Submission for OMB Review; Comment Request, 59795-59797 [2010-24213]
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Federal Register / Vol. 75, No. 187 / Tuesday, September 28, 2010 / Notices
ophthalmologist noted, ‘‘In my medical
opinion, Mr. Traigle has sufficient
vision to perform any driving tasks that
he may need to perform in operating a
commercial vehicle.’’ Mr. Traigle
reported that he has driven straight
trucks for 15 years, accumulating
300,000 miles. He holds a Class D
chauffeur’s from Louisiana. His driving
record for the last 3 years shows no
crashes and no convictions for moving
violations in a CMV.
Eugene E. Wright
Mr. Wright, 62, has had amblyopia in
his left eye since 1998. The best
corrected visual acuity in his right eye
is 20/20 and in his left eye, 20/400.
Following an examination in 2010, his
ophthalmologist noted, ‘‘In my opinion
he has adequate visual acuity and field
to drive a commercial vehicle.’’ Mr.
Wright reported that he has driven
tractor-trailer combinations for 16 years,
accumulating 1.5 million miles. He
holds a Class A CDL from Pennsylvania.
His driving record for the last 3 years
shows no crashes and no convictions for
moving violations in a CMV.
Request for Comments
In accordance with 49 U.S.C. 31136(e)
and 31315, FMCSA requests public
comment from all interested persons on
the exemption petitions described in
this Notice. The Agency will consider
all comments received before the close
of business October 28, 2010. Comments
will be available for examination in the
docket at the location listed under the
ADDRESSES section of this notice. The
Agency will file comments received
after the comment closing date in the
public docket, and will consider them to
the extent practicable.
In addition to late comments, FMCSA
will also continue to file, in the public
docket, relevant information that
becomes available after the comment
closing date. Interested persons should
monitor the public docket for new
material.
Issued on: September 21, 2010.
Larry W. Minor,
Associate Administrator for Policy and
Program Development.
[FR Doc. 2010–24204 Filed 9–27–10; 8:45 am]
srobinson on DSKHWCL6B1PROD with NOTICES
BILLING CODE 4910–EX–P
DEPARTMENT OF THE TREASURY
Submission for OMB Review;
Comment Request
September 22, 2010.
The Department of the Treasury will
submit the following public information
collection requirements to OMB for
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review and clearance under the
Paperwork Reduction Act of 1995,
Public Law 104–13 on or after the date
of publication of this notice. A copy of
the submissions may be obtained by
calling the Treasury Bureau Clearance
Officer listed. Comments regarding
these information collections should be
addressed to the OMB reviewer listed
and to the Treasury PRA Clearance
Officer, Department of the Treasury,
1750 Pennsylvania Avenue, NW., Suite
11010, Washington, DC 20220.
DATES: Written comments should be
received on or before October 28, 2010
to be assured of consideration.
Internal Revenue Service (IRS)
OMB Number: 1545–1155.
Type of Review: Extension without
change to a currently approved
collection.
Title: PS–74–89 (TD 8282) Final
Election of Reduced Research Credit.
Abstract: These regulations prescribe
the procedure for making the election
described in section 280C(c)(3) of the
Internal Revenue Code. Taxpayers
making this election must reduce their
section 41(a) research credit, but are not
required to reduce their deductions for
qualified research expenses, as required
in paragraphs (1) and (2) of section
280C(c).
Respondents: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours: 50
hours.
OMB Number: 1545–0042.
Type of Review: Revision of a
currently approved collection.
Title: Application To Use LIFO
Inventory Method.
Form: 970
Abstract: Form 970 is filed by
individuals, partnerships, trusts, estates,
or corporations to elect to use the 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.
Respondents: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours: 42,220
hours.
OMB Number: 1545–0757.
Type of Review: Extension without
change to a currently approved
collection.
Title: LR–209–76 (Final) Special Lien
for Estate Taxes Deferred Under Section
6166 or 6166A.
Abstract: Section 632A permits the
executor of a decedent’s estate to elect
a lien on section 6166 property in favor
of the United States in lieu of a bond or
personal liability if an election under
section 6166 was made and the executor
files an agreement under section
6323A(c).
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Respondents: Individuals or
households.
Estimated Total Burden Hours: 8,650
hours.
OMB Number: 1545–1861.
Type of Review: Extension without
change to a currently approved
collection.
Title: Revenue Procedure 2004–19,
Probable or Prospective Reserves Safe
Harbor.
