Submission for OMB Review; Comment Request, 31897-31899 [07-2860]
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31897
Federal Register / Vol. 72, No. 110 / Friday, June 8, 2007 / Notices
April 11, 2000 (65 FR 19477), and is on
the Web at https://dms.dot.gov.
FOR FURTHER INFORMATION CONTACT:
Roger Little at (202) 366–4569, or by
e-mail at roger.little@dot.gov.
SUPPLEMENTARY INFORMATION: This
notice identifies two existing
information collection requirements
PHMSA is submitting to OMB for
renewal and extension. These collection
requirements are in 49 CFR parts 192,
193, 195 and 199 of the pipeline safety
regulations. PHMSA has revised the
burden estimates, where appropriate, to
reflect current reporting levels or
adjustments based on changes made
since the last OMB approvals. PHMSA
is now requesting that OMB grant a
three-year term of approval for each
requirement.
Pursuant to 44 U.S.C. 3506(c)(2)(A) of
the PRA, PHMSA invites comments on
whether the renewal and extension of
the existing information collection
requirements are necessary for the
proper performance of the functions of
DOT. Information collection includes all
work related to preparing and
disseminating information related to
this information collection
requirements, including completing
paperwork, gathering information, and
conducting telephone calls. Comments
may include (1) whether the
information will have practical utility;
(2) the accuracy of DOT’s estimate of the
burden of the proposed information
collections; (3) ways to enhance the
quality, utility, and clarity of the
information collection; and (4) ways to
minimize the burden of the information
collection requirements on respondents,
including the use of automated
collection techniques or other forms of
information technology.
Number of respondents
OMB control No.
Regulation title
2137–0578 ........
127
762
2419
2,963
Reporting of Safety-Related Conditions on Gas, Hazardous Liquid and Carbon Dioxide
Pipelines and Liquefied Natural Gas Facilities.
Drug and Alcohol Testing of Pipeline Operators ......................................................................
2137–0579 ........
Title 49 of the United States Code
§ 60102 requires operators of gas,
hazardous liquid, and carbon dioxide
pipelines, or liquefied natural gas
facilities to submit a written report on
any safety-related conditions that cause
a significant operational change or
restriction that presents a hazard to life,
property, or the environment. PHMSA
uses this information to identify safetyrelated trends and take action to reduce
pipeline accidents and incidents. Part
199 require pipeline operators to
conduct drug and alcohol testing of
employees who perform operation,
maintenance, or emergency-response
functions. PHMSA uses this information
to reduce pipeline accidents and
incidents by deterring and detecting
illegal drug use and alcohol misuse in
the pipeline industry.
Issued in Washington, DC on June 4, 2007.
Florence L. Hamn,
Director of Regulations, Office of Pipeline
Safety.
[FR Doc. E7–11077 Filed 6–7–07; 8:45 am]
BILLING CODE 4910–60–P
DEPARTMENT OF TRANSPORTATION
Surface Transportation Board
[STB Finance Docket No. 34989]
pwalker on PROD1PC71 with NOTICES
Estimated total
annual burden
(hours)
Ozark Valley Railroad—Acquisition
and Operation Exemption—The
Kansas City Southern Railway
Company
Ozark Valley Railroad (OVRR), a
noncarrier, has filed a verified notice of
exemption under 49 CFR 1150.31 to: (1)
Acquire by purchase from The Kansas
City Southern Railway Company (KCSR)
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18:14 Jun 07, 2007
Jkt 211001
and to operate a portion of the KCSR
Fulton Branch between milepost 3.0
near Mexico, MO, and milepost 24.99 at
Fulton, MO; 1 (2) lease from KCSR and
to operate the portion of the Fulton
Branch between milepost 0.0 and
milepost 3.0; and (3) acquire from KCSR
and to operate over incidental and
overhead trackage rights to interchange
over the portion of the KCSR Roodhouse
Subdivision from milepost 321.0 near
Arthur, MO, to milepost 329.0 near
Mexico, including the connection with
the Fulton Branch at milepost 326.3 at
Mexico, and designated yard tracks at
Mexico. The lines total of approximately
24.99 miles of acquired or leased line
and approximately 8 miles of overhead
or incidental trackage rights and are
located in Audrain and Callaway
Counties, MO.
