Agency information collection activities; proposals, submissions, and approvals , 34355-34356 [E7-11973]

Agencies

• Internal Revenue Service

[Federal Register: June 21, 2007 (Volume 72, Number 119)]
[Notices]
[Page 34355-34356]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr21jn07-86]

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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 1120-RIC

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

[[Page 34356]]

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-RIC, U.S. Income Tax Return for Regulated
Investment Companies.

DATES: Written comments should be received on or before August 20, 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 (202) 622-6688, or at Internal Revenue Service, room 6516,
1111 Constitution Avenue, NW., Washington, DC 20224, or through the
Internet, at Carolyn.N.Brown@irs.gov.

SUPPLEMENTARY INFORMATION:
    Title: U.S. Income Tax Return for Regulated Investment Companies.
    OMB Number: 1545-1010.
    Form Number: 1120-RIC.
    Abstract: Internal Revenue Code sections 851 through 855 provide
rules for the taxation of a domestic corporation that meets certain
requirements and elects to be taxed as a regulated investment company.
Form 1120-RIC is filed by a domestic corporation making such an
election in order to report its income and deductions and to compute
its tax liability. The IRS uses the information on Form 1120-RIC to
determine whether the corporation's income, deductions, credits, and
tax have been correctly reported.
    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.
    Estimated Number of Respondents: 3,605.
    Estimated Time per Respondent: 105 hours, 32 minutes.
    Estimated Total Annual Burden Hours: 380,425.
    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: June 13, 2007.
Larnice Mack,
IRS Reports Clearance Officer.
[FR Doc. E7-11973 Filed 6-20-07; 8:45 am]

BILLING CODE 4830-01-P