Abstract: 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: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours: 50
hours.
OMB Number: 1545–1879.
Type of Review: Extension without
change to a currently approved
collection.
Title: Exempt Organization
Declaration and Signature for Electronic
Filing.
Form: 8453–EO
Abstract: 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: Private Sector: Not-forprofit institutions.
Estimated Total Burden Hours: 1,046
hours.
OMB Number: 1545–0800.
Type of Review: Extension without
change to a currently approved
collection.
Title: Reg. 601.601 Rules and
Regulations.
Abstract: Persons wishing to speak at
a public hearing on a proposed rule
must submit written comments and an
outline within prescribed time limits,
for use in preparing agendas and
allocating time. Persons interested in
the issuance, amendment, or repeal of a
rule may submit a petition for this. IRS
considers the petitions in its
deliberations.
Respondents: Private Sector: Not-forprofit institutions, Businesses or other
for-profits and Farms.
Estimated Total Burden Hours: 900
hours.
OMB Number: 1545–0806.
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59796
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Type of Review: Extension without
change to a currently approved
collection.
Title: EE–12–78 (Final) Non-Bank
Trustees.
Abstract: IRC section 408(a)(2)
permits an institution other than a bank
to be the trustee of an individual
retirement account (IRA). To do so, an
application needs to be filed and
various requirements need to be met.
IRS uses the information to determine
whether an institution qualifies to be a
non-bank trustee.
Respondents: Private Sector: Not-forprofit institutions.
Estimated Total Burden Hours: 13
hours.
OMB Number: 1545–1433.
Type of Review: Extension without
change to a currently approved
collection.
Title: CO–11–91 (TD 8597) (Final)
Consolidated and Controlled GroupsIntercompany Transactions and Related
Rules; CO–24–95 (TD 8660) (Final)
Consolidated Groups-Intercompany
Transactions and Related Rules.
Abstract: 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 intercompany transactions
and corresponding items are properly
maintained.
Respondents: Private Sector: Not-forprofit institutions.
Estimated Total Burden Hours: 1,050
hours.
OMB Number: 1545–0982.
Type of Review: Extension without
change to a currently approved
collection.
Title: LR–77–86 Temporary (TD 8124)
Certain Elections Under the Tax Reform
Act of 1986.
Abstract: These regulations establish
various elections with respect to which
immediate interim guidance on the time
and manner of making the election is
necessary. These regulations enable
taxpayers to take advantage of the
benefits of various Code provisions.
Respondents: Private Sector: Not-forprofit institutions.
Estimated Total Burden Hours: 28,678
hours.
OMB Number: 1545–2085.
Type of Review: Revision of a
currently approved collection.
Title: 990–N Electronic Notice (ePostcard).
Form: 990–N.
Abstract: Section 1223 of the Pension
Protection Act of 2006 (PPA ’06),
enacted on August 17, 2006, amended
Internal Revenue Code (Code) section
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6033 by adding Code section 6033(i),
which requires certain tax-exempt
organizations to file an annual
electronic notice (Form 990–N) for tax
years beginning after December 31,
2006. These organizations are not
required to file Form 990 (or Form 990–
EZ) because their gross receipts are
normally $25,000 or less.
Respondents: Private Sector: Not-forprofit institutions.
Estimated Total Burden Hours: 75,000
hours.
OMB Number: 1545–1255.
Type of Review: Extension without
change to a currently approved
collection.
Title: INTL–870–89 (NPRM) Earnings
Stripping (Section 163(j)).
Abstract: Certain taxpayers are
allowed to write off the fixed basis of
the stock of an acquired corporation.
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: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours: 1,196
hours.
OMB Number: 1545–2167.
Type of Review: Extension without
change to a currently approved
collection.
Title: Notice 2010–28, Stripping
Transactions for Qualified Tax Credit
Bonds.
Abstract: The IRS requires the
information to ensure compliance with
the tax credit bond credit coupon
stripping requirements, including
ensuring that no excess tax credit is
taken by holders of bonds and coupon
strips. The information is required in
order to inform holders of qualified tax
credit bonds whether the credit coupons
relating to those bonds may be stripped
as provided under § 54A(i). The
respondents are issuers of tax credit
bonds, including states and local
governments and other eligible issuers.
Respondents: State, Local, and Tribal
Governments.
Estimated Total Burden Hours: 1,000
hours.
OMB Number: 1545–1576.
Type of Review: Extension without
change to a currently approved
collection.
