Proposed Collection; Comment Request for Form 970, 27861-27862 [2010-11766]
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Federal Register / Vol. 75, No. 95 / Tuesday, May 18, 2010 / Notices
transactions as ordinary income to the
extent of the time value element. This
regulation provides that certain gains
and losses may be netted for purposes
of determining the amount of gain
recharacterized.
Respondents: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours: 5,000
hours.
OMB Number: 1545–0159.
Type of Review: Revision of a
currently approved collection.
Title: Annual Return To Report
Transactions With Foreign Trusts and
Receipts of Certain Foreign Gifts.
Form: 3520.
Abstract: Form 3520 is filed by U.S.
persons who create a foreign trust,
transfer property to a foreign trust,
receive a distribution from a foreign
trust, or receive a large gift from a
foreign source. IRS uses the form to
identify the U.S. persons who may have
transactions that may trigger a taxable
event in the future.
Respondents: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours: 72,059
hours.
OMB Number: 1545–1098.
Type of Review: Extension without
change of a currently approved
collection.
Title: Arbitrage Restrictions on TaxExempt Bonds TD 8418 Final (FI–9186; FI–90–86; FI–90–91; and FI–1–90).
Abstract: This regulation requires
state and local governmental issuers of
tax-exempt bonds to rebate arbitrage
profits earned on nonpurpose
investments acquired with the bond
proceeds. Issuers are required to submit
a form with the rebate. The regulations
provide for several elections, all of
which must be in writing.
Respondents: State, Local, and Tribal
governments.
Estimated Total Burden Hours: 8,550
hours.
OMB Number: 1545–1718.
Type of Review: Extension without
change of a currently approved
collection.
Title: REG–106030–98 (TD 9305—
final) Source of Income from Certain
Space and Ocean Activities; Also,
Source of Communications Income.
Abstract: This document contains
final regulations under section 863(d)
governing the source of income from
certain space and ocean activities. It
also contains final regulations under
section 863(a), (d), and (e) governing the
source of income from certain
communications activities. In addition,
this document contains final regulations
under section 863(a) and (b), amending
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the regulations in § 1.863–3 to conform
those regulations to these final
regulations. The final regulations
primarily affect persons who derive
income from activities conducted in
space, or on or under water not within
the jurisdiction of a foreign country,
possession of the United States, or the
United States (in international water).
The final regulations also affect persons
who derive income from transmission of
communications.
Respondents: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours: 1,250
hours.
OMB Number: 1545–0117.
Type of Review: Extension without
change of a currently approved
collection.
Title: Original Issue Discount.
Form: 1099–OID.
Abstract: Form 1099–OID is used for
reporting original issue discount as
required by section 6049 of the Internal
Revenue Code. It is used to verify that
income earned on discount obligations
is properly reported by the recipient.
Respondents: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours:
1,142,324 hours.
OMB Number: 1545–1572.
Type of Review: Extension without
change of a currently approved
collection.
Title: T.D. 8775 (Final) Election Not to
Apply Look-Back Methods in De
Minimis Cases (REG–120200–97).
Abstract: The regulation requires
taxpayers to attach a notification
statement to their returns when they
elect not to apply the look-back method
to long-term contracts in de minimis
cases.
Respondents: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours: 4,000
hours.
OMB Number: 1545–1870.
Type of Review: Extension without
change of a currently approved
collection.
Title: T.D. 9107 (Final)—Guidance
Regarding Deduction and Capitalization
of Expenditures (REG–125638–01).
Abstract: Final regulations require
that a taxpayer’s nonaccrual-experience
method must be self-tested against the
taxpayer’s experience to determine
whether the nonaccrual-experience
method clearly reflects the taxpayer’s
experience. The information required to
be retained by taxpayers will constitute
sufficient documentation for purposes
of substantiating a deduction. The
information will be used by the agency
on audit to determine the taxpayer’s
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27861
entitlement to a deduction. The
respondents include taxpayers who
engage in certain transactions involving
the acquisition of a trade or business or
an ownership interest in a legal entity.
Respondents: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours: 3,000
hours.
Bureau Clearance Officer: R. Joseph
Durbala, Internal Revenue Service, 1111
Constitution Avenue, NW., Room 6129,
Washington, DC 20224; (202) 622–3634.
OMB Reviewer: Shagufta Ahmed,
Office of Management and Budget, New
Executive Office Building, Room 10235,
Washington, DC 20503; (202) 395–7873.
