Submission for OMB Review; Comment Request, 72753-72756 [2011-30353]
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Federal Register / Vol. 76, No. 227 / Friday, November 25, 2011 / Notices
One vacancy currently exists on
RETAC for a representative of a state- or
municipally-owned electric utility to
complete the remainder of a 3-year term
ending September 30, 2012. (Under the
RETAC Charter, once appointed, RETAC
members may be reappointed by the
Chairman of the Board.) Suggestions for
a representative to fill this vacancy
should be submitted in letter form and
should include: (1) The name of the
candidate, (2) the interest the candidate
will represent, (3) a summary of the
candidate’s experience and
qualifications for the position, (4) a
representation that the candidate is
willing to serve as a member of RETAC,
and (5) a representation that the
candidate is not a federally registered
lobbyist. Suggestions for candidates for
membership on RETAC should be filed
with the Board by December 21, 2011.
Please note that submissions will be
available to the public at the Board’s
offices and posted on the Board’s Web
site under Docket No. EP 670 (Sub-No.
2).
This action will not significantly
affect either the quality of the human
environment or the conservation of
energy resources.
Authority: 49 U.S.C. 721, 49 U.S.C. 11101;
49 U.S.C. 11121.
Decided: November 21, 2011.
By the Board.
Joseph H. Dettmar,
Acting Director, Office of Proceedings.
Raina S. White,
Clearance Clerk.
[FR Doc. 2011–30347 Filed 11–23–11; 8:45 am]
BILLING CODE 4915–07–P
DEPARTMENT OF THE TREASURY
Submission for OMB Review;
Comment Request
wreier-aviles on DSK7SPTVN1PROD with NOTICES
November 21, 2011.
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 27, 2011
to be assured consideration.
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Internal Revenue Service (IRS)
OMB Number: 1545–0184.
Type of Review: Revision of a
currently approved collection.
Title: Sales of Business Property.
Forms: 4797.
Abstract: This form is used to report
the details of gains and losses from the
sale, exchange, involuntary conversion
(from other than casualty or theft loss),
or disposition of the following: Property
used in your trade or business,
depreciable or amortizable property,
capital and non-capital (other than
inventory) assets held in connection
with the trade or business, or capital
assets not reported on Schedule D. The
form may also be used to compute the
recapture amount under section 179 and
280F(b)(2) when the business use of the
property decreases to 50 percent or
below.
Respondents: Individuals and
Households.
Estimated Total Burden Hours:
100,633,248.
OMB Number: 1545–0238.
Type of Review: Extension without
change of a currently approved
collection.
Title: Certain Gambling Winnings.
Forms: W–2G.
Abstract: IRC section 6041 requires
payers of certain gambling winnings to
report them to IRS. If applicable, section
3402(g) and section 3406 require tax
withholding on these winnings. We use
the information to ensure taxpayer
income reporting compliance.
Respondents: Individuals and
Households.
Estimated Total Burden Hours:
1,272,479.
OMB Number: 1545–0819.
Type of Review: Extension without
change of a currently approved
collection.
Title: Instructions for Requesting
Rulings and Determination Letters (T.D.
9006).
Abstract: This document contains
final regulations relating to the notice to
interested parties requirement. Before
the IRS can issue an advance
determination regarding the
qualification of a retirement plan, a plan
sponsor must provide evidence that it
has notified all persons who qualify as
interested parties that an application for
an advance determination will be filed
with the IRS. These regulations set forth
standards by which a plan sponsor may
satisfy the notice to interested parties
requirement. The final regulations affect
retirement plan sponsors, plan
participants and other interested parties
with respect to a determination letter
application, and certain representatives
of interested parties.
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Respondents: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours:
248,496.
OMB Number: 1545–0967.
Type of Review: Extension without
change of a currently approved
collection.
Title: U.S. Estate or Trust Income Tax
Declaration and Signature for Electronic
and Magnetic Media Filing.
Forms: 8453–F, 8879–F.
Abstract: This form is used to secure
taxpayer signatures and declarations in
conjunction with electronic and
magnetic media filing of trust and
fiduciary income tax returns. This form,
together with the electronic and
magnetic media transmission, will
comprise the taxpayer’s income tax
return (Form 1041).
Respondents: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours: 1,750.
OMB Number: 1545–1012.
Type of Review: Extension without
change of a currently approved
collection.
Title: Salary Reduction Simplified
Employee Pension-Individual
Retirement Accounts Contribution
Agreement.
Forms: 5305A–SEP.
Abstract: Form 5305A–SEP is used by
an employer to make an agreement to
provide benefits to all employees under
a salary reduction Simplified Employee
Pension (SEP) described in section
408(k). This form is not to be filed with
IRS, but is to be retained in the
employer’s records as proof of
establishing such a plan, thereby
justifying a deduction for contributions
made to the SEP. The data is used to
verify the deduction.
Respondents: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours:
972,000.
OMB Number: 1545–1028.
Type of Review: Extension without
change of a currently approved
collection.
Title: INTL–941–86 (NPRM) and
INTL–655–87 (Temporary) (TD 8178)
Passive Foreign Investment Companies.