KCSR certifies that its projected
revenues as a result of this transaction
will not exceed those that would qualify
it as a Class III rail carrier, and further
certifies that its projected annual
revenues will not exceed $5 million.
The earliest this transaction may be
consummated is June 24, 2007, the
effective date of the exemption (30 days
after the exemption was filed).
If the verified notice contains false or
misleading information, the exemption
is void ab initio. Petitions to revoke the
exemption under 49 U.S.C. 10502(d)
may be filed at any time. The filing of
a petition to revoke will not
automatically stay the transaction.
Petitions to stay must be filed no later
1 The transaction will also include acquisition
and operation of the Arthur Industrial Spur
(approximately 2.565 miles in length connecting to
the KCSR Roodhouse Subdivision at the siding
located at milepost 322.9 at Arthur, MO).
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Fmt 4703
Sfmt 4703
than June 15, 2007 (at least 7 days
before the exemption becomes
effective).
An original and 10 copies of all
pleadings, referring to STB Finance
Docket No. 34989 must be filed with the
Surface Transportation Board, 395 E
Street, SW., Washington, DC 20423–
0001. In addition, one copy of each
pleading must be served on Charles H.
Montange, 426 NW 162nd St., Seattle,
WA 98177.
Board decisions and notices are
available on our Web site at https://
www.stb.dot.gov.
Decided: June 1, 2007.
By the Board, David M. Konschnik,
Director, Office of Proceedings.
Vernon A. Williams,
Secretary.
[FR Doc. E7–11101 Filed 6–7–07; 8:45 am]
BILLING CODE 4915–01–P
DEPARTMENT OF THE TREASURY
Submission for OMB Review;
Comment Request
June 4, 2007.
The Department of the Treasury has
submitted the following public
information collection requirement(s) to
OMB for review and clearance under the
Paperwork Reduction Act of 1995,
Public Law 104–13. Copies of the
submission(s) may be obtained by
calling the Treasury Bureau Clearance
Officer listed. Comments regarding this
information collection should be
addressed to the OMB reviewer listed
and to the Treasury Department
Clearance Officer, Department of the
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31898
Federal Register / Vol. 72, No. 110 / Friday, June 8, 2007 / Notices
pwalker on PROD1PC71 with NOTICES
Treasury, Room 11000, 1750
Pennsylvania Avenue, NW.,
Washington, DC 20220.
Dates: Written comments should be
received on or before July 9, 2007.
Internal Revenue Service (IRS)
OMB Number: 1545–1255.
Type of Review: Extension.
Title: INTL–870–89 (NPRM) Earnings
Stripping (Section 163(j)).
Description: The data obtained by the
IRS from the various elections and
identifications is used to verify that
taxpayers have, in fact, elected special
treatment under section 163(j).
Respondents: Businesses and other
for-profit institutions.
Estimated Total Burden Hours: 1,196
hours.
OMB Number: 1545–1165.
Type of Review: Extension.
Title: Tax Information Authorization.
Form: 8821.
Description: Form 8821 is used to
appoint someone to receive or inspect
certain tax information. Data are used to
identify appointees and to ensure that
confidential information is not divulged
to unauthorized persons.
Respondents: Individuals or
households.
Estimated Total Burden Hours:
140,300 hours.
OMB Number: 1545–1132.
Type of Review: Extension.
Title: INTL–5367–89 (Final)
Registration Requirements with Respect
to Certain Debt Obligations; Application
of Repeal of 30 Percent Withholding by
the Tax Reform Act of 1984.
Description: The Internal Revenue
Service needs the information in order
to ensure that purchasers of bearer
obligations are not U.S. persons (other
than those permitted to hold obligations
under section 165(j) and to ensure that
U.S. persons holding bearer obligations
properly report income and gain on
such obligations.
