Submission for OMB Review; Comment Request, 70775-70777 [2010-29026]
Download as PDF
<![CDATA[
mstockstill on DSKH9S0YB1PROD with NOTICES
Federal Register / Vol. 75, No. 222 / Thursday, November 18, 2010 / Notices
one spouse or former spouse as a
transfer of that stock to the other spouse
or former spouse in exchange for the
redemption proceeds and a redemption
of the stock from the latter spouse or
former spouse in exchange for the
redemption proceeds.
Respondents: Individuals and
Households.
Estimated Total Burden Hours: 500
hours.
OMB Number: 1545–1886.
Type of Review: Extension without
change to a currently approved
collection.
Title: Revenue Procedure 2004–35,
Late Spousal S Corp Consents in
Community Property States.
Abstract: This revenue procedure
requires the collection of certain
information in order for the taxpayer to
gain relief for late shareholder consents
for Subchapter S elections. The
information is designed to make sure
that applications for relief meet the
requirements set out in the revenue
procedure.
Respondents: Businesses or other forprofits.
Estimated Total Burden Hours: 500
hours.
OMB Number: 1545–1900.
Type of Review: Extension without
change to a currently approved
collection.
Title: REG–208254–90 (TD 9212—
final) Source of Compensation for Labor
or Personal Services.
Abstract: The proposed regulation
describes the appropriate bases for
determining the source of income from
labor or personal services performed
partly within and partly without the
United States. The information required
in Sec. 1.861–4(b)(2)(ii)(D) and (D)(6)
will enable an employee to source
certain fringe benefits on a geographical
basis. The collections of information
will, likewise, allow the IRS to verify
these determinations.
Respondents: Individuals and
Households.
Estimated Total Burden Hours: 10,000
hours.
OMB Number: 1545–2058.
Type of Review: Extension without
change to a currently approved
collection.
Title: U.S. Electronic Large
Partnership Declaration for an I.R.S. efile return.
Form: 8453–B.
Abstract: If you are filing a 2006 Form
1065–B through an ISP and/or
transmitter and you are not using an
ERO, you must file Form 8453–B with
your electronically filed return. An ERO
can use either Form 8453–B or Form
VerDate Mar<15>2010
16:56 Nov 17, 2010
Jkt 223001
8879–B to obtain authorization to file
the partnership’s Form 1065–B.
Respondents: Businesses or other forprofits.
Estimated Total Burden Hours: 144
hours.
OMB Number: 1545–2062.
Type of Review: Extension without
change to a currently approved
collection.
Title: Reconciliation of Schedule M–
3 Taxable Income with Tax Return
Taxable Income for Mixed Groups.
Form: 8916.
Abstract: The Form 8916 reconciles
taxable income per the Schedule M–3
for the Forms 1120, 1120–L, or 1120–PC
with the taxable income on mixed
groups filing Form 1120, 1120–L, or
1120–PC. This is necessary because
certain special adjustments are required
to match taxable income of mixed
groups as reported on the Schedule M–
3 with taxable income they report on
Forms 1120, 1120–L, or 1120–PC.
Respondents: Businesses or other forprofits.
Estimated Total Burden Hours: 3,385
hours.
OMB Number: 1545–2066.
Type of Review: Extension without
change to a currently approved
collection.
Title: Notice of Recapture Event for
New Markets Credit.
Form: 8874–B
Abstract: Form 8874–B, Notice of
Recapture Event for New markets Credit
was developed because qualified CDEs
must provide Taxpayers holding a
qualified equity investment with a
completed Form 8874–B when a
recapture event occurs. Regulations
section 1.45D–1(g)(2)(i)(B).
Respondents: Businesses or other forprofits.
Estimated Total Burden Hours: 2,755
hours.
OMB Number: 1545–2070.
Type of Review: Extension without
change to a currently approved
collection.
Title: Rev. Proc. 2007–48 Rotable
Spare Parts Safe Harbor Method.
Abstract: The information for which
the agency is requesting to collect will
support a taxpayer’s claim for eligibility
to use the safe harbor method of
accounting for rotable spare parts
provided in the proposed revenue
procedures. The information will be
submitted as a supporting schedule for
the Form 3115, Application for Change
in Accounting Method.
