[Federal Register Volume 61, Number 122 (Monday, June 24, 1996)]
[Notices]
[Page 32475]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-15921]



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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 1120-REIT

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-REIT, U.S. Income Tax Return for Real Estate Investment 
Trusts.

DATES: Written comments should be received on or before August 23, 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: U.S. Income Tax Return for Real Estate Investment Trusts.
    OMB Number: 1545-1004.
    Form Number: 1120-REIT.
    Abstract: Form 1120-REIT is filed by a corporation, trust, or 
association electing to be taxed as a real estate investment trust in 
order to report its income and deductions and to compute its tax 
liability. IRS uses Form 1120-REIT to determine whether the income, 
deductions, credits, and tax liability have been correctly reported.
    Current Actions: On page 3 of Form 1120-REIT, Schedule J, Line 4c 
was revised to remove the checkboxes for Form 5884 (Jobs Credit) and 
Form 6765 (Credit for Increasing Research Activities). The jobs credit 
under Internal Revenue Code section 51 has expired for employees who 
began work after 1994. The research credit under Code section 41 
expired June 30, 1995. There will be a write-in entry on line 4e for 
qualifying credits passed through to the REIT from 1995-1996 fiscal 
year partnerships.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Businesses or other for-profit organizations.
    Estimated Number of Respondents: 176.
    Estimated Time Per Respondent: 124 hrs. 57 min.
    Estimated Total Annual Burden Hours: 21,991.

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 7, 1996.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 96-15921 Filed 6-21-96; 8:45 am]
BILLING CODE 4830-01-U