Respondents: Businesses or other forprofit institutions.
Estimated Total Burden Hours: 852
hours.
OMB Number: 1545–1138.
Type of Review: Extension.
Title: INTL–955–86 (Final)
Requirements for Investments to Qualify
under Section 936(d)(4) as Investments
in Qualified Caribbean Basin Countries.
Description: The collection of
information is required by the Internal
Revenue Service to verify that an
investment qualifies under IRC section
936(d)(4). The recordkeepers will be
possession corporations, certain
financial institutions located in Puerto
Rico, and borrowers of funds covered by
this regulation.
VerDate Aug<31>2005
19:26 Jun 07, 2007
Jkt 211001
Respondents: Businesses and other
for-profit institutions.
Estimated Total Burden Hours: 1,500
hours.
OMB Number: 1545–1576.
Type of Review: Extension.
Title: Student Loan Interest
Statement.
Form: 1098–E.
Description: Section 6050S(b)(2) of
the Internal Revenue Code requires
persons (financial institutions,
governmental units, etc.) to report $600
or more of interest paid on student loans
to the IRS and the students.
Respondents: Individuals or
households.
Estimated Total Burden Hours:
1,051,357 hours.
OMB Number: 1545–2055.
Type of Review: Extension.
Title: Energy Efficient Appliance
Credit.
Form: 8909.
Description: Form 8909, Energy
Efficient Appliance Credit, was
developed to carry out the provisions of
new Code section 45M. This new
section was added by section 1334 of
the Energy Policy Act of 2005 (Pub. L.
109–58). The new form provides a
means for the eligible manufacturer/
taxpayer to compute the amount of, and
claim, the credit.
Respondents: Businesses and other
for-profit institutions.
Estimated Total Burden Hours: 80
hours.
OMB Number: 1545–1879.
Type of Review: Extension.
Title: Exempt Organization
Declaration and Signature for Electronic
Filing.
Form: 8453–EO.
Description: Form 8453–EO is used to
authenticate an electronic Forms 990,
990–EZ, 1120–POL, or 8868 authorize
the electronic return originator, and/or
intermediate service provider, if any, to
transmit via a third-party transmitter;
and provide the organization’s consent
to directly deposit any refund and/or
authorize an electronic funds
withdrawal for payment of Federal taxes
owed.
Respondents: Not-for-profit
institutions.
Estimated Total Burden Hours: 1,046
hours.
OMB Number: 1545–1861.
Type of Review: Extension.
Title: Review Procedure 2004–19,
Probable or Prospective Reserves Safe
Harbor.
Description: This revenue procedure
requires a taxpayer to file an election
statement with the Service if the
taxpayer wants to use the safe harbor to
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Frm 00104
Fmt 4703
Sfmt 4703
estimate the taxpayers’ oil and gas
properties’ probable or prospective
reserves for purposes of computing cost
depletion under Sec. 611 of the Internal
Revenue Code.
Respondents: Businesses or other forprofit institutions.
Estimated Total Burden Hours: 50
hours.
OMB Number: 1545–1433.
Type of Review: Extension.
Title: CO–11–91 (Final) Consolidated
Groups and Controlled Groups—InterCompany Transactions and Related
Rules; CO–24–95 (Final) Consolidated
Groups-Inter-Company Transactions
and Related Rules.
Description: The regulations require
common parents that make elections
under Section 1.1502–13 to provide
certain information. The information
will be used to identify and assure that
the amount, location, timing and
attributes of inter-company transactions
and corresponding items are properly
maintained.
Respondents: Businesses or other forprofit institutions.
Estimated Total Burden Hours: 1,050
hours.
OMB Number: 1545–1308.
Type of Review: Extension.
Title: PS–260–82 (Final) Election,
Revocation, Termination, and Tax Effect
of Subchapter S Status—TD 8449.
Description: Section 1–1362 through
1.1362–7 of the Income Tax Regulations
provide the specific procedures and
requirements necessary to implement
section 1362, including the filing of
various elections and statements with
the Internal Revenue Service.