Respondents: Businesses or other forprofits.
Estimated Total Burden Hours: 75
hours.
PO 00000
Frm 00104
Fmt 4703
Sfmt 4703
70775
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. 2010–29027 Filed 11–17–10; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Submission for OMB Review;
Comment Request
November 12, 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 December 20, 2010
to be assured of consideration.
Internal Revenue Service (IRS)
OMB Number: 1545–1902.
Type of Review: Extension without
change to a currently approved
collection.
Title: Qualified Severance of a Trust
for Generation-Skipping Transfer (GST)
Tax Purposes (TD 9348—Final).
Abstract: This Regulation requires
taxpayers to report a qualified severance
by filing a Form 706–GS(T), or such
other form that may be published by the
Internal Revenue Service in the future
that is specifically designated to be
utilized to report qualified severances.
Where Form 706–GS(T) is used, the filer
should attach a Notice of Qualified
Severance to the return that clearly
identifies the trust that is being severed
and the new trusts created as a result of
the severance. The Notice must also
provide the inclusion ratio of the trust
that was severed and the inclusion
ratios of the new trusts resulting from
the severance. The information
collected will be used by the IRS to
identify the trusts being severed and the
new trusts created upon severance. The
collection of information is required in
E:\FR\FM\18NON1.SGM
18NON1
mstockstill on DSKH9S0YB1PROD with NOTICES
70776
Federal Register / Vol. 75, No. 222 / Thursday, November 18, 2010 / Notices
order to have a qualified severance. If
there was no reporting requirement, the
IRS would be unable to achieve its
objectives.
Respondents: Businesses or other forprofits.
Estimated Total Burden Hours: 12,500
hours.
OMB Number: 1545–0923.
Type of Review: Extension without
change to a currently approved
collection.
Title: REG–209274–85 (NPRM) and
(Temporary) Tax Exempt Entity Leasing.
Abstract: These regulations provide
guidance to persons executing lease
agreements involving tax-exempt
entities under section 168(h) of the
Internal Revenue Code. The regulations
are necessary to implement
congressionally enacted legislation and
elections for certain previously taxexempt organizations and certain taxexempt controlled entities.
Respondents: Not-for-profit
institutions.
Estimated Total Burden Hours: 2,000
hours.
OMB Number: 1545–1051.
Type of Review: Extension without
change to a currently approved
collection.
Title: INTL–29–91 (Final)
Computation and Characterization of
Income and Earnings and Profits under
the Dollar Approximate Separate
Transactions Method of Accounting
(DASTM).
Abstract: For taxable years after the
final regulations are effective, taxpayers
operating in hyperinflationary
currencies must use the U.S. dollar as
their functional currency and compute
income using the dollar approximate
separate transactions method (DASTM).
Small taxpayers may elect an alternate
method by which to compute income or
loss. For prior taxable years in which
income was computed using the profit
and loss method, taxpayers may elect to
recompute their income using DASTM.
Respondents: Businesses or other forprofits.
Estimated Total Burden Hours: 1,000
hours.
OMB Number: 1545–1141.
Type of Review: Extension without
change to a currently approved
collection.
Title: Notice 89–102, Treatment of
Acquisition of Certain Financial
Institutions; Tax Consequences of
Federal Financial Assistance.
Abstract: Section 597 of the Internal
Revenue Code provides that the
Secretary provide guidance concerning
the tax consequences of Federal
financial assistance received by
VerDate Mar<15>2010
16:56 Nov 17, 2010
Jkt 223001
qualifying institutions. These
institutions may defer payment of
Federal income tax attributable to the
assistance. Required information
identifies deferred tax liabilities.
Respondents: Businesses or other forprofits.
Estimated Total Burden Hours: 125
hours.
OMB Number: 1545–1355.
Type of Review: Extension without
change to a currently approved
collection.
Title: REG–208985–89 (formerly
INTL–848–89)(NPRM) Taxable Year of
Certain Foreign Corporations Beginning
After July 10, 1989.
Abstract: Proposed regulations set
forth the ‘‘required year’’ for ‘‘specified
foreign corporations’’ for taxable years
beginning after July 10, 1989, and give
guidance on which foreign corporations
must change their taxable year and how
to effect the change in taxable year.
