Federal Register / Vol. 75, No. 95 / Tuesday, May 18, 2010 / Notices 27861 

transactions as ordinary income to the 

extent of the time value element. This 

regulation provides that certain gains 

and losses may be netted for purposes 

of determining the amount of gain 

recharacterized. 

Respondents: Private Sector: 

Businesses or other for-profits. 

Estimated Total Burden Hours: 5,000 

hours. 

OMB Number: 1545–0159. 

Type of Review: Revision of a 

currently approved collection. 

Title: Annual Return To Report 

Transactions With Foreign Trusts and 

Receipts of Certain Foreign Gifts. 

Form: 3520. 

Abstract: Form 3520 is filed by U.S. 

persons who create a foreign trust, 

transfer property to a foreign trust, 

receive a distribution from a foreign 

trust, or receive a large gift from a 

foreign source. IRS uses the form to 

identify the U.S. persons who may have 

transactions that may trigger a taxable 

event in the future. 

Respondents: Private Sector: 

Businesses or other for-profits. 

Estimated Total Burden Hours: 72,059 

hours. 

OMB Number: 1545–1098. 

Type of Review: Extension without 

change of a currently approved 

collection. 

Title: Arbitrage Restrictions on TaxExempt Bonds TD 8418 Final (FI–91- 

86; FI–90–86; FI–90–91; and FI–1–90). 

Abstract: This regulation requires 

state and local governmental issuers of 

tax-exempt bonds to rebate arbitrage 

profits earned on nonpurpose 

investments acquired with the bond 

proceeds. Issuers are required to submit 

a form with the rebate. The regulations 

provide for several elections, all of 

which must be in writing. 

Respondents: State, Local, and Tribal 

governments. 

Estimated Total Burden Hours: 8,550 

hours. 

OMB Number: 1545–1718. 

Type of Review: Extension without 

change of a currently approved 

collection. 

Title: REG–106030–98 (TD 9305— 

final) Source of Income from Certain 

Space and Ocean Activities; Also, 

Source of Communications Income. 

Abstract: This document contains 

final regulations under section 863(d) 

governing the source of income from 

certain space and ocean activities. It 

also contains final regulations under 

section 863(a), (d), and (e) governing the 

source of income from certain 

communications activities. In addition, 

this document contains final regulations 

under section 863(a) and (b), amending 

the regulations in § 1.863–3 to conform 

those regulations to these final 

regulations. The final regulations 

primarily affect persons who derive 

income from activities conducted in 

space, or on or under water not within 

the jurisdiction of a foreign country, 

possession of the United States, or the 

United States (in international water). 

The final regulations also affect persons 

who derive income from transmission of 

communications. 

Respondents: Private Sector: 

Businesses or other for-profits. 

Estimated Total Burden Hours: 1,250 

hours. 

OMB Number: 1545–0117. 

Type of Review: Extension without 

change of a currently approved 

collection. 

Title: Original Issue Discount. 

Form: 1099–OID. 

Abstract: Form 1099–OID is used for 

reporting original issue discount as 

required by section 6049 of the Internal 

Revenue Code. It is used to verify that 

income earned on discount obligations 

is properly reported by the recipient. 

Respondents: Private Sector: 

Businesses or other for-profits. 

Estimated Total Burden Hours: 

1,142,324 hours. 

OMB Number: 1545–1572. 

Type of Review: Extension without 

change of a currently approved 

collection. 

Title: T.D. 8775 (Final) Election Not to 

Apply Look-Back Methods in De 

Minimis Cases (REG–120200–97). 

Abstract: The regulation requires 

taxpayers to attach a notification 

statement to their returns when they 

elect not to apply the look-back method 

to long-term contracts in de minimis 

cases. 

Respondents: Private Sector: 

Businesses or other for-profits. 

Estimated Total Burden Hours: 4,000 

hours. 

OMB Number: 1545–1870. 

Type of Review: Extension without 

change of a currently approved 

collection. 

Title: T.D. 9107 (Final)—Guidance 

Regarding Deduction and Capitalization 

of Expenditures (REG–125638–01). 

Abstract: Final regulations require 

that a taxpayer’s nonaccrual-experience 

method must be self-tested against the 

taxpayer’s experience to determine 

whether the nonaccrual-experience 

method clearly reflects the taxpayer’s 

experience. The information required to 

be retained by taxpayers will constitute 

sufficient documentation for purposes 

of substantiating a deduction. The 

information will be used by the agency 

on audit to determine the taxpayer’s 

entitlement to a deduction. The 

respondents include taxpayers who 

engage in certain transactions involving 

the acquisition of a trade or business or 

an ownership interest in a legal entity. 