Abstract: These regulations specify
how U.S. persons who are shareholders
of passive foreign investment companies
(PFICs) make elections with respect to
their PFIC stock.
Respondents: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours:
112,000.
OMB Number: 1545–1073.
Type of Review: Extension without
change of a currently approved
collection.
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Title: Credit for Prior Year Minimum
Tax—Individuals, Estates and Trusts.
Form: 8801.
Abstract: Form 8801 is used by
individuals, estates, and trusts to
compute the minimum tax credit, if any,
available from a tax year beginning after
1986 to be used in the current year or
to be carried forward for use in a future
year.
Respondents: Individuals and
Households.
Estimated Total Burden Hours:
93,756.
OMB Number: 1545–1091.
Type of Review: Extension without
change of a currently approved
collection.
Title: Corporate Passive Activity Loss
and Credit Limitations.
Form: 8810.
Abstract: Under section 469, losses
and credits from passive activities, to
the extent they exceed passive income
(or, in the case of credits, the tax
attributable to meet passive income), are
not allowed. Form 8810 is used by
personal service corporations and
closely held corporations to figure the
passive activity loss and credits allowed
and the amount of loss and credit to be
reported on their tax return.
Respondents: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours:
3,749,000.
OMB Number: 1545–1218.
Type of Review: Extension without
change of a currently approved
collection.
Title: CO–25–96 (TD 8824—Final)
Regulations Under Section 1502 of the
Internal Revenue Code of 1986;
Limitations on Net Operating Loss
Carryforwards and Certain Built-in
Losses and Credits Following.
Abstract: Section 1502 provides for
the promulgation of regulations with
respect to corporations that file
consolidated income tax returns.
Section 382 limits the amount of income
that can be offset by loss carryovers and
credits after an ownership change.
These final regulations provide rules for
applying section 382 to groups of
corporations that file a consolidated
return.
Respondents: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours: 662.
OMB Number: 1545–1364.
Type of Review: Extension without
change of a currently approved
collection.
Title: REG–144615–02 (TD 9441)
Methods to Determine Taxable Income
in Connection with a Cost Sharing
Arrangement.
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Abstract: This document contains
temporary regulations that provide
further guidance and clarification
regarding methods under section 482 to
determine taxable income in connection
with a cost sharing arrangement in order
to address issues that have arisen in
administering the current regulations.
The temporary regulations affect
domestic and foreign entities that enter
into cost sharing arrangements
described in the temporary regulations.
Respondents: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours: 9,350.
OMB Number: 1545–1484.
Type of Review: Extension without
change of a currently approved
collection.
Title: REG–242282–97 (formerly Intl–
62–90, Intl–32–93, Intl–52–86, and Intl–
52–94) (TD–8881–final) General
Revision of Regulations Relating to
Withholding of Tax on Certain U.S.
Source Income Paid to Foreign Persons.
Abstract: This document contains
amendments to final regulations relating
to the withholding of income tax under
sections 1441, 1442, and 1443 on certain
U.S. source income paid to foreign
persons and related requirements
governing collection, deposit, refunds,
and credits of withheld amounts under
sections 1461 through 1463.
Additionally, this document contains
amendments under sections 6041,
6041A, 6042, 6045, 6049, and 3406.
This regulation affects persons making
payments of U.S. source income to
foreign persons.
Respondents: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours: 1.
OMB Number: 1545–1490.
Type of Review: Extension without
change of a currently approved
collection.
Title: FI–28–96 (Final) Arbitrage
Restrictions on Tax-Exempt Bonds.
Abstract: The recordkeeping
requirements are necessary for the
Service to determine that an issuer of
tax-exempt bonds has not paid more
than fair market value for non-purpose
investments under section 148 of the
Internal Revenue Code.
Respondents: State, Local, and Tribal
Governments.
Estimated Total Burden Hours: 1,425.
OMB Number: 1545–1644.
Type of Review: Extension without
change of a currently approved
collection.
Title: REG–126024–01 (final)
Reporting of Gross Proceeds Payment to
Attorneys; TD 9270.
Abstract: Information is required to
implement section 1021 of the Taxpayer
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Relief Act of 1997. This information will
be used by the IRS to verify compliance
with section 6045 and to determine that
the taxable amount of these payments
has been computed correctly.
Respondents: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours: 1.
OMB Number: 1545–1675.
Type of Review: Extension without
change of a currently approved
collection.
Title: REG–122450–98 (Final) Real
Estate Mortgage Investment Conduits;
REG–100276–97; REG–122450–98
(NPRM) Financial Asset Securitization
Investment Trusts; Real Estate Mortgage
Investment (TD 9004).
Abstract: REG–122450–98 Sections
1.860E–1(c)(4)–(10) of the Treasury
Regulations provide circumstances
under which a transferor of a
noneconomic residual interest in a Real
Estate Mortgage Investment Conduit
(REMIC) meeting the investigation, and
two representation requirements may
avail itself of the safe harbor by
satisfying either the formula test or asset
test. This regulation provides start-up
and transitional rules applicable to
financial asset securitization investment
trust.
