tax Year.

Description: Form 1128 is needed in

order to process taxpayers’ requests to

change their tax year. All information

requested is used to determine whether

the application should be approved.

Respondents are taxable and nontaxable

entities including individuals,

partnerships, corporations, estates, taxexempt organizations and cooperatives.

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

Estimated Number of Respondents/

Recordkeepers: 11,800.

Estimated Burden Hours Per

Respondent/Recordkeeper:

Form Recordkeeping Learning about the law or the form

Preparing, copying, assembling and sending the forms

to the IRS

Form 1128, Parts I and II .................. 8 hr., 36 min .................................... 6 hr., 34 min .................................... 6 hr., 59 min.

Form 1128, Parts I and III ................. 20 hr., 48 min .................................. 5 hr., 25 min .................................... 7 hr., 12 min.

Frequency of Response: On occasion.

Estimated Total Reporting/

Recordkeeping Burden: 361,720 hours.

OMB Number: 1545–0200.

Form Number: IRS Form 5307.

Type of Review: Extension.

Title: Application for Determination

for Adopters of Master or Prototype,

Regional Prototype or Volume Submitter

Plans.

Description: This form is filed by

employers or plan administrators who

have adopted a master or prototype plan

approved by the IRS National Office or

regional prototype plan approved by the

IRS District Director to obtain a ruling

that the plan adopted is qualified under

Internal Revenue Code (IRC) sections

401(a) and 501(a). It may not be used to

request a letter for multiple employer

plan.

Respondents: Business or other forprofit.

Estimated Number of Respondents/

Recordkeepers: 39,000.

Estimated Burden Hours Per

Respondent/Recordkeeper:

Recordkeeping—5 hr., 15 min.

Learning about the law or the form—4

hr., 9 min.

Preparing the form—8 hr., 9 min.

Copying, assembling, and sending the

form to the IRS—1 hr., 4 min.

Frequency of Response: On occasion.

Estimated Total Reporting/

Recordkeeping Burden: 726,570 hours.

OMB Number: 1545–0704.

Form Number: IRS Form 5471 and

Related Schedules.

Type of Review: Extension.

Title: Information Return of U.S.

Persons with Respect to Certain Foreign

Corporations.

Description: Form 5471 and related

schedules are used by U.S. persons that

have an interest in a foreign corporation.

The form is used to report income from

the foreign corporation. The form and

schedules are used to satisfy the

reporting requirements of sections 6035,

6038 and the regulations thereunder

pertaining to the involvement of U.S.

persons with certain foreign

corporations.

Respondents: Business or other forprofit, Individuals or households.

Estimated Number of Respondents/

Recordkeepers: 43,000.

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 IRS

5471 ................................................... 82 hr., 45 min .................................. 15 hr., 50 min .................................. 23 hr., 53 min.

Schedule J (5471) .............................. 3 hr., 49 min .................................... 1 hr., 29 min .................................... 1 hr., 37 min.

Schedule M (5471) ............................ 26 hr., 33 min .................................. 6 min ................................................ 32 min.

Federal Register / Vol. 66, No. 91 / Thursday, May 10, 2001 / Notices 23977

1Ohio Rev. Code Ann. § 4517.

2 12 U.S.C. 24 (Seventh) and 12 U.S.C. 24 (Tenth).

Form/schedule Recordkeeping Learning about the law or the form

Preparing, copying, assembling and sending the form

to the IRS

Schedule N (5471) ............................. 8 hr., 22 min .................................... 2 hr., 28 min .................................... 2 hr., 43 min.

Schedule O (5471) ............................. 10 hr., 45 min .................................. 24 min .............................................. 35 min.

Frequency of Response: Annually.

Estimated Total Reporting/

Recordkeeping Burden: 6,665,205 hours.

OMB Number: 1545–0954.

Form Number: IRS Form 1120–ND.

Type of Review: Extension.

Title: Return for Nuclear

Decommissioning Funds and Certain

Related Persons.

Description: A nuclear utility files

Form 1120–ND to report the income and

taxes of a fund set up by the public

utility to provide cash for dismantling of

the nuclear power plant. The IRS uses

Form 1120–ND to determine if the fund

income taxes are correctly computed

and if a person related to the fund or the

nuclear utility must pay taxes on selfdealing.

Respondents: Business or other forprofit.

Estimated Number of Respondents/

Recordkeepers: 100.

