[Federal Register Volume 75, Number 187 (Tuesday, September 28, 2010)]
[Notices]
[Pages 59795-59797]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-24213]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

September 22, 2010.
    The Department of the Treasury will submit the following public 
information collection requirements 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. A copy of the submissions 
may be obtained by calling the Treasury Bureau Clearance Officer 
listed. Comments regarding these information collections should be 
addressed to the OMB reviewer listed and to the Treasury PRA Clearance 
Officer, Department of the Treasury, 1750 Pennsylvania Avenue, NW., 
Suite 11010, Washington, DC 20220.

DATES: Written comments should be received on or before October 28, 
2010 to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-1155.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: PS-74-89 (TD 8282) Final Election of Reduced Research 
Credit.
    Abstract: These regulations prescribe the procedure for making the 
election described in section 280C(c)(3) of the Internal Revenue Code. 
Taxpayers making this election must reduce their section 41(a) research 
credit, but are not required to reduce their deductions for qualified 
research expenses, as required in paragraphs (1) and (2) of section 
280C(c).
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 50 hours.
    OMB Number: 1545-0042.
    Type of Review: Revision of a currently approved collection.
    Title: Application To Use LIFO Inventory Method.
    Form: 970
    Abstract: Form 970 is filed by individuals, partnerships, trusts, 
estates, or corporations to elect to use the 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.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 42,220 hours.
    OMB Number: 1545-0757.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: LR-209-76 (Final) Special Lien for Estate Taxes Deferred 
Under Section 6166 or 6166A.
    Abstract: Section 632A permits the executor of a decedent's estate 
to elect a lien on section 6166 property in favor of the United States 
in lieu of a bond or personal liability if an election under section 
6166 was made and the executor files an agreement under section 
6323A(c).
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 8,650 hours.
    OMB Number: 1545-1861.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: Revenue Procedure 2004-19, Probable or Prospective Reserves 
Safe Harbor.
    Abstract: This revenue procedure requires a taxpayer to file an 
election statement with the Service if the taxpayer wants to use the 
safe harbor to estimate the taxpayers' oil and gas properties' probable 
or prospective reserves for purposes of computing cost depletion under 
Sec. 611 of the Internal Revenue Code.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 50 hours.
    OMB Number: 1545-1879.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: Exempt Organization Declaration and Signature for Electronic 
Filing.
    Form: 8453-EO
    Abstract: Form 8453-EO is used to authenticate an electronic Forms 
990, 990-EZ, 1120-POL, or 8868 authorize the electronic return 
originator, and/or intermediate service provider, if any, to transmit 
via a third-party transmitter; and provide the organization's consent 
to directly deposit any refund and/or authorize an electronic funds 
withdrawal for payment of Federal taxes owed.
    Respondents: Private Sector: Not-for-profit institutions.
    Estimated Total Burden Hours: 1,046 hours.
    OMB Number: 1545-0800.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: Reg. 601.601 Rules and Regulations.
    Abstract: Persons wishing to speak at a public hearing on a 
proposed rule must submit written comments and an outline within 
prescribed time limits, for use in preparing agendas and allocating 
time. Persons interested in the issuance, amendment, or repeal of a 
rule may submit a petition for this. IRS considers the petitions in its 
deliberations.
    Respondents: Private Sector: Not-for-profit institutions, 
Businesses or other for-profits and Farms.
    Estimated Total Burden Hours: 900 hours.
    OMB Number: 1545-0806.

[[Page 59796]]

