Proposed Collection; Comment Request for Form 4626, 32032 [E9-15718]

Agencies

• Internal Revenue Service
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 74, Number 127 (Monday, July 6, 2009)]
[Notices]
[Page 32032]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-15718]



[[Page 32032]]

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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 4626

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 4626, Asset Acquisition Statement.

DATES: Written comments should be received on or before September 4, 
2009 to be assured of consideration.

ADDRESSES: Direct all written comments to R. Joseph Durbala, Internal 
Revenue Service, Room 6129, 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 Evelyn J. 
Mack, at (202) 622-7381, or at Internal Revenue Service, Room 6129, 
1111 Constitution Avenue, NW., Washington, DC 20224, or through the 
Internet, at Evelyn.J.Mack@irs.gov.

SUPPLEMENTARY INFORMATION: 
    Title: Alternative Minimum Tax--Corporations.
    OMB Number: 1545-0175.
    Form Number: 4626.
    Abstract: Section 55 of the Internal Revenue Code imposes an 
alternative minimum tax. The tax is 20% of the amount by which a 
corporation's taxable income adjusted by the items listed in sections 
56 and 58, and by the tax preference items listed in section 57, exceed 
an exemption amount. This result is reduced by the alternative minimum 
tax foreign tax credit. If this result is more than the corporation's 
regular tax liability before all credits (except the foreign tax and 
possessions tax credits), the difference is added to the tax liability. 
Form 4626 provides a line-by-line computation of the alternative 
minimum tax.
    Current Actions: There are no changes being made to Form 8594 at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations and 
individuals.
    Estimated Number of Respondents: 60,000.
    Estimated Time per Respondent: 43 hrs., 52 minutes.
    Estimated Total Annual Burden Hours: 2,611,200.
    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 24, 2009.
Allan Hopkins,
IRS Reports Clearance Officer.
[FR Doc. E9-15718 Filed 7-2-09; 8:45 am]
BILLING CODE 4830-01-P