Specified foreign corporations must
conform to the required year and must
state so on Form 5471.
Respondents: Businesses or other forprofits.
Estimated Total Burden Hours: 700
hours.
OMB Number: 1545–1601.
Type of Review: Extension without
change to a currently approved
collection.
Title: Revenue Procedure 98–32,
EFTPS Programs for Reporting Agents.
Abstract: The Batch and Bulk Filer
programs are used by Filers for
electronically submitting enrollments,
Federal tax deposits, and Federal tax
payments on behalf of multiple
taxpayers. These programs are part of
the Electronic Federal Tax Payment
System (EFTPS).
Respondents: Businesses or other forprofits.
Estimated Total Burden Hours:
246,877 hours.
OMB Number: 1545–1616.
Type of Review: Extension without
change to a currently approved
collection.
Title: REG–115393–98 (Final) Roth
IRAs
Abstract: The regulations provide
guidance on establishing Roth IRAs,
contributions to Roth IRAs, converting
amounts to Roth IRAs, re-characterizing
IRA contributions, Roth IRA
distributions, and Roth IRA reporting
requirements.
Respondents: Individuals or
Households.
Estimated Total Burden Hours:
125,000 hours.
OMB Number: 1545–2067.
PO 00000
Frm 00105
Fmt 4703
Sfmt 4703
Type of Review: Extension without
change to a currently approved
collection.
Title: Mine Rescue Team Training
Credit.
Form: 8923.
Abstract: Form 8923, Mine Rescue
Team Training Credit, was developed to
carry out the provisions of new code
section 45N. 45N was added by section
405 of the Tax Relief and Health Care
Act of 2006. The new form provides a
means for the qualified mining company
to compute and claim the credit.
Respondents: Businesses or other forprofits.
Estimated Total Burden Hours: 292
hours.
OMB Number: 1545–2063.
Type of Review: Extension without
change to a currently approved
collection.
Title: 26 CFR 1.932–1 (Formerly Not2007–19 As Amended by Not-2007–31),
Statute of Limitations and Exchange of
Information Concerning Certain
Individuals Filing Income Tax Returns
with the U.S. VI.
Abstract: This Regulation concerns
the statute of limitations on assessment
of the U.S. income tax liability, if any,
of U.S. citizens or resident aliens who
are bona fide residents of the USVI. In
general, the Regulation provides rules
allowing bona fide residents of the USVI
to start the period of limitations by
properly filing a return with the USVI
tax administration and, in the case of
individuals with $75,000 or more of
gross income during the taxable year, by
filing an income tax return with the IRS
reporting no gross income and no
taxable income on lines 22 and 43 (in
addition to a proper USVI filing). The
Regulation provides for a new collection
of information in the form of an annual
information statement, under sections
932(c) and 7654, for U.S. citizens or
residents with $75,000 or more of gross
income who claim bona fide residency
status in the USVI. Taxpayers subject to
the new collection of information must
attach a statement to their US 1040
return, for taxable years ending on or
after December 31, 2006, that answers
several questions relating to their claim
of bona fide residency status in the
USVI.
Respondents: Individuals or
households.
Estimated Total Burden Hours: 42,500
hours.
OMB Number: 1545–1731.
Type of Review: Extension without
change to a currently approved
collection.
Title: Revenue Procedure 2001–37,
Extraterritorial Income Exclusion
Elections.
E:\FR\FM\18NON1.SGM
18NON1
mstockstill on DSKH9S0YB1PROD with NOTICES
Federal Register / Vol. 75, No. 222 / Thursday, November 18, 2010 / Notices
Abstract: A taxpayer that wants to
revoke its election to be treated as a
domestic corporation for all purposes of
the Internal Revenue Code (‘‘Code’’)
must file a revocation statement with
the Internal Revenue Service (‘‘IRS’’).
This revenue procedure provides
guidance for implementing the elections
(and revocation of such elections)
established under the ‘‘FSC Repeal and
Extraterritorial Income Exclusion Act of
2000.’’
Respondents: Businesses or other forprofits.
Estimated Total Burden Hours: 19
hours.
OMB Number: 1545–1884.
Type of Review: Extension without
change to a currently approved
collection.