Respondents: Private Sector: 

Businesses or other for-profits. 

Estimated Total Burden Hours: 3,000 

hours. 

Bureau Clearance Officer: R. Joseph 

Durbala, Internal Revenue Service, 1111 

Constitution Avenue, NW., Room 6129, 

Washington, DC 20224; (202) 622–3634. 

OMB Reviewer: Shagufta Ahmed, 

Office of Management and Budget, New 

Executive Office Building, Room 10235, 

Washington, DC 20503; (202) 395–7873. 

Celina Elphage, 

Treasury PRA Clearance Officer. 

[FR Doc. 2010–11834 Filed 5–17–10; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

Proposed Collection; Comment 

Request for Form 970 

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 

970, Application To Use LIFO Inventory 

Method. 

DATES: Written comments should be 

received on or before July 19, 2010 to be 

assured of consideration. 

ADDRESSES: Direct all written comments 

to Gerald Shields Internal Revenue 

Service, room 6129, 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 Elaine Christophe, 

(202) 622–3179, or at Internal Revenue 

Service, Room 6129, 1111 Constitution 

Avenue, NW., Washington DC 20224, or 

through the Internet, at 

Elaine.H.Christophe@irs.gov. 

SUPPLEMENTARY INFORMATION: 

Title: Application To Use LIFO 

Inventory Method. 

mstockstill on DSKH9S0YB1PROD with NOTICES

27862 Federal Register / Vol. 75, No. 95 / Tuesday, May 18, 2010 / Notices 

OMB Number: 1545–0042. 

Form Number: Form 970. 

Abstract: Form 970 is filed by 

individuals, partnerships, trusts, estates, 

or corporations to elect to use the lastin first-out (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. 

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 forprofit organizations and individual or 

households. 

Estimated Number of Respondents: 

2000. 

Estimated Time per Respondent: 12 

hours, 24 minutes. 

Estimated Total Annual Burden 

Hours: 24,800. 

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: May 11, 2010. 

Gerald Shields, 

IRS Reports Clearance Officer. 

[FR Doc. 2010–11766 Filed 5–17–10; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

Proposed Collection; Comment 

Request for Revenue Procedure 

2001–9 

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 

Revenue Procedure 2001–9, Form 940 

e-file Program. 

DATES: Written comments should be 

received on or before July 19, 2010 to be 

assured of consideration. 

ADDRESSES: Direct all written comments 

to Gerald Shields, Internal Revenue 

Service, Room 6129, 1111 Constitution 

Avenue, NW., Washington, DC 20224. 

FOR FURTHER INFORMATION CONTACT: 

Requests for additional information or 

copies of the revenue procedure should 

be directed to Elaine H. Christophe, 

(202) 622–3179, or at Internal Revenue 

Service, Room 6129, 1111 Constitution 

Avenue, NW., Washington DC 20224, or 

through the Internet, at 

Elaine.H.Christophe@irs.gov. 

SUPPLEMENTARY INFORMATION: 

Title: Form 940 e-file Program. 

OMB Number: 1545–1710. 

Revenue Procedure Number: Revenue 

Procedure 2007–40 (formerly Revenue 

Procedure 2001–9). 

Abstract: Revenue Procedure 2007–40 

provides guidance and the requirements 

for participating in the Form 940 e-file 

Program. 

Current Actions: There are changes 

being made to the revenue procedure at 

this time. Revenue Procedure 2001–9 is 

being replaced by Revenue Procedure 

2007–40. 

Type of Review: Extension of a 

currently approved collection. 

Affected Public: Business or other forprofit organizations, not-for-profit 

institutions, and Federal, State, local or 

Tribal governments. 

Estimated Number of Respondents: 

1,325,100. 

Estimated Time per Respondent: 32 

minutes. 

Estimated Total Annual Burden 

Hours: 706,720. 

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: May 12, 2010. 

Gerald Shields, 

IRS Tax Supervisory Analyst. 

[FR Doc. 2010–11765 Filed 5–17–10; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

Proposed Collection; Comment 

Request for Form 8879–EO 

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, 

mstockstill on DSKH9S0YB1PROD with NOTICES