[Federal Register Volume 66, Number 126 (Friday, June 29, 2001)]
[Notices]
[Pages 34737-34738]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-16408]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 1120-RIC

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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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 1120-RIC, U.S. Income Tax Return for Regulated Investment 
Companies.

DATES: Written comments should be received on or before August 28, 2001 
to be assured of consideration.

ADDRESSES: Direct all written comments to Garrick R. Shear, Internal 
Revenue Service, room 5244, 1111 Constitution Avenue NW., Washington, 
DC 20224.

[[Page 34738]]


FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to Carol Savage, 
(202) 622-3945, Internal Revenue Service, room 5242, 1111 Constitution 
Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION: Title: U.S. Income Tax Return for Regulated 
Investment Companies.
    OMB Number: 1545-1010.
    Form Number: 1120-RIC.
    Abstract: Internal Revenue Code sections 851 through 855 provide 
rules for the taxation of a domestic corporation that meets certain 
requirements and elects to be taxed as a regulated investment company. 
Form 1120-RIC is filed by a domestic corporation making such an 
election in order to report its income and deductions and to compute 
its tax liability. The IRS uses the information on Form 1120-RIC to 
determine whether the corporation's income, deductions, credits, and 
tax have been correctly reported.
    Current Actions: There are no changes being made to the form at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 3,277.
    Estimated Time Per Respondent: 113 hours, 43 minutes.
    Estimated Total Annual Burden Hours: 372,660.
    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 21, 2001.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 01-16408 Filed 6-28-01; 8:45 am]
BILLING CODE 4830-01-P