Title: Announcement 2004–43,
Election of Alternative Deficit
Reduction Contribution.
Abstract: Announcement 2004–43
describes the notice that must be given
by an employer to plan participants and
beneficiaries and to the Pension Benefit
Guaranty Corporation within 30 days of
making an election to take advantage of
the alternative deficit reduction
contribution described in Public Law,
108–18, and gives a special transition
rule for the 1st quarter.
Respondents: Businesses or other forprofits.
Estimated Total Burden Hours: 12,000
hours.
OMB Number: 1545–1899.
Type of Review: Extension without
change to a currently approved
collection.
Title: REG–138176–02 (NPRM)
Timely Mailing Treated As Timely
Filing.
Abstract: Section 7502(a) of the
Internal Revenue Code provides that a
document received after the due date for
filing will be treated as filed on the date
of the United States postmark on the
envelope containing the document if the
postmark date is on or before the date
for filing the document and the
document is placed in the U.S. mail on
or before the due date. Under I.R.C. Sec.
7502, in order for taxpayers to establish
the postmark date and prima facie
evidence of delivery when using
registered or certified mail to file
documents with the IRS, taxpayers will
need to retain the sender’s receipt.
Respondents: Individuals or
households.
Estimated Total Burden Hours:
1,084,765 hours.
OMB Number: 1545–1906.
Type of Review: Extension without
change to a currently approved
collection.
VerDate Mar<15>2010
16:56 Nov 17, 2010
Jkt 223001
Title: REG–149524–03, LIFO
Recapture Under Section 1363(d).
Abstract: This collection of
information is required to inform the
IRS of partnerships electing to increase
the basis of inventory to reflect any
amount included in a partner’s income
under section 1363(d). Section 1.1363–
2(e)(ii) allows a partnership to elect to
adjust the basis of its inventory to take
account of LIFO recapture. Section
1.1363–2(e)(3) provides guidance on
how to make this election.
Respondents: Businesses or other forprofits.
Estimated Total Burden Hours: 200
hours.
OMB Number: 1545–2060.
Type of Review: Extension without
change to a currently approved
collection.
Title: Notice 2007–46—Credit for New
Medium-Duty and Heavy-Duty Hybrid
Motor Vehicles.
Abstract: This notice sets forth a
process that allows taxpayers who
purchase medium-duty and heavy-duty
hybrid vehicles to rely on the domestic
manufacturer’s (or, in the case of a
foreign manufacturer, its domestic
distributor’s) certification that both a
particular make, model, and year of
vehicle qualifies as a qualified hybrid
motor vehicle under § 30B(3) and (d),
and the amount of the credit allowable
with respect to the vehicle.
Respondents: Businesses or other forprofits.
Estimated Total Burden Hours: 280
hours.
OMB Number: 1545–2068.
Type of Review: Extension without
change to a currently approved
collection.
Title: TD 9340 (Final) Revised
Regulations Concerning Section 403(b)
Tax-Sheltered Annuity Contracts.
Abstract: The collection of
information in the regulations is in
§ 1.403(b)–10(b)(2) of the Income Tax
Regulations, requiring, in the case of
certain exchanges or transfers, that the
section 403(b) plan sponsor or
administrator enter into an agreement to
exchange certain information with
vendors of section 403(b) contracts.
Such information exchange is necessary
to ensure compliance with tax law
requirements relating to loans and
hardship distributions from section
403(b) plans.
Respondents: Not-for-profit
institutions.
Estimated Total Burden Hours: 45,000
hours.
OMB Number: 1545–0121.
Type of Review: Revision of a
currently approved collection.
PO 00000
Frm 00106
Fmt 4703
Sfmt 9990
70777
Title: Foreign Tax Credit (Individual,
Estate, or Trust).
Form: 1116.
Abstract: Form 1116 is used by
individuals (including nonresident
aliens) estates or trusts that paid foreign
income taxes on U.S. taxable income to
compute the foreign tax credit. This
information is used by the IRS to verify
the foreign tax credit.
Respondents: Individuals or
households.
Estimated Total Burden Hours:
25,066,693 hours.
OMB Number: 1545–0796.
Type of Review: Extension without
change to a currently approved
collection.
