[Federal Register Volume 73, Number 167 (Wednesday, August 27, 2008)]
[Notices]
[Pages 50667-50671]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-19809]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

August 21, 2008.
    The Department of Treasury will submit the following public 
information collection requirement(s) to OMB for review and clearance 
under the Paperwork Reduction Act of 1995, Public Law 104-13 on or 
after the date of publication of this notice. 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 11000, and 1750 
Pennsylvania Avenue, NW., Washington, DC 20220.
    Dates: Written comments should be received on or before September 
26, 2008 to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0001.
    Type of Review: Extension.
    Title: Employer's Annual Railroad Retirement Tax Return.
    Forms: CT-1.
    Description: Railroad employers are required to file an annual 
return to report employer and employee Railroad Retirement Tax Act 
(RRTA). Form CT-1 is used for this purpose. IRS uses the information to 
insure that the employer has paid the correct tax.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 46,359 hours.

    OMB Number: 1545-0058.
    Type of Review: Extension.
    Title: Application for Recognition of Exemption Under Section 521 
of the Internal Revenue Code.
    Form: 1028.
    Description: Farmers' cooperatives must file Form 1028 to apply for 
exemption from Federal income tax as being organizations described in 
IRC section 521. The information on Form 1028 provides the basis for 
determining whether the applicants are exempt.
    Respondents: Businesses and other for-profit institutions, farms.
    Estimated Total Burden Hours: 2,545 hours.

    OMB Number: 1545-1794.
    Type of Review: Extension.
    Title: Compensatory Stock Options Under Section 482.
    Description: The information will be used to determine whether the 
participants in a qualified cost sharing arrangement are sharing stock-
based compensation costs attributable to the intangible development 
area in proportion to reasonably anticipated benefits as required by 
the proposed amendment to the cost sharing regulations.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 2,000 hours.

    OMB Number: 1545-1269.
    Type of Review: Extension.
    Title: PS-7-90 (Final) Nuclear Decommissioning Fund Qualification 
Requirements.
    Description: If a taxpayer requests, in connection with a request 
for a schedule of ruling amounts, a ruling as to the classification of 
certain unincorporated organizations, the taxpayer is required to 
submit a copy of the documents establishing or governing the 
organization.
    Respondents: Businesses and other for-profit institutions.
    Estimated Total Burden Hours: 150 hours.

    OMB Number: 1545-1762.
    Type of Review: Extension.
    Title: Direct Deposit of Corporate Tax Refund.
    Form: 8050.
    Description: This form is used to request a deposit of a tax refund 
directly into an account at any U.S. bank or other financial 
institution.
    Respondents: Businesses and other for-profit institutions.
    Estimated Total Burden Hours: 348,600 hours.

    OMB Number: 1545-1407.
    Type of Review: Extension.
    Title: Consent To Extend the Time To Assess the Branch Profits Tax 
Under Regulations Sections 1.884-2(a) and (c).
    Form: 8848.
    Description: Form 8848 is used by foreign corporations that have 
(a) completely terminated all of their U.S. trade or business within 
the meaning of Temporary Regulations section 1.884-2T(a) during the tax 
year or (b) transferred their U.S. assets to a domestic corporation in 
a transaction described in Code section 381(a), if the foreign 
corporation was engaged in a U.S. trade or business at that time.
    Respondents: Businesses and other for-profit institutions.
    Estimated Total Burden Hours: 22,500 hours.

    OMB Number: 1545-1922.
    Type of Review: Extension.
    Title: Survey Questionnaire.
    Form: 12884.
    Description: Form 12884 is used to collect statistical information 
regarding advertising sources and RNO data.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 2,757 hours.

    OMB Number: 1545-1776.
    Type of Review: Extension.
    Title: U.S. Income Tax Return for Electing Alaska Native Settlement 
Trusts.
    Form: 1041-N.
    Description: An Alaska Native Settlement Trust (ANST) may elect 
under section 646 to have the special income tax treatment of that 
section apply to the trust and its beneficiaries.

[[Page 50668]]

This one-time election is made by filing Form 1041-N and the form is 
used by the ANST to report its income, etc., and to compute and pay any 
income tax. Form 1041-N is also used for the special information 
reporting requirements that apply to ANSTs.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 680 hours.