Respondents: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours: 1,220.
OMB Number: 1545–1779.
Type of Review: Extension without
change of a currently approved
collection.
Title: Notice 2002–27—IRA Required
Minimum Distribution Reporting.
Abstract: This notice provides
guidance with respect to the reporting
requirements, that is, data that
custodians and trustees of IRAs must
furnish IRA owners in those instances
where there must be a minimum
distribution from an individual
retirement arrangement.
Respondents: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours:
1,170,000.
OMB Number: 1545–1784.
Type of Review: Extension without
change of a currently approved
collection.
Title: Rev. Proc. 2002–32, Waiver of
60-month Bar on Reconsolidation after
Disaffiliation; Rev. Proc. 2006–21–
Modifications to Rev. Proc. 2002–32.
Abstract: Revenue Procedure 2002–32
provides qualifying taxpayers with a
waiver of the general rule of
§ 1504(a)(3)(A) of the Internal Revenue
Code barring corporations from filing
consolidated returns as a member of a
group of which it had been a member
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for 60 months following the year of
disaffiliation; Revenue Procedure 2006–
21 modifies Rev. Proc. 89–56, 1989–2
C.B. 643, Rev. Proc.90–39, 1990–2 C.B.
365, and Rev. Proc. 2002–32, 2002–20
IRB p.959, to eliminate impediments to
the electronic filing of Federal income
tax returns (e-filing) and to reduce the
reporting requirements in each of these
revenue procedures.
Respondents: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours: 100.
OMB Number: 1545–1786.
Type of Review: Extension without
change of a currently approved
collection.
Title: Rev. Procs. 2002–39, 2006–45
(Previous 2002–37), 2006–46 (Previous
2002–38) and Rev. Proc 2007–64;
Changes in Periods of Accounting.
Abstract: The collections of
information in these three (3) revenue
procedures is necessary for the
Commissioner to determine whether a
taxpayer may properly obtain approval
to adopt, change, or retain an annual
accounting period.
Respondents: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours: 700.
OMB Number: 1545–1793.
Type of Review: Extension without
change of a currently approved
collection.
Title: Rev. Proc. 2002–43,
Determination of Substitute Agent for a
Consolidated Group.
Abstract: The information is needed
in order for (i) a terminating common
parent of a consolidated group to notify
the IRS that it will terminate and to
designate another corporation to be the
group’s substitute agent, pursuant to
Treas. Reg. Sec. 1.1502–77(d)(1) or Sec.
1.1052–77A(d); (ii) the remaining
members of a consolidated group to
designate a substitute agent pursuant to
Sec. 1.1502–77A (d); (iii) the default
substitute agent to notify the IRS that it
is the default substitute agent pursuant
to Sec. 1.1502–77(d)(2); or (iv) requests
by a member of the group for the IRS to
designate a substitute agent or replace a
previously designated substitute agent.
The IRS will use the information to
determine whether to approve the
designation (if approval is required), to
designate a substitute agent, or to
replace a substitute agent, and to change
the IRS’s records to reflect the name and
other information about the substitute
agent.
Respondents: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours: 400.
OMB Number: 1545–1795.
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Type of Review: Extension without
change of a currently approved
collection.
Title: T.D. 9079 (Final) Ten or More
Employer Plan Compliance Information.
Abstract: This document contains
final regulations that provide rules
regarding the requirements for a welfare
benefit fund that is part of a 10 or more
employer plan. The regulations affect
certain employers that provide welfare
benefits to employees through a plan to
which more than one employer
contributes.
Respondents: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours: 2,500.
OMB Number: 1545–1797.
Type of Review: Extension without
change of a currently approved
collection.
Title: REG–106876–00 (TD9082)
(Final), Revision of Income Tax
Regulations under Sections 897, 1445,
and 6109 to require use of Taxpayer
Identifying Numbers on Submission
under the Section 897 and 1445.
Abstract: The collection of
information relates to applications for
withholding certificates under Treas.
Reg. 1.1445–1 to be filed with the IRS
with respect to (1) dispositions of U.S.
real property interests that have been
used by foreign persons as a principle
residence within the prior 5 years and
excluded from gross income under
section 121 and (2) dispositions of U.S.
real property interests by foreign
persons in deferred like kind exchanges
that qualify for nonrecognition under
section 1031.
Respondents: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours: 600.
OMB Number: 1545–1798.
Type of Review: Extension without
change of a currently approved
collection.
Title: User Fee for Exempt
Organization Determination Letter
Request.
Form: 8718.
Abstract: The Omnibus Reconciliation
Act of 1990 requires payment of a ‘‘user
fee’’ with each application for a
determination letter. Because of this
requirement, the Form 8718 was created
to provide filers the means to make
payment and indicate the type of
request.
Respondents: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours:
16,667.
OMB Number: 1545–1930.
Type of Review: Extension without
change of a currently approved
collection.
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Title: (T.D. 9248) (Final and
Temporary) Residence and Source Rules
Involving U.S. Possessions and Other
Conforming Changes.