Title: Office of Chief Counsel—
Application.
Form: 6524.
Abstract: The Chief Counsel
Application form provides data we
deem critical for evaluating an attorney
applicant’s qualifications such as LSAT
score, bar admission status, type of work
preference, law school, and class
standing. OF–306 does not provide this
information.
Respondents: Individuals or
Households.
Estimated Total Burden Hours: 900
hours.
OMB Number: 1545–1189.
Type of Review: Extension without
change to a currently approved
collection.
Title: Dollar Election Under Section
985.
Form: 8819.
Abstract: Form 8819 is filed by U.S.
and foreign businesses to elect the U.S.
dollar as their functional currency or as
the functional currency of their
controlled entities. The IRS uses Form
8819 to determine if the election is
properly made.
Respondents: Businesses or other forprofits.
Estimated Total Burden Hours: 3,220
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. 2010–29026 Filed 11–17–10; 8:45 am]
BILLING CODE 4830–01–P
E:\FR\FM\18NON1.SGM
18NON1
]]>Agencies
[Federal Register Volume 75, Number 222 (Thursday, November 18, 2010)]
[Notices]
[Pages 70775-70777]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-29026]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Submission for OMB Review; Comment Request
November 12, 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 December
20, 2010 to be assured of consideration.
Internal Revenue Service (IRS)
OMB Number: 1545-1902.
Type of Review: Extension without change to a currently approved
collection.
Title: Qualified Severance of a Trust for Generation-Skipping
Transfer (GST) Tax Purposes (TD 9348--Final).
Abstract: This Regulation requires taxpayers to report a qualified
severance by filing a Form 706-GS(T), or such other form that may be
published by the Internal Revenue Service in the future that is
specifically designated to be utilized to report qualified severances.
Where Form 706-GS(T) is used, the filer should attach a Notice of
Qualified Severance to the return that clearly identifies the trust
that is being severed and the new trusts created as a result of the
severance. The Notice must also provide the inclusion ratio of the
trust that was severed and the inclusion ratios of the new trusts
resulting from the severance. The information collected will be used by
the IRS to identify the trusts being severed and the new trusts created
upon severance. The collection of information is required in
[[Page 70776]]
order to have a qualified severance. If there was no reporting
requirement, the IRS would be unable to achieve its objectives.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 12,500 hours.
OMB Number: 1545-0923.
Type of Review: Extension without change to a currently approved
collection.
Title: REG-209274-85 (NPRM) and (Temporary) Tax Exempt Entity
Leasing.
Abstract: These regulations provide guidance to persons executing
lease agreements involving tax-exempt entities under section 168(h) of
the Internal Revenue Code. The regulations are necessary to implement
congressionally enacted legislation and elections for certain
previously tax-exempt organizations and certain tax-exempt controlled
entities.
Respondents: Not-for-profit institutions.
Estimated Total Burden Hours: 2,000 hours.
OMB Number: 1545-1051.
Type of Review: Extension without change to a currently approved
collection.
Title: INTL-29-91 (Final) Computation and Characterization of
Income and Earnings and Profits under the Dollar Approximate Separate
Transactions Method of Accounting (DASTM).
Abstract: For taxable years after the final regulations are
effective, taxpayers operating in hyperinflationary currencies must use
the U.S. dollar as their functional currency and compute income using
the dollar approximate separate transactions method (DASTM). Small
taxpayers may elect an alternate method by which to compute income or
loss. For prior taxable years in which income was computed using the
profit and loss method, taxpayers may elect to recompute their income
using DASTM.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 1,000 hours.
OMB Number: 1545-1141.
Type of Review: Extension without change to a currently approved
collection.
Title: Notice 89-102, Treatment of Acquisition of Certain Financial
Institutions; Tax Consequences of Federal Financial Assistance.
Abstract: Section 597 of the Internal Revenue Code provides that
the Secretary provide guidance concerning the tax consequences of
Federal financial assistance received by qualifying institutions. These
institutions may defer payment of Federal income tax attributable to
the assistance. Required information identifies deferred tax
liabilities.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 125 hours.
OMB Number: 1545-1355.
Type of Review: Extension without change to a currently approved
collection.