Title: Student Loan Interest Statement
Form: 1098–E.
Abstract: 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.
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Estimated Total Burden Hours:
1,051,357 hours.
OMB Number: 1545–1156.
Type of Review: Extension without
change to a currently approved
collection.
Title: Records (26 CFR 1.6001–1).
Abstract: Internal Revenue Code
section 6001 requires, in part, that every
person liable for tax, or for the
collection of that tax, keep such records
and comply with such rules and
regulations as the Secretary may from
time to time prescribe. These records are
needed to ensure proper compliance
with the Code.
Respondents: Individuals or
households.
Estimated Total Burden Hours: 1
hour.
OMB Number: 1545–1881.
Type of Review: Extension without
change to a currently approved
collection.
Title: Election To Treat a Qualified
Revocable Trust as Part of an Estate.
Form: 8855.
Abstract: Form 8855 is used to make
a section 645 election that allows a
qualified revocable trust to be treated
and taxed (for income tax purposes) as
part of its related estate during the
election period.
Respondents: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours: 28,200
hours.
OMB Number: 1545–1443.
Type of Review: Extension without
change to a currently approved
collection.
Title: PS–25–94 (Final) Requirements
to Ensure Collection of Section 2056A
Estate Tax (TD 8686).
Abstract: The regulation provides
guidance relating to the additional
requirements necessary to ensure the
collection of the estate tax imposed
under Section 2056A(b) with respect to
taxable events involving qualified
domestic trusts (QDOT’S). In order to
ensure collection of the tax, the
regulation provides various security
options that may be selected by the trust
and the requirements associated with
each option. In addition, under certain
circumstances the trust is required to
file an annual statement with the IRS
disclosing the assets held by the trust.
Respondents: Individuals or
households.
Estimated Total Burden Hours: 6,070
hours.
OMB Number: 1545–2052.
Type of Review: Extension without
change to a currently approved
collection.
Title: U.S. Income Tax Return for
Cooperative Associations.
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Federal Register / Vol. 75, No. 187 / Tuesday, September 28, 2010 / Notices
Form: 1120–C.
Abstract: IRS Code section 1381
requires subchapter T cooperatives to
file returns. Previously, farmers’
cooperatives filed Form 990–C and
other subchapter T cooperatives 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
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.
Respondents: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours:
430,400 hours.
OMB Number: 1545–1287.
Type of Review: Extension without
change to a currently approved
collection.
Title: FI–3–91 (TD 8456—Final)
Capitalization of Certain Policy
Acquisition Expenses.
Abstract: Insurance companies that
enter into reinsurance agreement must
determine the amounts to be capitalized
under those agreements consistently.
The regulations provide elections to
permit companies to shift the burden of
capitalization for their mutual benefit.
Respondents: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours: 2,070
hours.
OMB Number: 1545–1138.
Type of Review: Extension without
change to a currently approved
collection.
Title: INTL–955–86 (Final)
Requirements For Investments to
Qualify under Section 936(d)(4) as
Investments in Qualified Caribbean
Basin Countries.
Abstract: 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: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours: 1,500
hours.
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OMB Number: 1545–1308.
Type of Review: Extension without
change to a currently approved
collection.
Title: PS–260–82 (Final) Election,
Revocation, Termination, and Tax Effect
of Subchapter S Status—TD 8449.
Abstract: 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: 1545–0122.
Type of Review: Extension without
change to a currently approved
collection.
Title: Foreign Tax Credit
Corporations.
Form: 1118 (Schedule I, J, K).
Abstract: Form 1118 and separate
Schedules I, J, and K are used by
domestic and foreign corporations to
claim a credit for taxes paid to foreign
countries. The IRS uses Form 1118 and
related schedules to determine if the
corporation has computed the foreign
tax credit correctly.
Respondents: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours:
3,483,016 hours.
OMB Number: 1545–0191.
Type of Review: Extension without
change to a currently approved
collection.
Title: Investment Interest Expense
Deduction.
Form: 4952.
Abstract: Internal Revenue Code
section 163(d) provides a limitation on
individuals, estates, or trusts that paid
or accrued interest on investment
indebtedness. Form 4952 is used to
accumulate a taxpayer’s interest from all
sources and provides a line-by-line
computation of the allowable deduction
for investment interest.
Respondents: Individuals or
households.
Estimated Total Burden Hours:
205,596 hours.
OMB Number: 1545–1072.
