Proposed Collection; Comment Request for Form 5471 (and Related Schedules), 8057 [E7-2914]
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Federal Register / Vol. 72, No. 35 / Thursday, February 22, 2007 / Notices
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Form 5471 (and Related
Schedules)
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice and request for
comments.
AGENCY:
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.
Written comments should be
received on or before April 23, 2007 to
be assured of consideration.
ADDRESSES: Direct all written comments
to Glenn P. Kirkland, Internal Revenue
Service, room 6516, 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 Carolyn N. Brown
at Internal Revenue Service, room 6516,
1111 Constitution Avenue, NW.,
Washington, DC 20224, or at (202) 622–
6688, or through the Internet at
Carolyn.N.Brown@irs.gov.
DATES:
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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.
VerDate Aug<31>2005
14:11 Feb 21, 2007
Jkt 211001
Affected Public: Business or other forprofit organizations and Individuals or
households.
Estimated Number of Respondents:
28,380.
Estimated Time per Respondent: 155
hours, 3 minutes.
Estimated Total Annual Burden
Hours: 4,400,232.
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 12, 2007.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E7–2914 Filed 2–21–07; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Form 1120–C
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice and request for
comments.
AGENCY:
SUMMARY: The Department of the
Treasury, as part of its continuing effort
PO 00000
Frm 00107
Fmt 4703
Sfmt 4703
8057
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–C, U.S. Income Tax Return for
Cooperative Associations.
DATES: Written comments should be
received on or before April 23, 2007 to
be assured of consideration.
ADDRESSES: Direct all written comments
to Glenn P. Kirkland, Internal Revenue
Service, room 6516, 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 R. Joseph Durbala,
(202) 622–3634, at Internal Revenue
Service, room 6516, 1111 Constitution
Avenue, NW., Washington, DC 20224,
or through the Internet at
RJoseph.Durbala@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: U.S. Income Tax Return for
Cooperative Associations.
OMB Number: 1545–2052.
Form Number: 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.
Proposed regulations (Reg–149436–04)
published in the Federal Register (71
FR 43811), proposes that all subchapter
T cooperatives will file Form 1120–C,
U.S. Income Tax Return for Cooperative
Associations.
Current Actions: There is no change
in the paperwork burden previously
approved by OMB. This form is being
submitted for renewal purposes only.
E:\FR\FM\22FEN1.SGM
22FEN1
]]>Agencies
[Federal Register Volume 72, Number 35 (Thursday, February 22, 2007)]
[Notices]
[Page 8057]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-2914]
[[Page 8057]]
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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.
-----------------------------------------------------------------------
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 April 23, 2007
to be assured of consideration.
ADDRESSES: Direct all written comments to Glenn P. Kirkland, Internal
Revenue Service, room 6516, 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 Carolyn N.
Brown at Internal Revenue Service, room 6516, 1111 Constitution Avenue,
NW., Washington, DC 20224, or at (202) 622-6688, or through the
Internet at Carolyn.N.Brown@irs.gov.
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: 28,380.
Estimated Time per Respondent: 155 hours, 3 minutes.
Estimated Total Annual Burden Hours: 4,400,232.
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 12, 2007.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E7-2914 Filed 2-21-07; 8:45 am]
BILLING CODE 4830-01-P