Estimated Burden Hours Per

Respondent/Recordkeeper:

Recordkeeping—23 hr., 12 min.

Learning about the law or the form—3

hr., 7 min.

Preparing the form—5 hr., 30 min.

Copying, assembling, and sending the

form to the IRS—32 min.

Frequency of Response: Annually.

Estimated Total Reporting/

Recordkeeping Burden: 3,235 hours.

OMB Number: 1545–1038.

Form Number: IRS Form 8703.

Type of Review: Extension.

Title: Annual Certification of a

Residential Rental Project.

Description: Operators of qualified

residential projects will use to certify

annually that their projects meet the

requirements of Internal Revenue Code

(IRC) section 142(d). Operators are

required to file this certification under

section 142(d)(7).

Respondents: Business or other forprofit.

Estimated Number of Respondents/

Recordkeepers: 6,000.

Estimated Burden Hours Per

Respondent/Recordkeeper:

Recordkeeping—3 hr., 49 min.

Learning about the law or the form—1

hr., 17 min.

Preparing and sending the form to the

IRS—1 hr., 24 min.

Frequency of Response: Annually.

Estimated Total Reporting/

Recordkeeping Burden: 39,180 hours.

OMB Number: 1545–1189.

Form Number: IRS Form 8819.

Type of Review: Extension.

Title: Dollar Election Under Section

985.

Description: Form 8819 is filed by

U.S. and foreign businesses to elect the

U.S. dollar as their functional currency

or as the functional currency of their

controlled entities. The IRS uses Form

8819 to determine if the election is

properly made.

Respondents: Business or other forprofit.

Estimated Number of Respondents/

Recordkeepers: 1,500.

Estimated Burden Hours Per

Respondent/Recordkeeper:

Recordkeeping—2 hr., 52 min.

Learning about the law or the form—1

hr., 17 min.

Preparing and sending the form to the

IRS—1 hr., 23 min.

Frequency of Response: On occasion.

Estimated Total Reporting/

Recordkeeping Burden: 8,340 hours.

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. 01–11822 Filed 5–9–01; 8:45 am]

BILLING CODE 4830–01–P

DEPARTMENT OF THE TREASURY

Office of the Comptroller of the

Currency

[Docket No. 01–09]

Preemption Opinion

AGENCY: Office of the Comptroller of the

Currency, Treasury.

ACTION: Notice.

SUMMARY: The Office of the Comptroller

of the Currency (OCC) is publishing its

response to a written request for the

OCC’s opinion of whether Federal law

would preempt certain provisions of

Ohio law that limit the ability of

national banks to engage in the business

of leasing automobiles. The OCC has

determined that the state law

provisions, as applied, would be

preempted under Federal law.

FOR FURTHER INFORMATION CONTACT:

MaryAnn Nash, Senior Attorney, or

Mark Tenhundfeld, Assistant Director,

Legislative and Regulatory Activities

Division, (202) 874–5090.

SUPPLEMENTARY INFORMATION: The

request for a preemption opinion was

submitted by two national banks that

engage in the business of motor vehicle

leasing in Ohio (collectively, the

Requester). As part of that business, the

Requester disposes of vehicles that

come off lease at the end of the lease

term or as a result of early termination

or the lessor’s default. The Requester

seeks to sell these vehicles directly to

the public in order to obtain the highest

price.

On November 12, 1993, the Registrar

of the Ohio Bureau of Motor Vehicles

(OBMV) issued a memorandum

concluding that section 4517 of the

Ohio Revised Code 1 prohibits the

public sale of reclaimed leased vehicles.

The memorandum interpreted Ohio law

to permit direct sales to the public in

the case of repossessed vehicles, but

then concluded that vehicles reclaimed

from a lessor for non-payment were not

considered repossessed vehicles. As a

result of this interpretation, reclaimed

leased vehicles can only be sold at

wholesale to persons licensed under

section 4517 as ‘‘dealers.’’

The Requester has asked for the OCC’s

opinion on whether the National Bank

Act would preempt section 4517 as

interpreted by the OBMV. The National

Bank Act authorizes national banks to

engage in leasing activities consistent

with the provisions of 12 CFR 23.2 The

Requester asserts that this authority

includes the authority to dispose of

reclaimed or off-lease vehicles in the

manner that is economically most

beneficial. The Requester further asserts

that the OBMV’s construction of Ohio