[Federal Register Volume 66, Number 42 (Friday, March 2, 2001)]
[Notices]
[Page 13130]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-5146]



[[Page 13130]]

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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.

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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 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 for-profit 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