Respondents: Individuals or
households.
Estimated Total Burden Hours: 322
hours.
OMB Number: 1545–2052.
Type of Review: Extension.
Title: U.S. Income Tax Return for
Cooperative Associations.
Form: 1120–C.
Description: IRS Code section 1381
requires subchapter T cooperatives to
file returns. Previously, farmers’
cooperatives filed Form 990–C and
other subchapter T coopeatives 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
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Federal Register / Vol. 72, No. 110 / Friday, June 8, 2007 / Notices
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.
Regulations (Reg–149436–04) published
in the Federal Register (71 FR 43811),
require that all subchapter T
cooperatives will file Form 1120–C, U.S.
Income Tax Return for Cooperative
Associations.
Respondents: Businesses and other
for-profit institutions.
Estimated Total Burden Hours:
430,400 hours.
OMB Number: 1545–1613.
Type of Review: Extension.
Title: REG–209446–82 (Final)
Passthrough of Items of an S
Corporation to its Shareholders.
Description: Section 1366 requires
shareholders of an S corporation to take
into account their pro rata share of
separately stated items of the S
corporation and non-separately
computed income or loss. The
regulations provide guidance regarding
this regarding requirement.
Respondents: Busiensses or other forprofit institutions.
Estimated Total Burden Hours: 1
hour.
Clearance Officer: Glenn P. Kirkland
(202) 622–3428, Internal Revenue
Service, Room 6516, 1111 Constitution
Avenue, NW., Washington, DC 20224.
OMB Reviewer: Alexander T. Hunt
(202) 395–7316, Office of Management
and Budget, Room 10235, New
Executive Office Building, Washington,
DC 20503.
Robert Dahl,
Treasury PRA Clearance Officer.
[FR Doc. 07–2860 Filed 6–7–07; 8:45am]
BILLING CODE 4830–01–M
DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
Additional Designations, Foreign
Narcotics Kingpin Designation Act
Office of Foreign Assets
Control, Treasury.
ACTION: Notice.
pwalker on PROD1PC71 with NOTICES
AGENCY:
SUMMARY: The Treasury Department’s
Office of Foreign Assets Control
(‘‘OFAC’’) is publishing the names of
additional persons whose property and
interests in property have been blocked
pursuant to the Foreign Narcotics
Kingpin Designation Act (21 U.S.C.
1901–1908, 8 U.S.C. 1182). In addition,
OFAC is publishing a change to the
listing of one individual previously
VerDate Aug<31>2005
18:14 Jun 07, 2007
Jkt 211001
designated pursuant to the Foreign
Narcotics Kingpin Designation Act.
DATES: The designation by the Secretary
of the Treasury of the twelve
individuals and six entities identified in
this notice pursuant to section 805(b) of
the Kingpin Act is effective on May 17,
2007. In addition, the change to the
listing of one individual previously
designated pursuant to section 804(b) of
the Kingpin Act is effective on May 17,
2007.
FOR FURTHER INFORMATION CONTACT:
Assistant Director, Compliance
Outreach & Implementation Office of
Foreign Assets Control, Department of
the Treasury, Washington, DC 20220,
tel.: 202/622–2490.
SUPPLEMENTARY INFORMATION:
Electronic and Facsimile Availability
This document and additional
information concerning OFAC are
available on OFAC’s Web site (https://
www.treas.gov/ofac) or via facsimile
through a 24-hour fax-on demand
service, tel.: (202) 622–0077.
Background
The Foreign Narcotics Kingpin
Designation Act (‘‘Kingpin Act’’)
became law on December 3, 1999. The
Kingpin Act establishes a program
targeting the activities of significant
foreign narcotics traffickers and their
organizations on a worldwide basis. It
provides a statutory framework for the
President to impose sanctions against
significant foreign narcotics traffickers
and their organizations on a worldwide
basis, with the objective of denying their
businesses and agents access to the U.S.
financial system and to the benefits of
trade and transactions involving U.S.
companies and individuals.