Type of Review: Extension without
change to a currently approved
collection.
Title: INTL–952–86 (TD 8410–Final)
Allocation and Apportionment of
Interest Expense and Certain Other
Expenses.
Abstract: The regulations provide
rules concerning the allocation and
apportionment of expenses to foreign
source income for purposes of the
foreign tax credit and other provisions.
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Respondents: Individuals or
households.
Estimated Total Burden Hours: 3,750
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. 2010–24213 Filed 9–27–10; 8:45 am]
BILLING CODE 4810–01–P
DEPARTMENT OF THE TREASURY
Alcohol and Tobacco Tax and Trade
Bureau
Proposed Information Collections;
Comment Request
Alcohol and Tobacco Tax and
Trade Bureau, Treasury.
ACTION: Notice and request for
comments.
AGENCY:
As part of our continuing
effort to reduce paperwork and
respondent burden, and as required by
the Paperwork Reduction Act of 1995,
we invite comments on the proposed or
continuing information collections
listed below in this notice.
DATES: We must receive your written
comments on or before November 29,
2010.
SUMMARY:
You may send comments to
Mary A. Wood, Alcohol and Tobacco
Tax and Trade Bureau, at any of these
addresses:
• P.O. Box 14412, Washington, DC
20044–4412;
• 202–453–2686 (facsimile); or
• formcomments@ttb.gov (e-mail).
Please send separate comments for
each specific information collection
listed below. You must reference the
information collection’s title, form or
recordkeeping requirement number, and
OMB number (if any) in your comment.
If you submit your comment via
facsimile, send no more than five 8.5 x
11 inch pages in order to ensure
electronic access to our equipment.
FOR FURTHER INFORMATION CONTACT: To
obtain additional information, copies of
the information collection and its
instructions, or copies of any comments
received, contact Mary A. Wood,
Alcohol and Tobacco Tax and Trade
Bureau, P.O. Box 14412, Washington,
DC 20044–4412; or telephone 202–453–
2265.
ADDRESSES:
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]]>Agencies
[Federal Register Volume 75, Number 187 (Tuesday, September 28, 2010)]
[Notices]
[Pages 59795-59797]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-24213]
=======================================================================
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DEPARTMENT OF THE TREASURY
Submission for OMB Review; Comment Request
September 22, 2010.
The Department of the Treasury will submit the following public
information collection requirements to OMB for review and clearance
under the Paperwork Reduction Act of 1995, Public Law 104-13 on or
after the date of publication of this notice. A copy of the submissions
may be obtained by calling the Treasury Bureau Clearance Officer
listed. Comments regarding these information collections should be
addressed to the OMB reviewer listed and to the Treasury PRA Clearance
Officer, Department of the Treasury, 1750 Pennsylvania Avenue, NW.,
Suite 11010, Washington, DC 20220.
DATES: Written comments should be received on or before October 28,
2010 to be assured of consideration.
Internal Revenue Service (IRS)
OMB Number: 1545-1155.
Type of Review: Extension without change to a currently approved
collection.
Title: PS-74-89 (TD 8282) Final Election of Reduced Research
Credit.
Abstract: These regulations prescribe the procedure for making the
election described in section 280C(c)(3) of the Internal Revenue Code.
Taxpayers making this election must reduce their section 41(a) research
credit, but are not required to reduce their deductions for qualified
research expenses, as required in paragraphs (1) and (2) of section
280C(c).
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 50 hours.
OMB Number: 1545-0042.
Type of Review: Revision of a currently approved collection.
Title: Application To Use LIFO Inventory Method.
Form: 970
Abstract: Form 970 is filed by individuals, partnerships, trusts,
estates, or corporations to elect to use the 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.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 42,220 hours.
OMB Number: 1545-0757.
Type of Review: Extension without change to a currently approved
collection.
Title: LR-209-76 (Final) Special Lien for Estate Taxes Deferred
Under Section 6166 or 6166A.
Abstract: Section 632A permits the executor of a decedent's estate
to elect a lien on section 6166 property in favor of the United States
in lieu of a bond or personal liability if an election under section
6166 was made and the executor files an agreement under section
6323A(c).
Respondents: Individuals or households.
Estimated Total Burden Hours: 8,650 hours.
OMB Number: 1545-1861.
Type of Review: Extension without change to a currently approved
collection.
Title: Revenue Procedure 2004-19, Probable or Prospective Reserves
Safe Harbor.
Abstract: 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: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 50 hours.
