Proposed Collection; Comment Request for Form 1120, Schedule B, Schedule D, Schedule G, Schedule H, Schedule M-3, Schedule N, Schedule O, and Schedule PH, 42162-42163 [E9-19946]

Agencies

• Internal Revenue Service
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 74, Number 160 (Thursday, August 20, 2009)]
[Notices]
[Pages 42162-42163]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-19946]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 1120, Schedule B, 
Schedule D, Schedule G, Schedule H, Schedule M-3, Schedule N, Schedule 
O, and Schedule PH

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 1120, U.S. Corp. Income Tax Return and its affiliated schedules.

DATES: Written comments should be received on or before October 19, 
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 Dawn Bidne at 
Internal Revenue Service, Room 6129, 1111 Constitution Avenue, NW., 
Washington, DC 20224, or at (202) 622-3933, or through the Internet at 
Dawn.E.Bidne@irs.gov.

SUPPLEMENTARY INFORMATION:
    Title: Form 1120--U.S. Corp. Income Tax Return, Schedule B--
Additional Information for Schedule M-3 Filers, Schedule D--Capital 
Gains and Losses, Schedule G--Information of Certain Persons Owning the 
Corporation's Voting Stock, Schedule H--Section 280H Limitations for a 
Personal Service Corporation (PSC), Schedule M-3--Net Income (Loss) 
Reconciliation for Corporations with Total Assets of $10 Million or 
More, Schedule N--Foreign Operations of U.S. Corporations, Schedule O--
Consent Plan and Apportionment Schedule for a Controlled Group, and 
Schedule PH--U.S. Personal Holding.
    OMB Number: 1545-0123.
    Form Number: 1120, Schedule B, Schedule D, Schedule G, Schedule H, 
Schedule M-3, Schedule N, Schedule O, and Schedule PH.
    Abstract: Form 1120 is used by corporations to compute their 
taxable income and tax liability. Schedule D (Form 1120) is used by 
corporations to report gains and losses from the sale of capital 
assets. Schedule H (Form 1120) is used by personal service corporations 
to determine if they have met the minimum distribution requirements of 
section 280H. Schedule N (1120) is used by corporations that have 
assets in or business operations in a foreign country or a U.S. 
possession. Schedule O (Form 1120) will be used by corporations that 
are members of a controlled group to show the adoption, amendment, or 
termination of an apportionment plan. It will also be used to show the 
apportionment of taxable income, income tax, and other tax benefits for 
members of the controlled group. Schedule PH (Form 1120) is used by 
personal holding companies to figure the personal holding company tax 
under section 541. The IRS uses these forms to determine whether 
corporations have correctly computed their tax liability.
    Current Actions: Schedule G has been added to this collection 
resulting in a burden increase of 236,250 hours. In addition, various 
changes have been made to other forms under this approval number which 
decreased the burden by 16,487,149 hours. The new burden total for this 
collection is 345,452,006 hours.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business, or other for-profit organizations and 
farms.
    Estimated Number of Respondents: 5,775,633.
    Estimated Time per Respondent: 61 hours, 22 minutes.
    Estimated Total Annual Burden Hours: 354,453,006 hours.
    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.


[[Page 42163]]


    Approved: August 12, 2009.
R. Joseph Durbala,
IRS Reports Clearance Officer.
[FR Doc. E9-19946 Filed 8-19-09; 8:45 am]
BILLING CODE 4830-01-P