The Kingpin Act blocks all property
and interests in property, subject to U.S.
jurisdiction, owned or controlled by
significant foreign narcotics traffickers
as identified by the President. In
addition, the Kingpin Act blocks the
property and interests in property,
subject to U.S. jurisdiction, of foreign
persons designated by the Secretary of
Treasury, in consultation with the
Attorney General, the Director of Central
Intelligence, the Director of the Federal
Bureau of Investigation, the
Administrator of the Drug Enforcement
Administration, the Secretary of
Defense, the Secretary of State, and the
Secretary of Homeland Security who are
found to be: (1) Materially assisting in,
or providing financial or technological
support for or to, or providing goods or
services in support of, the international
narcotics trafficking activities of a
person designated pursuant to the
PO 00000
Frm 00105
Fmt 4703
Sfmt 4703
31899
Kingpin Act; (2) owned, controlled, or
directed by, or acting for or on behalf of,
a person designated pursuant to the
Kingpin Act; or (3) playing a significant
role in international narcotics
trafficking.
On May 17, 2007, OFAC designated
six additional entities and twelve
additional individuals whose property
and interests in property are blocked
pursuant to section 805(b) of the Foreign
Narcotics Kingpin Designation Act.
The list of additional designees
follows:
Entities:
1. NUEVA INDUSTRIA DE
GANADEROS DE CULIACAN S.A. DE
C.V. (d.b.a. LECHERIA SANTA
MONICA; a.k.a. DORA PASTEURIZA
DE LECHE SANTA MONICA; f.k.a.
INDUSTRIAS DE GANADEROS S.A. DE
C.V.; a.k.a. SANTA MONICA DAIRY);
Calle/Boulevard Doctor Mora 1230,
Colonia Las Quintas, Culiacan, Sinaloa
80060, Mexico; Carretera los Mochis
Topolobampo, KM. 5.2, Los Mochis,
Sinaloa, Mexico; Avenida Francisco
˜
Villa Norte 135, Colonia Ninos Heroes,
Salvador Alvarado, Sinaloa 81400,
Mexico; Carretera La Cruz KM 15 S/N,
Colonia Arroyitos, La Cruz, Sinaloa
82700, Mexico; Chamizal S/N, La Cruz,
Sinaloa 82700, Mexico; Carretera
Internacional al Norte KM 1.5, # 1207,
Colonia Ejido Venadillo, Mazatlan,
Sinaloa 82129, Mexico; Plaza Azul S/N,
Colonia Las Brisas, Tecuala, Nayarit,
Mexico; Calle Prolongacion Morelos y
Matamoros S/N, Colonia Benito Juarez,
Escuinapa, Sinaloa 82400, Mexico;
Matamoros 5, Escuinapa, Sinaloa 82478,
Mexico; Carretera Internacional 1845,
Bodega 8 y 10, Colonia Zona Industrial
2, Cuidad Obregon, Sonora 85065,
Mexico; Calle Sauces 384, Colonia Del
Bosque, Guasave, Sinaloa 81020,
Mexico; Calle Federalismo 2000,
Colonia Recursos Hidraulicos, Culiacan,
Sinaloa 80060, Mexico; Carretera
Augstin Olachea Local 30, Colonia
Pericues, La Paz, Baja California Sur
23090, Mexico; Avenida Vallarta 2141,
Colonia Centro, Culiacan, Sinaloa
80060, Mexico; Carretera A Navolato,
Colonia Bachigualato, Culiacan, Sinaloa
80060, Mexico; Calle Tomate 10 Bodega
34Y5, Colonia Mercado Abastos,
Culiacan, Sinaloa 83170, Mexico;
Carretera A Topolobampo 5, Colonia
˜
Ninos Heroes, Ahome, Sinaloa 81290,
Mexico; Avenida Xicotencalth # 1795,
Colonia Las Quintas, Culiacan, Sinaloa
80060, Mexico; Calle Central Local A10,
Colonia Mercado Abastos, Cajeme,
Sonora 85000, Mexico; Calle Jose Diego
Abad 2923, Colonia Bachigualato,
Culiacan, Sinaloa 80140, Mexico; R.F.C.
