[Federal Register Volume 75, Number 189 (Thursday, September 30, 2010)]
[Notices]
[Pages 60510-60511]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-24502]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 1120-RIC

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 1120-RIC, U.S. Income Tax Return for Regulated Investment 
Companies.

DATES: Written comments should be received on or before November 29, 
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 Allan 
Hopkins, at (202) 622-6665, or at Internal Revenue Service, room 6129, 
1111 Constitution Avenue, NW., Washington, DC 20224, or through the 
Internet, at Allan.M.Hopkins@irs,gov.

SUPPLEMENTARY INFORMATION: 
    Title: U.S. Income Tax Return for Regulated Investment Companies.
    OMB Number: 1545-1010.
    Form Number: 1120-RIC.
    Abstract: Internal Revenue Code sections 851 through 855 provide 
rules for the taxation of a domestic corporation that meets certain 
requirements and elects to be taxed as a regulated investment company. 
Form 1120-RIC is filed by a domestic corporation making such an 
election in order to report its income and deductions and to compute 
its tax liability. The IRS uses the information on Form 1120-RIC to 
determine whether the corporation's income, deductions, credits, and 
tax have been correctly reported.
    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 for-profit organizations.
    Estimated Number of Respondents: 3,605.
    Estimated Time per Respondent: 102 hours, 22 minutes.
    Estimated Total Annual Burden Hours: 369,021.
    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

[[Page 60511]]

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: September 15, 2010.
Gerald Shields,
Supervisory Tax Analyst.
[FR Doc. 2010-24502 Filed 9-29-10; 8:45 am]
BILLING CODE 4830-01-P