Abstract: The regulations provide
rules for determining whether an
individual is a bona fide resident of a
U.S. possession and whether income is
derived from sources in a possession or
effectively connected with the conduct
of a trade or business in a possession.
Respondents: Individuals and
Households.
Estimated Total Burden Hours:
30,000.
OMB Number: 1545–1935.
Type of Review: Extension without
change of a currently approved
collection.
Title: Notice 2005–40, Election to
Defer Net Experience Loss in a
Multiemployer Plan.
Abstract: This notice describes the
election that must be filed by an eligible
multiemployer plan’s enrolled actuary
to the Service in order to defer a net
experience loss. The notice also
describes the notification that must be
given to plan participants and
beneficiaries, to labor organization, to
contributing employers and to the
Pension Benefit Guaranty Corporation
within 30 days of making an election
with the Service and the certification
that must be filed if a restricted
amendment is adopted.
Respondents: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours: 960.
OMB Number: 1545–1937.
Type of Review: Extension without
change of a currently approved
collection.
Title: Notice 2005–41, Guidance
Regarding Qualified Intellectual
Property Contributions.
Abstract: This notice explains new
section 170(e)(1)(B)(iii) and 170(m) as
added by section 882 of the American
Jobs Creation Act of 2004. Under section
170(e)(1)(B)(iii), a donor’s initial
charitable contribution deduction for a
gift of qualified intellectual property is
limited to the lesser of the donor’s
adjusted basis is the property or its fair
market value. Under section 170(m), the
donor may claim additional deduction
in subsequent years if the property
produces income.
Respondents: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours: 30.
OMB Number: 1545–1939.
Type of Review: Extension without
change of a currently approved
collection.
Title: Notice 2005–32—Notification
Requirement for Transfer of Partnership
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Interest in Electing Investment
Partnership (EIP).
Abstract: The American Jobs Creation
Act of 2004, Public Law 108–357, 118
Stat. 1418 (the Act), was enacted on
October 22, 2004. The Treasury
Department and the Internal Revenue
Service intend to issue regulations
implementing §§ 833 and 834 of the Act,
which amended 704, 734, 743, and 6031
of the Internal Revenue Code. This
notice provides interim procedures for
partnerships and their partners to
comply with the mandatory basis
provisions of 734 and 743, as amended
by the Act. This notice also provides
interim procedures for electing
investment partnerships (EIPs) and their
partners to comply with §§ 743(e) and
6031(f), as provided in § 833(b) of the
Act.
Respondents: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours:
552,100.
OMB Number: 1545–1940.
Type of Review: Extension without
change of a currently approved
collection.
Title: RP–2005–26—Revenue
Procedure Regarding Extended Period of
Limitations for Listed Transaction
Situations.
Abstract: This revenue procedure
provides procedures that taxpayers and
material advisors may use to disclose a
listed transaction that the taxpayer
previously failed to disclose.
Respondents: Individuals and
Households.
Estimated Total Burden Hours: 430.
OMB Number: 1545–2129.
Type of Review: Extension without
change of a currently approved
collection.
Title: Exercise of an Incentive Stock
Option Under * * *; Transfer of Stock
Acquired Through an * * *; REG–
103146–08—Information Reporting
Requirements Under Code Sec. 6039.
Forms: 3922, 3921.
Abstract: Form 3921 is a copy of the
information return filed with the IRS
which transferred shares of stock to a
recipient through exercise of an
incentive stock option under section
422(b). Form 3922 is used to record a
transfer of the legal title of a share of
stock acquired by the employee where
the stock was acquired pursuant to the
exercise of an option described in
section 423(c). REG–103146–08—
reflects the changes to section 6039 of
the Internal Revenue Code made by
section 403 of the Tax Relief and Health
Care Act of 2006.
Respondents: Private Sector:
Businesses or other for-profits.
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Estimated Total Burden Hours:
25,205.
Bureau Clearance Officer: Yvette
Lawrence, Internal Revenue Service,
1111 Constitution Avenue NW.,
Washington, DC 20224; (202) 927–4374.
OMB Reviewer: Shagufta Ahmed,
Office of Management and Budget, New
Executive Office Building, Room 10235,
Washington, DC 20503; (202) 395–7873.
Dawn D. Wolfgang,
Treasury PRA Clearance Officer.
[FR Doc. 2011–30353 Filed 11–23–11; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Finding That the Islamic Republic of
Iran Is a Jurisdiction of Primary Money
Laundering Concern
The Financial Crimes
Enforcement Network (‘‘FinCEN’’),
Treasury.
ACTION: Notice of finding.
AGENCY:
Pursuant to the authority
contained in 31 U.S.C. 5318A, the
Secretary of the Treasury, through his
delegate, the Director of FinCEN, finds
that reasonable grounds exist for
concluding that the Islamic Republic of
Iran is a jurisdiction of primary money
laundering concern.
DATES: The finding made in this notice
is effective as of November 25, 2011.
FOR FURTHER INFORMATION CONTACT:
Regulatory Policy and Programs
Division, FinCEN, (800) 949–2732.