Title: REG-208985-89 (formerly INTL-848-89)(NPRM) Taxable Year of
Certain Foreign Corporations Beginning After July 10, 1989.
Abstract: Proposed regulations set forth the ``required year'' for
``specified foreign corporations'' for taxable years beginning after
July 10, 1989, and give guidance on which foreign corporations must
change their taxable year and how to effect the change in taxable year.
Specified foreign corporations must conform to the required year and
must state so on Form 5471.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 700 hours.
OMB Number: 1545-1601.
Type of Review: Extension without change to a currently approved
collection.
Title: Revenue Procedure 98-32, EFTPS Programs for Reporting
Agents.
Abstract: The Batch and Bulk Filer programs are used by Filers for
electronically submitting enrollments, Federal tax deposits, and
Federal tax payments on behalf of multiple taxpayers. These programs
are part of the Electronic Federal Tax Payment System (EFTPS).
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 246,877 hours.
OMB Number: 1545-1616.
Type of Review: Extension without change to a currently approved
collection.
Title: REG-115393-98 (Final) Roth IRAs
Abstract: The regulations provide guidance on establishing Roth
IRAs, contributions to Roth IRAs, converting amounts to Roth IRAs, re-
characterizing IRA contributions, Roth IRA distributions, and Roth IRA
reporting requirements.
Respondents: Individuals or Households.
Estimated Total Burden Hours: 125,000 hours.
OMB Number: 1545-2067.
Type of Review: Extension without change to a currently approved
collection.
Title: Mine Rescue Team Training Credit.
Form: 8923.
Abstract: Form 8923, Mine Rescue Team Training Credit, was
developed to carry out the provisions of new code section 45N. 45N was
added by section 405 of the Tax Relief and Health Care Act of 2006. The
new form provides a means for the qualified mining company to compute
and claim the credit.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 292 hours.
OMB Number: 1545-2063.
Type of Review: Extension without change to a currently approved
collection.
Title: 26 CFR 1.932-1 (Formerly Not-2007-19 As Amended by Not-2007-
31), Statute of Limitations and Exchange of Information Concerning
Certain Individuals Filing Income Tax Returns with the U.S. VI.
Abstract: This Regulation concerns the statute of limitations on
assessment of the U.S. income tax liability, if any, of U.S. citizens
or resident aliens who are bona fide residents of the USVI. In general,
the Regulation provides rules allowing bona fide residents of the USVI
to start the period of limitations by properly filing a return with the
USVI tax administration and, in the case of individuals with $75,000 or
more of gross income during the taxable year, by filing an income tax
return with the IRS reporting no gross income and no taxable income on
lines 22 and 43 (in addition to a proper USVI filing). The Regulation
provides for a new collection of information in the form of an annual
information statement, under sections 932(c) and 7654, for U.S.
citizens or residents with $75,000 or more of gross income who claim
bona fide residency status in the USVI. Taxpayers subject to the new
collection of information must attach a statement to their US 1040
return, for taxable years ending on or after December 31, 2006, that
answers several questions relating to their claim of bona fide
residency status in the USVI.
Respondents: Individuals or households.
Estimated Total Burden Hours: 42,500 hours.
OMB Number: 1545-1731.
Type of Review: Extension without change to a currently approved
collection.
Title: Revenue Procedure 2001-37, Extraterritorial Income Exclusion
Elections.
[[Page 70777]]
Abstract: A taxpayer that wants to revoke its election to be
treated as a domestic corporation for all purposes of the Internal
Revenue Code (``Code'') must file a revocation statement with the
Internal Revenue Service (``IRS''). This revenue procedure provides
guidance for implementing the elections (and revocation of such
elections) established under the ``FSC Repeal and Extraterritorial
Income Exclusion Act of 2000.''
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 19 hours.
OMB Number: 1545-1884.
Type of Review: Extension without change to a currently approved
collection.
Title: Announcement 2004-43, Election of Alternative Deficit
Reduction Contribution.
Abstract: Announcement 2004-43 describes the notice that must be
given by an employer to plan participants and beneficiaries and to the
Pension Benefit Guaranty Corporation within 30 days of making an
election to take advantage of the alternative deficit reduction
contribution described in Public Law, 108-18, and gives a special
transition rule for the 1st quarter.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 12,000 hours.