    Type of Review: Extension without change to a currently approved 
collection.
    Title: EE-12-78 (Final) Non-Bank Trustees.
    Abstract: IRC section 408(a)(2) permits an institution other than a 
bank to be the trustee of an individual retirement account (IRA). To do 
so, an application needs to be filed and various requirements need to 
be met. IRS uses the information to determine whether an institution 
qualifies to be a non-bank trustee.
    Respondents: Private Sector: Not-for-profit institutions.
    Estimated Total Burden Hours: 13 hours.
    OMB Number: 1545-1433.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: CO-11-91 (TD 8597) (Final) Consolidated and Controlled 
Groups-Intercompany Transactions and Related Rules; CO-24-95 (TD 8660) 
(Final) Consolidated Groups-Intercompany Transactions and Related 
Rules.
    Abstract: The regulations require common parents that make 
elections under Section 1.1502-13 to provide certain information. The 
information will be used to identify and assure that the amount, 
location, timing and attributes of intercompany transactions and 
corresponding items are properly maintained.
    Respondents: Private Sector: Not-for-profit institutions.
    Estimated Total Burden Hours: 1,050 hours.
    OMB Number: 1545-0982.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: LR-77-86 Temporary (TD 8124) Certain Elections Under the Tax 
Reform Act of 1986.
    Abstract: These regulations establish various elections with 
respect to which immediate interim guidance on the time and manner of 
making the election is necessary. These regulations enable taxpayers to 
take advantage of the benefits of various Code provisions.
    Respondents: Private Sector: Not-for-profit institutions.
    Estimated Total Burden Hours: 28,678 hours.
    OMB Number: 1545-2085.
    Type of Review: Revision of a currently approved collection.
    Title: 990-N Electronic Notice (e-Postcard).
    Form: 990-N.
    Abstract: Section 1223 of the Pension Protection Act of 2006 (PPA 
'06), enacted on August 17, 2006, amended Internal Revenue Code (Code) 
section 6033 by adding Code section 6033(i), which requires certain 
tax-exempt organizations to file an annual electronic notice (Form 990-
N) for tax years beginning after December 31, 2006. These organizations 
are not required to file Form 990 (or Form 990-EZ) because their gross 
receipts are normally $25,000 or less.
    Respondents: Private Sector: Not-for-profit institutions.
    Estimated Total Burden Hours: 75,000 hours.
    OMB Number: 1545-1255.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: INTL-870-89 (NPRM) Earnings Stripping (Section 163(j)).
    Abstract: Certain taxpayers are allowed to write off the fixed 
basis of the stock of an acquired corporation. The data obtained by the 
IRS from the various elections and identifications is used to verify 
that taxpayers have, in fact, elected special treatment under section 
163(j).
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 1,196 hours.
    OMB Number: 1545-2167.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: Notice 2010-28, Stripping Transactions for Qualified Tax 
Credit Bonds.
    Abstract: The IRS requires the information to ensure compliance 
with the tax credit bond credit coupon stripping requirements, 
including ensuring that no excess tax credit is taken by holders of 
bonds and coupon strips. The information is required in order to inform 
holders of qualified tax credit bonds whether the credit coupons 
relating to those bonds may be stripped as provided under Sec.  54A(i). 
The respondents are issuers of tax credit bonds, including states and 
local governments and other eligible issuers.
    Respondents: State, Local, and Tribal Governments.
    Estimated Total Burden Hours: 1,000 hours.
    OMB Number: 1545-1576.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: Student Loan Interest Statement
    Form: 1098-E.
    Abstract: Section 6050S(b)(2) of the Internal Revenue Code requires 
persons (financial institutions, governmental units, etc.) to report 
$600 or more of interest paid on student loans to the IRS and the 
students.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 1,051,357 hours.
    OMB Number: 1545-1156.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: Records (26 CFR 1.6001-1).
    Abstract: Internal Revenue Code section 6001 requires, in part, 
that every person liable for tax, or for the collection of that tax, 
keep such records and comply with such rules and regulations as the 
Secretary may from time to time prescribe. These records are needed to 
ensure proper compliance with the Code.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 1 hour.
    OMB Number: 1545-1881.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: Election To Treat a Qualified Revocable Trust as Part of an 
Estate.
    Form: 8855.
    Abstract: Form 8855 is used to make a section 645 election that 
allows a qualified revocable trust to be treated and taxed (for income 
tax purposes) as part of its related estate during the election period.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 28,200 hours.
    OMB Number: 1545-1443.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: PS-25-94 (Final) Requirements to Ensure Collection of 
Section 2056A Estate Tax (TD 8686).
    Abstract: The regulation provides guidance relating to the 
additional requirements necessary to ensure the collection of the 
estate tax imposed under Section 2056A(b) with respect to taxable 
events involving qualified domestic trusts (QDOT'S). In order to ensure 
collection of the tax, the regulation provides various security options 
that may be selected by the trust and the requirements associated with 
each option. In addition, under certain circumstances the trust is 
required to file an annual statement with the IRS disclosing the assets 
held by the trust.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 6,070 hours.
    OMB Number: 1545-2052.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: U.S. Income Tax Return for Cooperative Associations.