# NIG–8802029–Y7 (Mexico); (ENTITY)
[SDNTK].
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]]>Agencies
[Federal Register Volume 72, Number 110 (Friday, June 8, 2007)]
[Notices]
[Pages 31897-31899]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 07-2860]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Submission for OMB Review; Comment Request
June 4, 2007.
The Department of the Treasury has submitted the following public
information collection requirement(s) to OMB for review and clearance
under the Paperwork Reduction Act of 1995, Public Law 104-13. Copies of
the submission(s) may be obtained by calling the Treasury Bureau
Clearance Officer listed. Comments regarding this information
collection should be addressed to the OMB reviewer listed and to the
Treasury Department Clearance Officer, Department of the
[[Page 31898]]
Treasury, Room 11000, 1750 Pennsylvania Avenue, NW., Washington, DC
20220.
Dates: Written comments should be received on or before July 9,
2007.
Internal Revenue Service (IRS)
OMB Number: 1545-1255.
Type of Review: Extension.
Title: INTL-870-89 (NPRM) Earnings Stripping (Section 163(j)).
Description: The data obtained by the IRS from the various
elections and identifications is used to verify that taxpayers have, in
fact, elected special treatment under section 163(j).
Respondents: Businesses and other for-profit institutions.
Estimated Total Burden Hours: 1,196 hours.
OMB Number: 1545-1165.
Type of Review: Extension.
Title: Tax Information Authorization.
Form: 8821.
Description: Form 8821 is used to appoint someone to receive or
inspect certain tax information. Data are used to identify appointees
and to ensure that confidential information is not divulged to
unauthorized persons.
Respondents: Individuals or households.
Estimated Total Burden Hours: 140,300 hours.
OMB Number: 1545-1132.
Type of Review: Extension.
Title: INTL-5367-89 (Final) Registration Requirements with Respect
to Certain Debt Obligations; Application of Repeal of 30 Percent
Withholding by the Tax Reform Act of 1984.
Description: The Internal Revenue Service needs the information in
order to ensure that purchasers of bearer obligations are not U.S.
persons (other than those permitted to hold obligations under section
165(j) and to ensure that U.S. persons holding bearer obligations
properly report income and gain on such obligations.
Respondents: Businesses or other for-profit institutions.
Estimated Total Burden Hours: 852 hours.
OMB Number: 1545-1138.
Type of Review: Extension.
Title: INTL-955-86 (Final) Requirements for Investments to Qualify
under Section 936(d)(4) as Investments in Qualified Caribbean Basin
Countries.
Description: The collection of information is required by the
Internal Revenue Service to verify that an investment qualifies under
IRC section 936(d)(4). The recordkeepers will be possession
corporations, certain financial institutions located in Puerto Rico,
and borrowers of funds covered by this regulation.
Respondents: Businesses and other for-profit institutions.
Estimated Total Burden Hours: 1,500 hours.
OMB Number: 1545-1576.
Type of Review: Extension.
Title: Student Loan Interest Statement.
Form: 1098-E.
Description: Section 6050S(b)(2) of the Internal Revenue Code
requires persons (financial institutions, governmental units, etc.) to
report $600 or more of interest paid on student loans to the IRS and
the students.
Respondents: Individuals or households.
Estimated Total Burden Hours: 1,051,357 hours.
OMB Number: 1545-2055.
Type of Review: Extension.
Title: Energy Efficient Appliance Credit.
Form: 8909.
Description: Form 8909, Energy Efficient Appliance Credit, was
developed to carry out the provisions of new Code section 45M. This new
section was added by section 1334 of the Energy Policy Act of 2005
(Pub. L. 109-58). The new form provides a means for the eligible
manufacturer/taxpayer to compute the amount of, and claim, the credit.