OMB Number: 1545-1899.
Type of Review: Extension without change to a currently approved
collection.
Title: REG-138176-02 (NPRM) Timely Mailing Treated As Timely
Filing.
Abstract: Section 7502(a) of the Internal Revenue Code provides
that a document received after the due date for filing will be treated
as filed on the date of the United States postmark on the envelope
containing the document if the postmark date is on or before the date
for filing the document and the document is placed in the U.S. mail on
or before the due date. Under I.R.C. Sec. 7502, in order for taxpayers
to establish the postmark date and prima facie evidence of delivery
when using registered or certified mail to file documents with the IRS,
taxpayers will need to retain the sender's receipt.
Respondents: Individuals or households.
Estimated Total Burden Hours: 1,084,765 hours.
OMB Number: 1545-1906.
Type of Review: Extension without change to a currently approved
collection.
Title: REG-149524-03, LIFO Recapture Under Section 1363(d).
Abstract: This collection of information is required to inform the
IRS of partnerships electing to increase the basis of inventory to
reflect any amount included in a partner's income under section
1363(d). Section 1.1363-2(e)(ii) allows a partnership to elect to
adjust the basis of its inventory to take account of LIFO recapture.
Section 1.1363-2(e)(3) provides guidance on how to make this election.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 200 hours.
OMB Number: 1545-2060.
Type of Review: Extension without change to a currently approved
collection.
Title: Notice 2007-46--Credit for New Medium-Duty and Heavy-Duty
Hybrid Motor Vehicles.
Abstract: This notice sets forth a process that allows taxpayers
who purchase medium-duty and heavy-duty hybrid vehicles to rely on the
domestic manufacturer's (or, in the case of a foreign manufacturer, its
domestic distributor's) certification that both a particular make,
model, and year of vehicle qualifies as a qualified hybrid motor
vehicle under Sec. 30B(3) and (d), and the amount of the credit
allowable with respect to the vehicle.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 280 hours.
OMB Number: 1545-2068.
Type of Review: Extension without change to a currently approved
collection.
Title: TD 9340 (Final) Revised Regulations Concerning Section
403(b) Tax-Sheltered Annuity Contracts.
Abstract: The collection of information in the regulations is in
Sec. 1.403(b)-10(b)(2) of the Income Tax Regulations, requiring, in
the case of certain exchanges or transfers, that the section 403(b)
plan sponsor or administrator enter into an agreement to exchange
certain information with vendors of section 403(b) contracts. Such
information exchange is necessary to ensure compliance with tax law
requirements relating to loans and hardship distributions from section
403(b) plans.
Respondents: Not-for-profit institutions.
Estimated Total Burden Hours: 45,000 hours.
OMB Number: 1545-0121.
Type of Review: Revision of a currently approved collection.
Title: Foreign Tax Credit (Individual, Estate, or Trust).
Form: 1116.
Abstract: Form 1116 is used by individuals (including nonresident
aliens) estates or trusts that paid foreign income taxes on U.S.
taxable income to compute the foreign tax credit. This information is
used by the IRS to verify the foreign tax credit.
Respondents: Individuals or households.
Estimated Total Burden Hours: 25,066,693 hours.
OMB Number: 1545-0796.
Type of Review: Extension without change to a currently approved
collection.
Title: Office of Chief Counsel--Application.
Form: 6524.
Abstract: The Chief Counsel Application form provides data we deem
critical for evaluating an attorney applicant's qualifications such as
LSAT score, bar admission status, type of work preference, law school,
and class standing. OF-306 does not provide this information.
Respondents: Individuals or Households.
Estimated Total Burden Hours: 900 hours.
OMB Number: 1545-1189.
Type of Review: Extension without change to a currently approved
collection.
Title: Dollar Election Under Section 985.
Form: 8819.
Abstract: Form 8819 is filed by U.S. and foreign businesses to
elect the U.S. dollar as their functional currency or as the functional
currency of their controlled entities. The IRS uses Form 8819 to
determine if the election is properly made.
Respondents: Businesses or other for-profits.
Estimated Total Burden Hours: 3,220 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. 2010-29026 Filed 11-17-10; 8:45 am]
BILLING CODE 4830-01-P
