13130 Federal Register / Vol. 66, No. 42 / Friday, March 2, 2001 / Notices

DEPARTMENT OF THE TREASURY

Internal Revenue Service

Proposed Collection; Comment

Request for Form 5471 (and Related

Schedules)

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

5471 (and related schedules),

Information Return of U.S. Persons With

Respect To Certain Foreign

Corporations.

DATES: Written comments should be

received on or before May 1, 2001 to be

assured of consideration.

ADDRESSES: Direct all written comments

to Garrick R. Shear, Internal Revenue

Service, room 5244, 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 Carol Savage,

(202) 622–3945, Internal Revenue

Service, room 5242, 1111 Constitution

Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

Title: Information Return of U.S.

Persons With Respect To Certain

Foreign Corporations.

OMB Number: 1545–0704.

Form Number: 5471 (and related

schedules).

Abstract: Form 5471 and related

schedules are used by U.S. persons that

have an interest in a foreign corporation.

The form is used to report income from

the foreign corporation. The form and

schedules are used to satisfy the

reporting requirements of Internal

Revenue Code sections 6035, 6038 and

6046 and the regulations thereunder

pertaining to the involvement of U.S.

persons with certain foreign

corporations.

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 forprofit organizations and individuals or

households.

Estimated Number of Respondents:

43,000.

Estimated Time Per Respondent: 149

hours, 55 minutes.

Estimated Total Annual Burden

Hours: 6,446,145.

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 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: February 26, 2001.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 01–5146 Filed 3–1–01; 8:45 am]

BILLING CODE 4830–01–P

DEPARTMENT OF THE TREASURY

Internal Revenue Service

Proposed Collection; Comment

Request for Form 1128

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

1128, Application To Adopt, Change, or

Retain a Tax Year.

DATES: Written comments should be

received on or before May 1, 2001 to be

assured of consideration.

ADDRESSES: Direct all written comments

to Garrick R. Shear, Internal Revenue

Service, room 5244, 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 Carol Savage,

(202) 622–3945, Internal Revenue

Service, room 5242, 1111 Constitution

Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

Title: Application to Adopt, Change,

or Retain a Tax Year.

OMB Number: 1545–0134.

Form Number: 1128.

Abstract: Section 442 of the Internal

Revenue Code requires that a change in

a taxpayer’s annual accounting period

be approved by the Secretary. Under

regulation section 1.442–1(b), a taxpayer

must file Form 1128 to secure prior

approval unless the taxpayer can

automatically make the change. The IRS

uses the information on the form to

determine whether the application

should be approved.

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 forprofit organizations, individuals, notfor-profit institutions, and farms.

Estimated Number of Respondents:

11,800.

Estimated Time Per Respondent: 30

hours, 39 minutes.

Estimated Total Annual Burden

Hours: 361,720.

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 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