Respondents: Businesses and other for-profit institutions.
Estimated Total Burden Hours: 80 hours.
OMB Number: 1545-1879.
Type of Review: Extension.
Title: Exempt Organization Declaration and Signature for Electronic
Filing.
Form: 8453-EO.
Description: Form 8453-EO is used to authenticate an electronic
Forms 990, 990-EZ, 1120-POL, or 8868 authorize the electronic return
originator, and/or intermediate service provider, if any, to transmit
via a third-party transmitter; and provide the organization's consent
to directly deposit any refund and/or authorize an electronic funds
withdrawal for payment of Federal taxes owed.
Respondents: Not-for-profit institutions.
Estimated Total Burden Hours: 1,046 hours.
OMB Number: 1545-1861.
Type of Review: Extension.
Title: Review Procedure 2004-19, Probable or Prospective Reserves
Safe Harbor.
Description: This revenue procedure requires a taxpayer to file an
election statement with the Service if the taxpayer wants to use the
safe harbor to estimate the taxpayers' oil and gas properties' probable
or prospective reserves for purposes of computing cost depletion under
Sec. 611 of the Internal Revenue Code.
Respondents: Businesses or other for-profit institutions.
Estimated Total Burden Hours: 50 hours.
OMB Number: 1545-1433.
Type of Review: Extension.
Title: CO-11-91 (Final) Consolidated Groups and Controlled Groups--
Inter-Company Transactions and Related Rules; CO-24-95 (Final)
Consolidated Groups-Inter-Company Transactions and Related Rules.
Description: The regulations require common parents that make
elections under Section 1.1502-13 to provide certain information. The
information will be used to identify and assure that the amount,
location, timing and attributes of inter-company transactions and
corresponding items are properly maintained.
Respondents: Businesses or other for-profit institutions.
Estimated Total Burden Hours: 1,050 hours.
OMB Number: 1545-1308.
Type of Review: Extension.
Title: PS-260-82 (Final) Election, Revocation, Termination, and Tax
Effect of Subchapter S Status--TD 8449.
Description: Section 1-1362 through 1.1362-7 of the Income Tax
Regulations provide the specific procedures and requirements necessary
to implement section 1362, including the filing of various elections
and statements with the Internal Revenue Service.
Respondents: Individuals or households.
Estimated Total Burden Hours: 322 hours.
OMB Number: 1545-2052.
Type of Review: Extension.
Title: U.S. Income Tax Return for Cooperative Associations.
Form: 1120-C.
Description: IRS Code section 1381 requires subchapter T
cooperatives to file returns. Previously, farmers' cooperatives filed
Form 990-C and other subchapter T coopeatives 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
[[Page 31899]]
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. Regulations (Reg-149436-04) published in the Federal
Register (71 FR 43811), require that all subchapter T cooperatives will
file Form 1120-C, U.S. Income Tax Return for Cooperative Associations.
Respondents: Businesses and other for-profit institutions.
Estimated Total Burden Hours: 430,400 hours.
OMB Number: 1545-1613.
Type of Review: Extension.
Title: REG-209446-82 (Final) Passthrough of Items of an S
Corporation to its Shareholders.
Description: Section 1366 requires shareholders of an S corporation
to take into account their pro rata share of separately stated items of
the S corporation and non-separately computed income or loss. The
regulations provide guidance regarding this regarding requirement.
Respondents: Busiensses or other for-profit institutions.
Estimated Total Burden Hours: 1 hour.
Clearance Officer: Glenn P. Kirkland (202) 622-3428, Internal
Revenue Service, Room 6516, 1111 Constitution Avenue, NW., Washington,
DC 20224.
OMB Reviewer: Alexander T. Hunt (202) 395-7316, Office of
Management and Budget, Room 10235, New Executive Office Building,
Washington, DC 20503.
Robert Dahl,
Treasury PRA Clearance Officer.
[FR Doc. 07-2860 Filed 6-7-07; 8:45am]
BILLING CODE 4830-01-M