Celina Elphage,
Treasury PRA Clearance Officer.
[FR Doc. 2010–11834 Filed 5–17–10; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Form 970
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
970, Application To Use LIFO Inventory
Method.
DATES: Written comments should be
received on or before July 19, 2010 to be
assured of consideration.
ADDRESSES: Direct all written comments
to Gerald Shields 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 Elaine Christophe,
(202) 622–3179, or at Internal Revenue
Service, Room 6129, 1111 Constitution
Avenue, NW., Washington DC 20224, or
through the Internet, at
Elaine.H.Christophe@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Application To Use LIFO
Inventory Method.
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27862
Federal Register / Vol. 75, No. 95 / Tuesday, May 18, 2010 / Notices
OMB Number: 1545–0042.
Form Number: Form 970.
Abstract: Form 970 is filed by
individuals, partnerships, trusts, estates,
or corporations to elect to use the lastin first-out (LIFO) inventory method or
to extend the LIFO method to additional
goods. The IRS uses Form 970 to
determine if the election was properly
made.
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 forprofit organizations and individual or
households.
Estimated Number of Respondents:
2000.
Estimated Time per Respondent: 12
hours, 24 minutes.
Estimated Total Annual Burden
Hours: 24,800.
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: May 11, 2010.
Gerald Shields,
IRS Reports Clearance Officer.
[FR Doc. 2010–11766 Filed 5–17–10; 8:45 am]
BILLING CODE 4830–01–P
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Revenue Procedure
2001–9
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
Revenue Procedure 2001–9, Form 940
e-file Program.
DATES: Written comments should be
received on or before July 19, 2010 to be
assured of consideration.
ADDRESSES: Direct all written comments
to Gerald Shields, Internal Revenue
Service, Room 6129, 1111 Constitution
Avenue, NW., Washington, DC 20224.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or
copies of the revenue procedure should
be directed to Elaine H. Christophe,
(202) 622–3179, or at Internal Revenue
Service, Room 6129, 1111 Constitution
Avenue, NW., Washington DC 20224, or
through the Internet, at
Elaine.H.Christophe@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Form 940 e-file Program.
OMB Number: 1545–1710.
Revenue Procedure Number: Revenue
Procedure 2007–40 (formerly Revenue
Procedure 2001–9).
Abstract: Revenue Procedure 2007–40
provides guidance and the requirements
for participating in the Form 940 e-file
Program.
Current Actions: There are changes
being made to the revenue procedure at
this time. Revenue Procedure 2001–9 is
being replaced by Revenue Procedure
2007–40.
Type of Review: Extension of a
currently approved collection.
Affected Public: Business or other forprofit organizations, not-for-profit
institutions, and Federal, State, local or
Tribal governments.
Estimated Number of Respondents:
1,325,100.
Estimated Time per Respondent: 32
minutes.
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Estimated Total Annual Burden
Hours: 706,720.
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: May 12, 2010.
Gerald Shields,
IRS Tax Supervisory Analyst.
[FR Doc. 2010–11765 Filed 5–17–10; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Form 8879–EO
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,
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]]>Agencies
[Federal Register Volume 75, Number 95 (Tuesday, May 18, 2010)]
[Notices]
[Pages 27861-27862]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-11766]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 970
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 970, Application To Use LIFO Inventory Method.
DATES: Written comments should be received on or before July 19, 2010
to be assured of consideration.
ADDRESSES: Direct all written comments to Gerald Shields 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 Elaine
Christophe, (202) 622-3179, or at Internal Revenue Service, Room 6129,
1111 Constitution Avenue, NW., Washington DC 20224, or through the
Internet, at Elaine.H.Christophe@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Application To Use LIFO Inventory Method.
[[Page 27862]]
OMB Number: 1545-0042.
Form Number: Form 970.
Abstract: Form 970 is filed by individuals, partnerships, trusts,
estates, or corporations to elect to use the last-in first-out (LIFO)
inventory method or to extend the LIFO method to additional goods. The
IRS uses Form 970 to determine if the election was properly made.
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
individual or households.
Estimated Number of Respondents: 2000.
Estimated Time per Respondent: 12 hours, 24 minutes.
Estimated Total Annual Burden Hours: 24,800.
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: May 11, 2010.
Gerald Shields,
IRS Reports Clearance Officer.
[FR Doc. 2010-11766 Filed 5-17-10; 8:45 am]
BILLING CODE 4830-01-P