SUPPLEMENTARY INFORMATION:
SUMMARY:
I. Background
A. Statutory Provisions
On October 26, 2001, the President
signed into law the Uniting and
Strengthening America by Providing
Appropriate Tools Required to Intercept
and Obstruct Terrorism Act of 2001 (the
‘‘USA PATRIOT Act’’), Public Law 107–
56. Title III of the USA PATRIOT Act
amends the anti-money laundering
provisions of the Bank Secrecy Act
(‘‘BSA’’), codified at 12 U.S.C. 1829b, 12
U.S.C 1951–1959, and 31 U.S.C. 5311–
5314 and 5316–5332, to promote
prevention, detection, and prosecution
of international money laundering and
the financing of terrorism. Regulations
implementing the BSA appear at 31 CFR
Chapter X.
Section 311 of the USA PATRIOT Act
(‘‘section 311’’) added 31 U.S.C. section
5318A to the BSA, granting the
Secretary of the Treasury (the
‘‘Secretary’’) the authority, upon finding
that reasonable grounds exist for
concluding that a foreign jurisdiction,
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institution, class of transactions, or type
of account is of ‘‘primary money
laundering concern,’’ to require
domestic financial institutions and
financial agencies to take certain
‘‘special measures’’ against the primary
money laundering concern. Section 311
identifies factors for the Secretary to
consider and requires Federal agencies
to consult before the Secretary may
conclude that a jurisdiction, institution,
class of transaction, or type of account
is of primary money laundering
concern. The statute also provides
similar procedures, i.e., factors and
consultation requirements, for selecting
the specific special measures to be
imposed against the primary money
laundering concern. For purposes of the
finding contained in this notice, the
Secretary has delegated his authority
under section 311 to the Director of
FinCEN.1
Taken as a whole, section 311
provides the Secretary with a range of
options that can be adapted to target
specific money laundering and terrorist
financing concerns most effectively.
Through the imposition of various
special measures, the Secretary can gain
more information about the
jurisdictions, institutions, transactions,
or accounts of concern; can more
effectively monitor the respective
jurisdictions, institutions, transactions,
or accounts; or can prohibit U.S.
financial institutions from involvement
with jurisdictions, institutions,
transactions, or accounts that pose a
money laundering concern.
Before making a finding that
reasonable grounds exist for concluding
that a jurisdiction is of primary money
laundering concern, the Secretary is
required to consult with both the
Secretary of State and the Attorney
General. The Secretary is also required
by section 311, as amended,2 to
consider ‘‘such information as the
Secretary determines to be relevant,
including the following potentially
relevant factors,’’ which extend the
Secretary’s consideration beyond
traditional money laundering concerns
to issues involving, inter alia, terrorist
financing and weapons proliferation:
• Evidence that organized criminal
groups, international terrorists, or
entities involved in the proliferation of
weapons of mass destruction (‘‘WMD’’)
or missiles, have transacted business in
that jurisdiction;
1 Therefore, references to the authority and
findings of the Secretary in this document apply
equally to the Director of FinCEN.
2 31 U.S.C. 5318A was amended by section 501
of the Iran Freedom Support Act of 2006, Public
Law 109–293.
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]]>Agencies
[Federal Register Volume 76, Number 227 (Friday, November 25, 2011)]
[Notices]
[Pages 72753-72756]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-30353]
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DEPARTMENT OF THE TREASURY
Submission for OMB Review; Comment Request
November 21, 2011.
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 27,
2011 to be assured consideration.
Internal Revenue Service (IRS)
OMB Number: 1545-0184.
Type of Review: Revision of a currently approved collection.
Title: Sales of Business Property.
Forms: 4797.
Abstract: This form is used to report the details of gains and
losses from the sale, exchange, involuntary conversion (from other than
casualty or theft loss), or disposition of the following: Property used
in your trade or business, depreciable or amortizable property, capital
and non-capital (other than inventory) assets held in connection with
the trade or business, or capital assets not reported on Schedule D.
The form may also be used to compute the recapture amount under section
179 and 280F(b)(2) when the business use of the property decreases to
50 percent or below.
Respondents: Individuals and Households.
Estimated Total Burden Hours: 100,633,248.
OMB Number: 1545-0238.
Type of Review: Extension without change of a currently approved
collection.
Title: Certain Gambling Winnings.
Forms: W-2G.
Abstract: IRC section 6041 requires payers of certain gambling
winnings to report them to IRS. If applicable, section 3402(g) and
section 3406 require tax withholding on these winnings. We use the
information to ensure taxpayer income reporting compliance.
Respondents: Individuals and Households.
Estimated Total Burden Hours: 1,272,479.
OMB Number: 1545-0819.
Type of Review: Extension without change of a currently approved
collection.
Title: Instructions for Requesting Rulings and Determination
Letters (T.D. 9006).
Abstract: This document contains final regulations relating to the
notice to interested parties requirement. Before the IRS can issue an
advance determination regarding the qualification of a retirement plan,
a plan sponsor must provide evidence that it has notified all persons
who qualify as interested parties that an application for an advance
determination will be filed with the IRS. These regulations set forth
standards by which a plan sponsor may satisfy the notice to interested
parties requirement. The final regulations affect retirement plan
sponsors, plan participants and other interested parties with respect
to a determination letter application, and certain representatives of
interested parties.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 248,496.