    OMB Number: 1545-1767.
    Type of Review: Extension.
    Title: REG-107644-98 (Final) Dollar-Value LIFO Regulations; 
Inventory Price Index Computation Method.
    Description: The primary reason for obtaining this information is 
to ensure compliance by taxpayers electing to use both the LIFO 
inventory method and the IPIC method of accounting for their dollar-
value inventory pools. Most respondents will be manufacturers, 
wholesalers, and retailers of tangible personal property.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 1 hour.

    OMB Number: 1545-1768.
    Type of Review: Extension.
    Title: Revenue Procedure 2003-84, Optional Election to Make Monthly 
Sec. 706 Allocations.
    Description: This revenue procedure allows certain partnerships 
with money market fund partners to make an optional election to close 
the partnership's books on a monthly basis with respect to the money 
market fund partners.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 500 hours.

    OMB Number: 1545-1204.
    Type of Review: Revision.
    Title: Low-Income Housing Credit Agencies Report of Noncompliance 
or Building Disposition.
    Form: 8823.
    Description: Form 8823 is used by housing agencies to report 
noncompliance with the low-income housing provisions of Code section 
42.
    Respondents: State, local, or tribal governments.
    Estimated Total Burden Hours: 372,200 hours.

    OMB Number: 1545-1783.
    Type of Review: Extension.
    Title: TD 8989 (final) Guidance Necessary to Facilitate Electronic 
Tax Administration.
    Description: The regulations provide a regulatory statement of IRS 
authority to prescribe what return information or documentation must be 
filed with a return, statement or other document required to be made 
under any provision of the internal revenue laws or regulations. In 
addition, the regulations eliminate regulatory impediments to 
electronic filing of Form 1040.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 1 hours.

    OMB Number: 1545-0256.
    Type of Review: Extension.
    Title: Supporting Statement to Correct Information (Form 941c); 
Planilla Para La Correccion de Informacion (Form 941cPR).
    Form: 941C.
    Description: This form is used by employers to correct previously 
reported FICA or income tax data. It may be used to support a credit or 
adjustment claimed on a current return for an error in a prior return 
period. The information is used to reconcile wages and taxes previously 
reported or used to support a claim for refund, credit, or adjustment 
of FICA or income tax.
    Respondents: Businesses and other for-profit institutions.
    Estimated Total Burden Hours: 9,442,616 hours.

    OMB Number: 1545-1493.
    Type of Review: Extension.
    Title: PS-7-89 (Final) Treatment of Gain From the Disposition of 
Interest in Certain Natural Resource Recapture Property by S 
Corporations and Their Shareholders.
    Description: The regulation prescribes rules under section 1254 
relating to the treatment by S corporations and their shareholders of 
gain from the disposition of natural resource recapture property and 
from the sale or exchange of S corporation stock. Shareholders that 
sell or exchange stock may submit a statement to rebut presumption of 
gain treatment.
    Respondents: Businesses and other for-profit institutions.
    Estimated Total Burden Hours: 1,000 hours.

    OMB Number: 1545-1646.
    Type of Review: Extension.
    Title: REG-209060-86 Final, Return Requirement for United States 
Persons who acquire or dispose of an interest in a foreign partnership, 
or whose proportional interest in a foreign partnership changes.
    Description: Section 6046A requires U.S. persons to provide certain 
information with respect to the acquisition or disposition of a 10-
percent change in ownership of a foreign partnership. This regulation 
provides reporting rules to identify U.S. persons with respect to these 
interests.
    Respondents: Businesses and other for-profit institutions.
    Estimated Total Burden Hours: 1 hour.

    OMB Number: 1545-1920.
    Type of Review: Revision.
    Title: Notice Regarding Repayment of a Buyout Prior to Re-
employment with the Federal Government.
    Form: 1311.
    Description: Form 12311 is used to identify former Federal 
Employees who received a buyout within the past 5 years and are 
requesting re-employment.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 2,757 hours.