OMB Number: 1545-1879.
Type of Review: Extension without change to a currently approved
collection.
Title: Exempt Organization Declaration and Signature for Electronic
Filing.
Form: 8453-EO
Abstract: 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: Private Sector: Not-for-profit institutions.
Estimated Total Burden Hours: 1,046 hours.
OMB Number: 1545-0800.
Type of Review: Extension without change to a currently approved
collection.
Title: Reg. 601.601 Rules and Regulations.
Abstract: Persons wishing to speak at a public hearing on a
proposed rule must submit written comments and an outline within
prescribed time limits, for use in preparing agendas and allocating
time. Persons interested in the issuance, amendment, or repeal of a
rule may submit a petition for this. IRS considers the petitions in its
deliberations.
Respondents: Private Sector: Not-for-profit institutions,
Businesses or other for-profits and Farms.
Estimated Total Burden Hours: 900 hours.
OMB Number: 1545-0806.
[[Page 59796]]
Type of Review: Extension without change to a currently approved
collection.
Title: EE-12-78 (Final) Non-Bank Trustees.
Abstract: IRC section 408(a)(2) permits an institution other than a
bank to be the trustee of an individual retirement account (IRA). To do
so, an application needs to be filed and various requirements need to
be met. IRS uses the information to determine whether an institution
qualifies to be a non-bank trustee.
Respondents: Private Sector: Not-for-profit institutions.
Estimated Total Burden Hours: 13 hours.
OMB Number: 1545-1433.
Type of Review: Extension without change to a currently approved
collection.
Title: CO-11-91 (TD 8597) (Final) Consolidated and Controlled
Groups-Intercompany Transactions and Related Rules; CO-24-95 (TD 8660)
(Final) Consolidated Groups-Intercompany Transactions and Related
Rules.
Abstract: 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 intercompany transactions and
corresponding items are properly maintained.
Respondents: Private Sector: Not-for-profit institutions.
Estimated Total Burden Hours: 1,050 hours.
OMB Number: 1545-0982.
Type of Review: Extension without change to a currently approved
collection.
Title: LR-77-86 Temporary (TD 8124) Certain Elections Under the Tax
Reform Act of 1986.
Abstract: These regulations establish various elections with
respect to which immediate interim guidance on the time and manner of
making the election is necessary. These regulations enable taxpayers to
take advantage of the benefits of various Code provisions.
Respondents: Private Sector: Not-for-profit institutions.
Estimated Total Burden Hours: 28,678 hours.
OMB Number: 1545-2085.
Type of Review: Revision of a currently approved collection.
Title: 990-N Electronic Notice (e-Postcard).
Form: 990-N.
Abstract: Section 1223 of the Pension Protection Act of 2006 (PPA
'06), enacted on August 17, 2006, amended Internal Revenue Code (Code)
section 6033 by adding Code section 6033(i), which requires certain
tax-exempt organizations to file an annual electronic notice (Form 990-
N) for tax years beginning after December 31, 2006. These organizations
are not required to file Form 990 (or Form 990-EZ) because their gross
receipts are normally $25,000 or less.
Respondents: Private Sector: Not-for-profit institutions.
Estimated Total Burden Hours: 75,000 hours.
OMB Number: 1545-1255.
Type of Review: Extension without change to a currently approved
collection.
Title: INTL-870-89 (NPRM) Earnings Stripping (Section 163(j)).
Abstract: Certain taxpayers are allowed to write off the fixed
basis of the stock of an acquired corporation. 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: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 1,196 hours.
OMB Number: 1545-2167.
Type of Review: Extension without change to a currently approved
collection.
Title: Notice 2010-28, Stripping Transactions for Qualified Tax
Credit Bonds.
Abstract: The IRS requires the information to ensure compliance
with the tax credit bond credit coupon stripping requirements,
including ensuring that no excess tax credit is taken by holders of
bonds and coupon strips. The information is required in order to inform
holders of qualified tax credit bonds whether the credit coupons
relating to those bonds may be stripped as provided under Sec. 54A(i).
The respondents are issuers of tax credit bonds, including states and
local governments and other eligible issuers.
Respondents: State, Local, and Tribal Governments.
Estimated Total Burden Hours: 1,000 hours.
OMB Number: 1545-1576.
Type of Review: Extension without change to a currently approved
collection.
Title: Student Loan Interest Statement
Form: 1098-E.
Abstract: 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: 1545-1156.