OMB Number: 1545-0967.
Type of Review: Extension without change of a currently approved
collection.
Title: U.S. Estate or Trust Income Tax Declaration and Signature
for Electronic and Magnetic Media Filing.
Forms: 8453-F, 8879-F.
Abstract: This form is used to secure taxpayer signatures and
declarations in conjunction with electronic and magnetic media filing
of trust and fiduciary income tax returns. This form, together with the
electronic and magnetic media transmission, will comprise the
taxpayer's income tax return (Form 1041).
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 1,750.
OMB Number: 1545-1012.
Type of Review: Extension without change of a currently approved
collection.
Title: Salary Reduction Simplified Employee Pension-Individual
Retirement Accounts Contribution Agreement.
Forms: 5305A-SEP.
Abstract: Form 5305A-SEP is used by an employer to make an
agreement to provide benefits to all employees under a salary reduction
Simplified Employee Pension (SEP) described in section 408(k). This
form is not to be filed with IRS, but is to be retained in the
employer's records as proof of establishing such a plan, thereby
justifying a deduction for contributions made to the SEP. The data is
used to verify the deduction.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 972,000.
OMB Number: 1545-1028.
Type of Review: Extension without change of a currently approved
collection.
Title: INTL-941-86 (NPRM) and INTL-655-87 (Temporary) (TD 8178)
Passive Foreign Investment Companies.
Abstract: These regulations specify how U.S. persons who are
shareholders of passive foreign investment companies (PFICs) make
elections with respect to their PFIC stock.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 112,000.
OMB Number: 1545-1073.
Type of Review: Extension without change of a currently approved
collection.
[[Page 72754]]
Title: Credit for Prior Year Minimum Tax--Individuals, Estates and
Trusts.
Form: 8801.
Abstract: Form 8801 is used by individuals, estates, and trusts to
compute the minimum tax credit, if any, available from a tax year
beginning after 1986 to be used in the current year or to be carried
forward for use in a future year.
Respondents: Individuals and Households.
Estimated Total Burden Hours: 93,756.
OMB Number: 1545-1091.
Type of Review: Extension without change of a currently approved
collection.
Title: Corporate Passive Activity Loss and Credit Limitations.
Form: 8810.
Abstract: Under section 469, losses and credits from passive
activities, to the extent they exceed passive income (or, in the case
of credits, the tax attributable to meet passive income), are not
allowed. Form 8810 is used by personal service corporations and closely
held corporations to figure the passive activity loss and credits
allowed and the amount of loss and credit to be reported on their tax
return.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 3,749,000.
OMB Number: 1545-1218.
Type of Review: Extension without change of a currently approved
collection.
Title: CO-25-96 (TD 8824--Final) Regulations Under Section 1502 of
the Internal Revenue Code of 1986; Limitations on Net Operating Loss
Carryforwards and Certain Built-in Losses and Credits Following.
Abstract: Section 1502 provides for the promulgation of regulations
with respect to corporations that file consolidated income tax returns.
Section 382 limits the amount of income that can be offset by loss
carryovers and credits after an ownership change. These final
regulations provide rules for applying section 382 to groups of
corporations that file a consolidated return.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 662.
OMB Number: 1545-1364.
Type of Review: Extension without change of a currently approved
collection.
Title: REG-144615-02 (TD 9441) Methods to Determine Taxable Income
in Connection with a Cost Sharing Arrangement.
Abstract: This document contains temporary regulations that provide
further guidance and clarification regarding methods under section 482
to determine taxable income in connection with a cost sharing
arrangement in order to address issues that have arisen in
administering the current regulations. The temporary regulations affect
domestic and foreign entities that enter into cost sharing arrangements
described in the temporary regulations.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 9,350.
OMB Number: 1545-1484.
Type of Review: Extension without change of a currently approved
collection.
Title: REG-242282-97 (formerly Intl-62-90, Intl-32-93, Intl-52-86,
and Intl-52-94) (TD-8881-final) General Revision of Regulations
Relating to Withholding of Tax on Certain U.S. Source Income Paid to
Foreign Persons.
Abstract: This document contains amendments to final regulations
relating to the withholding of income tax under sections 1441, 1442,
and 1443 on certain U.S. source income paid to foreign persons and
related requirements governing collection, deposit, refunds, and
credits of withheld amounts under sections 1461 through 1463.
Additionally, this document contains amendments under sections 6041,
6041A, 6042, 6045, 6049, and 3406. This regulation affects persons
making payments of U.S. source income to foreign persons.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 1.
OMB Number: 1545-1490.
Type of Review: Extension without change of a currently approved
collection.
Title: FI-28-96 (Final) Arbitrage Restrictions on Tax-Exempt Bonds.
Abstract: The recordkeeping requirements are necessary for the
Service to determine that an issuer of tax-exempt bonds has not paid
more than fair market value for non-purpose investments under section
148 of the Internal Revenue Code.