    OMB Number: 1545-1926.
    Type of Review: Extension.
    Title: Notice 2005-10, Domestic Reinvestment Plans and Other 
Guidance under Section 965 (NOT-102132-05).
    Description: This document provides guidance under new section 965 
enacted by the American Jobs Creation Act of 2004 (Pub. L. 108-357). In 
general, and subject to limitations and conditions, section 965 (a) 
provides that a corporation that is a U.S. shareholder of a controlled 
foreign corporation (CFC) may elect, for one taxable year, an 85 
percent dividends received deduction (DRD) with respect to certain cash 
dividends it receives from its CFC's. Section 965(f) provides that 
taxpayers may elect the application of section 965 for either the 
taxpayer's last taxable year which begins before October 22, 2004, or 
the taxpayer's first taxable year to which the taxpayer intends to 
elect section 965 to apply prior to the issuance of Form 8895, the 
election must be made on a statement that is attached to its timely-
filed tax return (including extensions) for such taxable year. In 
addition, because the taxpayer must establish to the satisfaction of 
the Commissioner that it has satisfied the conditions to take the DRD, 
the taxpayer is required under this guidance to report specified 
information and provide specified documentation.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 3,750,000 hours.

    OMB Number: 1545-1924.
    Type of Review: Extension.
    Title: Biodiesel Fuels Credit.
    Forms: 8864.
    Description: IRC section 40A provides a credit for biodiesel or 
qualified biodiesel mixtures. IRC section 38(b)(17) allows a 
nonrefundable income tax credit for businesses that sell or use 
biodiesel. Form 8864 is used to figure the credits.

[[Page 50669]]

    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 310 hours.

    OMB Number: 1545-1759.
    Type of Review: Extension.
    Title: Amended Quarterly Federal Excise Tax Return.
    Form: 720X.
    Description: Representatives of the motor fuel industry, state 
governments, and the Federal government are working to ensure 
compliance with excise taxes on motor fuels. This joint effort has 
resulted in a system to track the movement of all product to and from 
terminals. Form 720-TO is an information return that will be used by 
terminal operators to report their monthly receipts and disbursements 
of products.
    Respondents: Businesses and other for-profit institutions.
    Estimated Total Burden Hours: 152,460 hours.

    OMB Number: 1545-1658.
    Type of Review: Extension.
    Title: REG-107069-97 (Final) Purchase Price Allocations in Deemed 
Actual Asset Acquisitions.
    Description: Section 338 of the Internal Revenue Code provides 
rules under which a qualifying stock acquisition is treated as an asset 
acquisition (as ``deemed asset acquisition'') when an appropriate 
election is made. Section 1060 provides rules for the allocation of 
consideration when a trade or business is transferred. The collection 
of information is necessary to make the election, to calculate and 
collect the appropriate amount of tax liability when a qualifying stock 
acquisition is made, to determine the person liable for such tax and to 
determine the bases of assets acquired in the deemed asset acquisition.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 25 hours.

    OMB Number: 1545-1435.
    Type of Review: Extension.
    Title: TD 8706 (Final) Electronic Filing of Form W-4.
    Description: Information is required by the Internal Revenue 
Service to verify compliance with section 31.3402(f)(5)-1, which 
authorizes employers to establish electronic systems for use by 
employees in filing their withholding exemption certificates. The 
affected respondents are employers that choose to make electronic 
filing of Forms W-4 available to their employees.
    Respondents: Businesses and other for-profit institutions.
    Estimated Total Burden Hours: 40,000 hours.

    OMB Number: 1545-1649.
    Type of Review: Extension.
    Title: Rev. Proc. 99-21 Disability Suspension.
    Description: The information is needed to establish a claim that a 
taxpayer was financially disabled for purposes of section 6511(h) of 
the Internal Revenue Code (which was added by section 3203 of the 
Internal Revenue Service Restructuring and Reform Act of 1998). Under 
section 6511(h), the statute of limitations on claims for credit or 
refund is suspended for any period of an individual taxpayer's life 
during which the taxpayer is unable to manage his or her financial 
affairs because of a medically determinable mental or physical 
impairment, if the impairment can be expected to result in death, or 
has lasted (or can be expected to last) for a continuous period of not 
less than 12 months. Section 6511(h)(2)(A) requires that proof of the 
taxpayer's financial disability be furnished to the Internal Revenue 
Service.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 24,100 hours.

    OMB Number: 1545-1100.
    Type of Review: Extension.
    Title: REG-209106-89 (formerly EE-84-89)(NPRM) Changes With Respect 
to Prizes and Awards and Employee Achievement Awards.
    Form: 8848.
    Description: This regulation requires recipients of prizes and 
awards to maintain records to determine whether a qualifying 
designation has been made. The affected public are prize and award 
recipients who seek to exclude the cost of a qualifying prize or award.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 1,275 hours.

