Proposed Collection; Comment Request for Form 1120S, Schedule D, and Schedule K-1, 28418 [E6-7386]

Agencies

• Internal Revenue Service
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 71, Number 94 (Tuesday, May 16, 2006)]
[Notices]
[Page 28418]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-7386]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 1120S, Schedule D, 
and Schedule K-1

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 1120S, U.S. Income Tax Return for an S Corporation, Schedule D 
(Form 1120S), Capital Gains and Losses and Built-In Gains, and Schedule 
K-1 (Form 1120S), Shareholder's Share of Income, Credits, Deductions, 
etc.

DATES: Written comments should be received on or before July 17, 2006 
to be assured of consideration.

ADDRESSES: Direct all written comments to Glenn Kirkland Internal 
Revenue Service, room 6512, 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 Larnice Mack 
at Internal Revenue Service, room 6512, 1111 Constitution Avenue, NW., 
Washington, DC 20224, or at (202) 622-3179, or through the Internet at 
(Larnice.Mack@irs.gov).

SUPPLEMENTARY INFORMATION:
    Title: Form 1120S, U.S. Income Tax Return for an S Corporation, 
Schedule D (Form 1120S), Capital Gains and Losses and Built-in Gains, 
and Schedule K-1 (Form 1120S), Shareholder's Share of Income, Credits, 
Deductions, etc.
    OMB Number: 1545-0130.
    Form Number: Form 1120S, Schedule D, and Schedule K-1.
    Abstract: Form 1120S, Schedule D (Form 1120S), and Schedule K-1 
(Form 1120S) are used by an S corporation to figure its tax liability, 
and income and other tax-related information to pass through to its 
shareholders. Schedule D is used to report gain or loss from sales or 
exchanges of capital assets and the computation of tax on certain 
capital gains imposed by Internal Revenue Code section 1374. Schedule 
K-1 is used to report to shareholders their share of the corporation's 
income, deductions, credits, etc.
    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 
farms.
    Estimated Number of Respondents: 15,042,000.
    Estimated Time Per Respondent: 32 hours, 16 minutes.
    Estimated Total Annual Burden Hours: 485,442,640.
    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: May 5, 2006.
Glenn Kirkland,
IRS Reports Clearance Officer.
 [FR Doc. E6-7386 Filed 5-15-06; 8:45 am]
BILLING CODE 4830-01-P