Respondents: State, Local, and Tribal Governments.
Estimated Total Burden Hours: 1,425.
OMB Number: 1545-1644.
Type of Review: Extension without change of a currently approved
collection.
Title: REG-126024-01 (final) Reporting of Gross Proceeds Payment to
Attorneys; TD 9270.
Abstract: Information is required to implement section 1021 of the
Taxpayer Relief Act of 1997. This information will be used by the IRS
to verify compliance with section 6045 and to determine that the
taxable amount of these payments has been computed correctly.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 1.
OMB Number: 1545-1675.
Type of Review: Extension without change of a currently approved
collection.
Title: REG-122450-98 (Final) Real Estate Mortgage Investment
Conduits; REG-100276-97; REG-122450-98 (NPRM) Financial Asset
Securitization Investment Trusts; Real Estate Mortgage Investment (TD
9004).
Abstract: REG-122450-98 Sections 1.860E-1(c)(4)-(10) of the
Treasury Regulations provide circumstances under which a transferor of
a noneconomic residual interest in a Real Estate Mortgage Investment
Conduit (REMIC) meeting the investigation, and two representation
requirements may avail itself of the safe harbor by satisfying either
the formula test or asset test. This regulation provides start-up and
transitional rules applicable to financial asset securitization
investment trust.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 1,220.
OMB Number: 1545-1779.
Type of Review: Extension without change of a currently approved
collection.
Title: Notice 2002-27--IRA Required Minimum Distribution Reporting.
Abstract: This notice provides guidance with respect to the
reporting requirements, that is, data that custodians and trustees of
IRAs must furnish IRA owners in those instances where there must be a
minimum distribution from an individual retirement arrangement.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 1,170,000.
OMB Number: 1545-1784.
Type of Review: Extension without change of a currently approved
collection.
Title: Rev. Proc. 2002-32, Waiver of 60-month Bar on
Reconsolidation after Disaffiliation; Rev. Proc. 2006-21-Modifications
to Rev. Proc. 2002-32.
Abstract: Revenue Procedure 2002-32 provides qualifying taxpayers
with a waiver of the general rule of Sec. 1504(a)(3)(A) of the
Internal Revenue Code barring corporations from filing consolidated
returns as a member of a group of which it had been a member
[[Page 72755]]
for 60 months following the year of disaffiliation; Revenue Procedure
2006-21 modifies Rev. Proc. 89-56, 1989-2 C.B. 643, Rev. Proc.90-39,
1990-2 C.B. 365, and Rev. Proc. 2002-32, 2002-20 IRB p.959, to
eliminate impediments to the electronic filing of Federal income tax
returns (e-filing) and to reduce the reporting requirements in each of
these revenue procedures.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 100.
OMB Number: 1545-1786.
Type of Review: Extension without change of a currently approved
collection.
Title: Rev. Procs. 2002-39, 2006-45 (Previous 2002-37), 2006-46
(Previous 2002-38) and Rev. Proc 2007-64; Changes in Periods of
Accounting.
Abstract: The collections of information in these three (3) revenue
procedures is necessary for the Commissioner to determine whether a
taxpayer may properly obtain approval to adopt, change, or retain an
annual accounting period.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 700.
OMB Number: 1545-1793.
Type of Review: Extension without change of a currently approved
collection.
Title: Rev. Proc. 2002-43, Determination of Substitute Agent for a
Consolidated Group.
Abstract: The information is needed in order for (i) a terminating
common parent of a consolidated group to notify the IRS that it will
terminate and to designate another corporation to be the group's
substitute agent, pursuant to Treas. Reg. Sec. 1.1502-77(d)(1) or Sec.
1.1052-77A(d); (ii) the remaining members of a consolidated group to
designate a substitute agent pursuant to Sec. 1.1502-77A (d); (iii) the
default substitute agent to notify the IRS that it is the default
substitute agent pursuant to Sec. 1.1502-77(d)(2); or (iv) requests by
a member of the group for the IRS to designate a substitute agent or
replace a previously designated substitute agent. The IRS will use the
information to determine whether to approve the designation (if
approval is required), to designate a substitute agent, or to replace a
substitute agent, and to change the IRS's records to reflect the name
and other information about the substitute agent.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 400.
OMB Number: 1545-1795.
Type of Review: Extension without change of a currently approved
collection.
Title: T.D. 9079 (Final) Ten or More Employer Plan Compliance
Information.
Abstract: This document contains final regulations that provide
rules regarding the requirements for a welfare benefit fund that is
part of a 10 or more employer plan. The regulations affect certain
employers that provide welfare benefits to employees through a plan to
which more than one employer contributes.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 2,500.
OMB Number: 1545-1797.
Type of Review: Extension without change of a currently approved
collection.
Title: REG-106876-00 (TD9082) (Final), Revision of Income Tax
Regulations under Sections 897, 1445, and 6109 to require use of
Taxpayer Identifying Numbers on Submission under the Section 897 and
1445.