    OMB Number: 1545-1638.
    Type of Review: Extension.
    Title: Small Business Tax Product Order Blank For IRS Designated 
Partners.
    Form: 12196.
    Description: Form 12196 is to be used by small business outlets to 
order IRS tax forms and publications. The form can be faxed directly to 
the IRS Area Distribution Center for order fulfillment, packaging and 
mailing.
    Respondents: Businesses and other for-profit institutions.
    Estimated Total Burden Hours: 42 hours.

    OMB Number: 1545-1773.
    Type of Review: Extension.
    Title: Revenue Procedure 2002-23, Taxation of Canadian Retirement 
Plans Under U.S.--Canada Income Tax Treaty.
    Description: This Revenue Procedure provides guidance for the 
application by U.S. citizens and residents of the U.S.--Canada Income 
Tax Treaty, as amended by the 1995 protocol, in order to defer U.S. 
Income taxes on income accrued in certain Canadian retirement plans.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 10,000 hours.

    OMB Number: 1545-0003.
    Type of Review: Extension.
    Title: SS-4, Application for Employer Identification Number; SS-
4PR, Solicitud de Numero de Identificacion Patronal (EIN).
    Form: SS-4.
    Description: Taxpayers required to have an identification number 
for use on any return, statement, or other document must prepare and 
file Form SS-4 of Form SS-4PR (Puerto Rico only) to obtain a number. 
The information is used by the IRS and the SSA in tax administration 
and by the Bureau of the Census for business statistics.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 15,941,913 hours.

    OMB Number: 1545-1486.
    Type of Review: Extension.
    Title: REG-209793-95 (Final) Simplification of Entity 
Classification Rules.
    Description: These rules allow certain unincorporated business 
organizations to elect to be treated as corporations or partnerships 
for federal tax purposes. The information collected on the election 
will be used to verify the classification of electing organizations.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 1 hour.

    OMB Number: 1545-1919.
    Type of Review: Extension.
    Title: Prior Government Service Information.
    Form: 12854.
    Description: Form 12854 is used to record prior government service, 
annuitant information, and advice on probationary periods.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 6,203 hours.

    OMB Number: 1545-0152.
    Type of Review: Revision.
    Title: Application for Change in Accounting Method.

[[Page 50670]]

    Form: 3115.
    Description: Form 3115 is used by taxpayers who wish to change 
their method of computing their taxable income. The form is used by the 
IRS to determine if electing taxpayers have met the requirements and 
are able to change to the method requested.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 929,066 hours.

    OMB Number: 1545-0024.
    Type of Review: Revision.
    Title: Claim for Refund and Request for Abatement.
    Form: 843.
    Description: IRC section 6402, 6404, and sections 301.6404-2, and 
301.6404-3 of the regulations allow for refunds of taxes (except income 
taxes) or refund, abatement, or credit of interest, penalties, and 
additions to tax in the event of errors or certain action by the IRS. 
Form 843 is used by taxpayers to claim these refunds, credits, or 
abatements.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 850,980 hours.

    OMB Number: 1545-0284.
    Type of Review: Extension.
    Title: Application for Determination of Employee Stock Ownership 
Plan.
    Form: 5309.
    Description: Form 5309 is used in conjunction with Form 5300 or 
Form 5303 when applying for a determination letter as to a deferred 
compensation plan's qualification status under section 409 or 
4975(e)(7) of the Internal Revenue Code. The information is used to 
determine whether the plan qualifies.
    Respondents: Businesses and other for-profit institutions.
    Estimated Total Burden Hours: 5,300 hours.

    OMB Number: 1545-1491.
    Type of Review: Extension.
    Title: REG-209798-95 (Final) Amortizable Bond Premium.
    Description: The information requested is necessary for the Service 
to determine whether a holder of a bond has elected to amortize bond 
premium and to determine whether an issuer or a holder has changed its 
method of accounting for premium.
    Respondents: Businesses and other for-profit institutions.
    Estimated Total Burden Hours: 7,500 hours.

    OMB Number: 1545-1641.
    Type of Review: Extension.
    Title: Rev. Proc. 99-17 Mark to Market Election for Commodities 
Dealers and Securities and Commodities Traders.
    Description: The revenue procedure prescribes the time and manner 
for dealers in commodities and traders in securities or commodities to 
elect to use the mark-to-market method of accounting under Sec. 475(e) 
or (f) of the Internal Revenue Code. The collections of information in 
sections 5 and 6 of this revenue procedure are required by the IRS in 
order to facilitate monitoring taxpayers changing accounting methods 
resulting from making the elections under Sec. 475(e) or (f).
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 500 hours.