[[Page 59797]]

    Form: 1120-C.
    Abstract: IRS Code section 1381 requires subchapter T cooperatives 
to file returns. Previously, farmers' cooperatives filed Form 990-C and 
other subchapter T cooperatives filed Form 1120. If the subchapter T 
cooperative does not meet certain requirements, the due date of their 
return is two and one-half months after the end of their tax year which 
is the same as the due date for all other corporations. The due date 
for income tax returns filed by subchapter T cooperatives who meet 
certain requirements is eight and one-half months after the end of 
their tax year. Cooperatives who filed their income tax returns on Form 
1120 were considered to be late and penalties were assessed since they 
had not filed by the normal due date for Form 1120. Due to the 
assessment of the penalties, burden was placed on the taxpayer and on 
the IRS employees to resolve the issue.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 430,400 hours.
    OMB Number: 1545-1287.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: FI-3-91 (TD 8456--Final) Capitalization of Certain Policy 
Acquisition Expenses.
    Abstract: Insurance companies that enter into reinsurance agreement 
must determine the amounts to be capitalized under those agreements 
consistently. The regulations provide elections to permit companies to 
shift the burden of capitalization for their mutual benefit.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 2,070 hours.
    OMB Number: 1545-1138.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: INTL-955-86 (Final) Requirements For Investments to Qualify 
under Section 936(d)(4) as Investments in Qualified Caribbean Basin 
Countries.
    Abstract: The collection of information is required by the Internal 
Revenue Service to verify that an investment qualifies under IRC 
section 936(d)(4). The recordkeepers will be possession corporations, 
certain financial institutions located in Puerto Rico, and borrowers of 
funds covered by this regulation.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 1,500 hours.
    OMB Number: 1545-1308.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: PS-260-82 (Final) Election, Revocation, Termination, and Tax 
Effect of Subchapter S Status--TD 8449.
    Abstract: Section 1-1362 through 1.1362-7 of the Income Tax 
Regulations provide the specific procedures and requirements necessary 
to implement section 1362, including the filing of various elections 
and statements with the Internal Revenue Service.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 322 hours.
    OMB Number: 1545-0122.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: Foreign Tax Credit Corporations.
    Form: 1118 (Schedule I, J, K).
    Abstract: Form 1118 and separate Schedules I, J, and K are used by 
domestic and foreign corporations to claim a credit for taxes paid to 
foreign countries. The IRS uses Form 1118 and related schedules to 
determine if the corporation has computed the foreign tax credit 
correctly.
    Respondents: Private Sector: Businesses or other for-profits.
    Estimated Total Burden Hours: 3,483,016 hours.
    OMB Number: 1545-0191.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: Investment Interest Expense Deduction.
    Form: 4952.
    Abstract: Internal Revenue Code section 163(d) provides a 
limitation on individuals, estates, or trusts that paid or accrued 
interest on investment indebtedness. Form 4952 is used to accumulate a 
taxpayer's interest from all sources and provides a line-by-line 
computation of the allowable deduction for investment interest.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 205,596 hours.
    OMB Number: 1545-1072.
    Type of Review: Extension without change to a currently approved 
collection.
    Title: INTL-952-86 (TD 8410-Final) Allocation and Apportionment of 
Interest Expense and Certain Other Expenses.
    Abstract: The regulations provide rules concerning the allocation 
and apportionment of expenses to foreign source income for purposes of 
the foreign tax credit and other provisions.
    Respondents: Individuals or households.
    Estimated Total Burden Hours: 3,750 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. 2010-24213 Filed 9-27-10; 8:45 am]
BILLING CODE 4810-01-P