Abstract: The collection of information relates to applications for
withholding certificates under Treas. Reg. 1.1445-1 to be filed with
the IRS with respect to (1) dispositions of U.S. real property
interests that have been used by foreign persons as a principle
residence within the prior 5 years and excluded from gross income under
section 121 and (2) dispositions of U.S. real property interests by
foreign persons in deferred like kind exchanges that qualify for
nonrecognition under section 1031.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 600.
OMB Number: 1545-1798.
Type of Review: Extension without change of a currently approved
collection.
Title: User Fee for Exempt Organization Determination Letter
Request.
Form: 8718.
Abstract: The Omnibus Reconciliation Act of 1990 requires payment
of a ``user fee'' with each application for a determination letter.
Because of this requirement, the Form 8718 was created to provide
filers the means to make payment and indicate the type of request.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 16,667.
OMB Number: 1545-1930.
Type of Review: Extension without change of a currently approved
collection.
Title: (T.D. 9248) (Final and Temporary) Residence and Source Rules
Involving U.S. Possessions and Other Conforming Changes.
Abstract: The regulations provide rules for determining whether an
individual is a bona fide resident of a U.S. possession and whether
income is derived from sources in a possession or effectively connected
with the conduct of a trade or business in a possession.
Respondents: Individuals and Households.
Estimated Total Burden Hours: 30,000.
OMB Number: 1545-1935.
Type of Review: Extension without change of a currently approved
collection.
Title: Notice 2005-40, Election to Defer Net Experience Loss in a
Multiemployer Plan.
Abstract: This notice describes the election that must be filed by
an eligible multiemployer plan's enrolled actuary to the Service in
order to defer a net experience loss. The notice also describes the
notification that must be given to plan participants and beneficiaries,
to labor organization, to contributing employers and to the Pension
Benefit Guaranty Corporation within 30 days of making an election with
the Service and the certification that must be filed if a restricted
amendment is adopted.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 960.
OMB Number: 1545-1937.
Type of Review: Extension without change of a currently approved
collection.
Title: Notice 2005-41, Guidance Regarding Qualified Intellectual
Property Contributions.
Abstract: This notice explains new section 170(e)(1)(B)(iii) and
170(m) as added by section 882 of the American Jobs Creation Act of
2004. Under section 170(e)(1)(B)(iii), a donor's initial charitable
contribution deduction for a gift of qualified intellectual property is
limited to the lesser of the donor's adjusted basis is the property or
its fair market value. Under section 170(m), the donor may claim
additional deduction in subsequent years if the property produces
income.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 30.
OMB Number: 1545-1939.
Type of Review: Extension without change of a currently approved
collection.
Title: Notice 2005-32--Notification Requirement for Transfer of
Partnership
[[Page 72756]]
Interest in Electing Investment Partnership (EIP).
Abstract: The American Jobs Creation Act of 2004, Public Law 108-
357, 118 Stat. 1418 (the Act), was enacted on October 22, 2004. The
Treasury Department and the Internal Revenue Service intend to issue
regulations implementing Sec. Sec. 833 and 834 of the Act, which
amended 704, 734, 743, and 6031 of the Internal Revenue Code. This
notice provides interim procedures for partnerships and their partners
to comply with the mandatory basis provisions of 734 and 743, as
amended by the Act. This notice also provides interim procedures for
electing investment partnerships (EIPs) and their partners to comply
with Sec. Sec. 743(e) and 6031(f), as provided in Sec. 833(b) of the
Act.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 552,100.
OMB Number: 1545-1940.
Type of Review: Extension without change of a currently approved
collection.
Title: RP-2005-26--Revenue Procedure Regarding Extended Period of
Limitations for Listed Transaction Situations.
Abstract: This revenue procedure provides procedures that taxpayers
and material advisors may use to disclose a listed transaction that the
taxpayer previously failed to disclose.
Respondents: Individuals and Households.
Estimated Total Burden Hours: 430.
OMB Number: 1545-2129.
Type of Review: Extension without change of a currently approved
collection.
Title: Exercise of an Incentive Stock Option Under * * *; Transfer
of Stock Acquired Through an * * *; REG-103146-08--Information
Reporting Requirements Under Code Sec. 6039.
Forms: 3922, 3921.
Abstract: Form 3921 is a copy of the information return filed with
the IRS which transferred shares of stock to a recipient through
exercise of an incentive stock option under section 422(b). Form 3922
is used to record a transfer of the legal title of a share of stock
acquired by the employee where the stock was acquired pursuant to the
exercise of an option described in section 423(c). REG-103146-08--
reflects the changes to section 6039 of the Internal Revenue Code made
by section 403 of the Tax Relief and Health Care Act of 2006.
Respondents: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 25,205.
Bureau Clearance Officer: Yvette Lawrence, Internal Revenue
Service, 1111 Constitution Avenue NW., Washington, DC 20224; (202) 927-
4374.
OMB Reviewer: Shagufta Ahmed, Office of Management and Budget, New
Executive Office Building, Room 10235, Washington, DC 20503; (202) 395-
7873.
Dawn D. Wolfgang,
Treasury PRA Clearance Officer.
[FR Doc. 2011-30353 Filed 11-23-11; 8:45 am]
BILLING CODE 4830-01-P