Type of Review: Extension without change to a currently approved
collection.
Title: Records (26 CFR 1.6001-1).
Abstract: Internal Revenue Code section 6001 requires, in part,
that every person liable for tax, or for the collection of that tax,
keep such records and comply with such rules and regulations as the
Secretary may from time to time prescribe. These records are needed to
ensure proper compliance with the Code.
Respondents: Individuals or households.
Estimated Total Burden Hours: 1 hour.
OMB Number: 1545-1881.
Type of Review: Extension without change to a currently approved
collection.
Title: Election To Treat a Qualified Revocable Trust as Part of an
Estate.
Form: 8855.
Abstract: Form 8855 is used to make a section 645 election that
allows a qualified revocable trust to be treated and taxed (for income
tax purposes) as part of its related estate during the election period.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 28,200 hours.
OMB Number: 1545-1443.
Type of Review: Extension without change to a currently approved
collection.
Title: PS-25-94 (Final) Requirements to Ensure Collection of
Section 2056A Estate Tax (TD 8686).
Abstract: The regulation provides guidance relating to the
additional requirements necessary to ensure the collection of the
estate tax imposed under Section 2056A(b) with respect to taxable
events involving qualified domestic trusts (QDOT'S). In order to ensure
collection of the tax, the regulation provides various security options
that may be selected by the trust and the requirements associated with
each option. In addition, under certain circumstances the trust is
required to file an annual statement with the IRS disclosing the assets
held by the trust.
Respondents: Individuals or households.
Estimated Total Burden Hours: 6,070 hours.
OMB Number: 1545-2052.
Type of Review: Extension without change to a currently approved
collection.
Title: U.S. Income Tax Return for Cooperative Associations.
[[Page 59797]]
Form: 1120-C.
Abstract: IRS Code section 1381 requires subchapter T cooperatives
to file returns. Previously, farmers' cooperatives filed Form 990-C and
other subchapter T cooperatives 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 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.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 430,400 hours.
OMB Number: 1545-1287.
Type of Review: Extension without change to a currently approved
collection.
Title: FI-3-91 (TD 8456--Final) Capitalization of Certain Policy
Acquisition Expenses.
Abstract: Insurance companies that enter into reinsurance agreement
must determine the amounts to be capitalized under those agreements
consistently. The regulations provide elections to permit companies to
shift the burden of capitalization for their mutual benefit.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 2,070 hours.
OMB Number: 1545-1138.
Type of Review: Extension without change to a currently approved
collection.
Title: INTL-955-86 (Final) Requirements For Investments to Qualify
under Section 936(d)(4) as Investments in Qualified Caribbean Basin
Countries.
Abstract: 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: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 1,500 hours.
OMB Number: 1545-1308.
Type of Review: Extension without change to a currently approved
collection.
Title: PS-260-82 (Final) Election, Revocation, Termination, and Tax
Effect of Subchapter S Status--TD 8449.
Abstract: 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: 1545-0122.
Type of Review: Extension without change to a currently approved
collection.
Title: Foreign Tax Credit Corporations.
Form: 1118 (Schedule I, J, K).
Abstract: Form 1118 and separate Schedules I, J, and K are used by
domestic and foreign corporations to claim a credit for taxes paid to
foreign countries. The IRS uses Form 1118 and related schedules to
determine if the corporation has computed the foreign tax credit
correctly.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 3,483,016 hours.
OMB Number: 1545-0191.
Type of Review: Extension without change to a currently approved
collection.
Title: Investment Interest Expense Deduction.
Form: 4952.
Abstract: Internal Revenue Code section 163(d) provides a
limitation on individuals, estates, or trusts that paid or accrued
interest on investment indebtedness. Form 4952 is used to accumulate a
taxpayer's interest from all sources and provides a line-by-line
computation of the allowable deduction for investment interest.
Respondents: Individuals or households.
Estimated Total Burden Hours: 205,596 hours.
OMB Number: 1545-1072.
Type of Review: Extension without change to a currently approved
collection.
Title: INTL-952-86 (TD 8410-Final) Allocation and Apportionment of
Interest Expense and Certain Other Expenses.
Abstract: The regulations provide rules concerning the allocation
and apportionment of expenses to foreign source income for purposes of
the foreign tax credit and other provisions.
Respondents: Individuals or households.
Estimated Total Burden Hours: 3,750 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. 2010-24213 Filed 9-27-10; 8:45 am]
BILLING CODE 4810-01-P