    OMB Number: 1545-1581.
    Type of Review: Extension.
    Title: Continuation Coverage Requirements Applicable to Group 
Health Plans--Final (REG-209485-86).
    Description: The statute and the regulations require group health 
plans to provide notices to individuals who are entitled to elect COBRA 
continuation coverage of their election rights. Individuals who wish to 
obtain the benefits provided under the statute are required to provide 
plans notices in the cases of divorce from the covered employee, a 
dependent child's ceasing to be a dependent under the terms of the 
plan, and disability. Most plans will require that elections of COBRA 
continuation coverage be made in writing. In cases where qualified 
beneficiaries are short by an insignificant amount in a payment made to 
the plan, the regulations require the plan to notify the qualified 
beneficiary if the plan does not wish to treat the tendered payment as 
full payment. If a health care provider contacts a plan to confirm 
coverage of a qualified beneficiary, the regulations require that the 
plan disclose the qualified beneficiary's complete rights to coverage.
    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 404,640 hours.

    OMB Number: 1545-1643.
    Type of Review: Extension.
    Title: REG-209484-87 (Final) Federal Insurance Contributions Act 
(FICA) Taxation of Amounts Under Employee Benefit Plans.
    Description: This regulation provides guidance as to when amounts 
deferred under or paid from a nonqualified deferred compensation plan 
are taken into account as wages for purposes of the employment taxes 
imposed by the Federal Insurance Contributions Act (FICA). Section 
31.3121(v)(2)-1(a)(2) requires that the material terms of a plan be set 
forth in writing.
    Respondents: Businesses and other for-profit institutions.
    Estimated Total Burden Hours: 12,500 hours.

    OMB Number: 1545-1409.
    Type of Review: Extension.
    Title: Application for Determination of Employee Stock Ownership 
Plan.
    Form: 8842.
    Description: Form 8842 is used by corporations (including S 
corporations), tax-exempt organizations subject to the unrelated 
business income tax, and private foundations to annually elect the use 
of an annualization period in section 6655(e)(2)(c)(i) or (ii) for 
purpose of figuring the corporation's estimated tax payments under the 
annualized income installment method.
    Respondents: Businesses and other for-profit institutions.
    Estimated Total Burden Hours: 4,335 hours.

    OMB Number: 1545-1765.
    Type of Review: Extension.
    Title: REG-119436-01 Final (TD 9171) New Markets Tax Credit.
    Description: The regulations provide guidance for taxpayers 
claiming the new markets tax credit under section 45D of the Internal 
Revenue Code. The reporting requirements in the regulations require a 
qualified community development entity (CDE) to provide written notice 
to: (1) Any taxpayer who acquires an equity investment in the CDE at 
its original issue that the equity investment is a qualified equity 
investment entitling the taxpayer to claim the new markets tax credits; 
and (2) each holder of a qualified equity investment, including all 
prior holders of that investment that a recapture event has occurred. 
CDE's must comply with such reporting requirements to the Secretary as 
the Secretary may prescribe.
    Respondents: Businesses and other for-profit institutions.
    Estimated Total Burden Hours: 210 hours.

    OMB Number: 1545-0216.
    Type of Review: Revision.
    Title: International Boycott Report.
    Form: 5713.
    Description: Form 5713 and related Schedules A, B, and C are used 
by any entity that has operations in a ``boycotting'' country. If that 
entity cooperates with or participates in an international boycott it 
loses a portion of the foreign tax credit, or deferral of FSC and IC-
DISC benefits. The IRS uses Form 5713 to determine if any of the above 
benefits should be lost. The information is also used as the basis for 
a report to the Congress.

[[Page 50671]]

    Respondents: Businesses or other for-profit institutions.
    Estimated Total Burden Hours: 69,495 hours.

    Clearance Officer: Glenn P. Kirkland, (202) 622-3428, Internal 
Revenue Service, Room 6516, 1111 Constitution Avenue, NW., Washington, 
DC 20224.
    OMB Reviewer: Alexander T. Hunt, (202) 395-7316, Office of 
Management and Budget, Room 10235, New Executive Office Building, 
Washington, DC 20503.

Robert Dahl,
Treasury PRA Clearance Officer.
[FR Doc. E8-19809 Filed 8-26-08; 8:45 am]
BILLING CODE 4830-01-P