Federal Register / Vol. 61, No. 126 / Friday, June 28, 1996 / Notices 33797

Internal Revenue Service

Proposed Collection; Comment

Request for Form 1099–C

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

1099–C, Cancellation of Debt.

DATES: Written comments should be

received on or before August 27, 1996

to be assured of consideration.

ADDRESSES: Direct all written comments

to Garrick R. Shear, Internal Revenue

Service, room 5571, 1111 Constitution

Avenue NW., Washington, DC 20224.

FOR FURTHER INFORMATION CONTACT:

Requests for additional information or

copies of the form(s) and instructions

should be directed to Martha R. Brinson,

(202) 622–3869, Internal Revenue

Service, room 5571, 1111 Constitution

Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

Title: Cancellation of Debt.

OMB Number: 1545–1424.

Form Number: Form 1099–C.

Abstract: Form 1099–C is used by

Federal government agencies, financial

institutions, and credit unions to report

the cancellation or forgiveness of a debt

of $600 or more, as required by section

6050P of the Internal Revenue Code. IRS

uses the form to verify compliance with

the reporting rules and to verify that the

debtor has included the proper amount

of canceled debt in income on his or her

tax return.

Current Actions

Changes to Form 1099–C

Box 4 and the instructions for box 4

(located on the back of Copy B) were

eliminated. The regulations under Code

section 6050P eliminated the separate

reporting of penalties, fines, and

administrative costs, effective 12/22/96.

The space for box 4 was retained on the

form so it can be used in the future for

something else.

Type of Review: Revision of a

currently approved collection.

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

institutions, and the Federal

government.

Estimated Number of Respondents:

350,000.

Estimated Time Per Respondent: 11

min.

Estimated Total Annual Burden

Hours: 65,994.

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 20, 1996.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 96–16495 Filed 6–27–96; 8:45 am]

BILLING CODE 4830–01–P

Proposed Collection: Comment

Request for Form 1040X

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

1040X, Amended U.S. Individual

Income Tax Return.

DATES: Written comments should be

received on or before August 27, 1996

to be assured of consideration.

ADDRESSES: Direct all written comments

to Garrick R. Shear, Internal Revenue

Service, room 5571, 1111 Constitution

Avenue NW., Washington, DC 20224.

FOR FURTHER INFORMATION CONTACT:

Requests for additional information or

copies of the form(s) and instructions

should be directed to Martha R. Brinson,

(202) 622–3869, Internal Revenue

Service, room 5571, 1111 Constitution

Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

Title: Amended U.S. Individual

Income Tax Return.

OMB Number: 1545–0091.

Form Number: Form 1040X.

Abstract: Form 1040X is used by

individuals to amend an original tax

return to claim a refund of income taxes,

pay additional income taxes, or

designate $3 to the Presidential Election

Campaign Fund. The information

provided on the form is needed to help

verify that taxpayers have correctly

figured their income tax.

Current Actions

Changes to Form 1040X

On page 1 of Form 1040X, the second

part of Line B was deleted because the

Service now can identify the IRS office

from its database. Line C on the

previous version of the form, which

contained a box to check if Form 8271

was attached, was deleted because it is

no longer necessary. The instructions

will tell taxpayers to attach Form 8271

to Form 1040X. Line 30 was changed to

reflect revised procedures for reporting

social security numbers on 1996 tax

returns.

Type of Review: Revision of a

currently approved collection.

Affected Public: Individuals.

Estimated Number of Respondents:

2,395,000.

Estimated Time Per Respondent: 3

hrs. 21 min.

Estimated Total Annual Burden

Hours: 8,023,250.

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
33798 Federal Register / Vol. 61, No. 126 / Friday, June 28, 1996 / Notices

or start-up costs and costs of operation,

maintenance, and purchase of services

to provide information.

Approved: June 21, 1996.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 96–16496 Filed 6–27–96; 8:45 am]

BILLING CODE 4930–01–P