Submission for OMB Review; Comment Request, 44711-44713 [2012-18444]
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Federal Register / Vol. 77, No. 146 / Monday, July 30, 2012 / Notices
in their R–1 reports (OMB Control
Number 2140–0009). Operating
expenses are used to develop operating
costs for application in various
proceedings before the Board, such as in
rate reasonableness cases and in the
determination of railroad revenue
adequacy.
Under the
PRA, a Federal agency conducting or
sponsoring a collection of information
must display a currently valid OMB
control number. A collection of
information, which is defined in 44
U.S.C. 3502(3) and 5 CFR 1320.3(c),
includes agency requirements that
persons submit reports, keep records, or
provide information to the agency, third
parties, or the public. Under
§ 3506(c)(2)(A) of the PRA, Federal
agencies are required, prior to
submitting a collection to OMB for
approval, to provide a 60-day notice and
comment period through publication in
the Federal Register concerning each
proposed collection of information,
including each proposed extension of an
existing collection of information.
SUPPLEMENTARY INFORMATION:
Dated: July 24, 2012.
Jeffrey Herzig,
Clearance Clerk.
[FR Doc. 2012–18428 Filed 7–27–12; 8:45 am]
BILLING CODE 4915–01–P
DEPARTMENT OF THE TREASURY
Submission for OMB Review;
Comment Request
mstockstill on DSK4VPTVN1PROD with NOTICES
July 25, 2012.
The Department of the Treasury will
submit the following information
collection request to the Office of
Management and Budget (OMB) for
review and clearance in accordance
with the Paperwork Reduction Act of
1995, Public Law 104–13, on or after the
date of publication of this notice.
DATES: Comments should be received on
or before August 29, 2012 to be assured
of consideration.
ADDRESSES: Send comments regarding
the burden estimate, or any other aspect
of the information collection, including
suggestion for reducing the burden, to
(1) Office of Information and Regulatory
Affairs, Office of Management and
Budget, Attention: Desk Officer for
Treasury, New Executive Office
Building, Room 10235, Washington, DC
20503, or email at
OIRA_Submission@OMB.EOP.GOV and
(2) Treasury PRA Clearance Officer,
1750 Pennsylvania Ave. NW., Suite
8140, Washington, DC 20220, or email
at PRA@treasury.gov.
VerDate Mar<15>2010
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Jkt 226001
FOR FURTHER INFORMATION CONTACT:
Copies of the submission(s) may be
obtained by calling (202) 927–5331,
email at PRA@treasury.gov, or the entire
information collection request maybe
found at www.reginfo.gov.
Internal Revenue Service (IRS)
OMB Number: 1545–0132.
Type of Review: Extension without
change of a currently approved
collection.
Title: Amended U.S. Corporation
Income Tax Return.
Form: 1120–X.
Abstract: Domestic corporations use
Form 1120X to correct a previously filed
Form 1120 or 1120A. The data is used
to determine if the correct tax liability
has been reported.
Affected Public: Private Sector:
Business or other for-profits.
Estimated Total Burden Hours:
300,582.
OMB Number: 1545–0140.
Type of Review: Extension without
change of a currently approved
collection.
Title: Form 2210, Underpayment of
Estimated Tax by Individuals, Estate,
and Trusts; Form 2210–F,
Underpayment of Estimated Tax by
Farmers and Fishermen.
Form: 2210, 2210–F.
Abstract: Internal Revenue Code
section 6654 imposes a penalty for
failure to pay estimated tax. These forms
are used by taxpayers to determine
whether they are subject to the penalty
and to compute the penalty if it applies.
The Service uses this information to
determine whether the taxpayer is
subject to the penalty, and to verify the
penalty amount.
Affected Public: Private Sector:
Business or other for-profits.
Estimated Total Burden Hours:
2,405,663.
OMB Number: 1545–0820.
Type of Review: Extension without
change of a currently approved
collection.
Title: REG–122917–02 (Final)
Statutory Options.
Abstract: The affected public includes
corporations that transfer stock to
employees after 1979 pursuant to the
exercise of a statutory stock option. The
corporation must furnish the employee
receiving the stock with a written
statement describing the transfer. The
statement will assist the employee in
filing their tax return.
Affected Public: Private Sector:
Business or other for-profits.
Estimated Total Burden Hours:
16,650.
PO 00000
OMB Number: 1545–1086.
Frm 00133
Fmt 4703
Sfmt 4703
44711
Type of Review: Extension without
change of a currently approved
collection.
Title: Excise Tax on Greenmail.
Form: 8725.
Abstract: Form 8725 is used by
persons who receive ‘‘greenmail’’ to
compute and pay the excise tax on
greenmail imposed under section 5881.
IRS uses the information to verify that
the correct amount of tax has been
reported.
Affected Public: Private Sector:
Business or other for-profits.
Estimated Total Burden Hours: 92.
OMB Number: 1545–1225.
Type of Review: Extension without
change of a currently approved
collection.
Title: Notice of Plan Merger or
Consolidation, Spinoff, or Transfer of
Plan Assets or Liabilities; Notice of
Qualified Separate Lines of Business.
Form: 5310–A.
Abstract: Plan administrators are
required to notify IRS of any plan
mergers, consolidations, spinoffs, or
transfers of plan assets or liabilities to
another plan. Employers are required to
notify IRS of separate lines of business
for their deferred compensation plans.
Form 5310–A is used to make these
notifications.
Affected Public: Private Sector:
Business or other for-profits.
Estimated Total Burden Hours:
158,800.
OMB Number: 1545–1227.
Type of Review: Extension without
change of a currently approved
collection.
Title: FI–104–90—Final Tax
Treatment of Salvage and Reinsurance
(TD 8390).
Abstract: The regulation provides a
disclosure requirement for an insurance
company that increases losses shown on
its annual statement by the amount of
estimated salvage recoverable taken into
account.
Affected Public: Private Sector:
Business or other for-profits.
Estimated Total Burden Hours: 5,000.
OMB Number: 1545–1241.
Type of Review: Extension without
change of a currently approved
collection.
Title: PS–92–90 (TD 8395) Special
Valuation Rules.
Abstract: Section 2701 of the Internal
Revenue Code allows various elections
by family members who make gifts of
common stock or partnership interests
and retain senior interest. The elections
affect the value of the gifted interests
and the retained interests. This
document contains final regulations
relating to chapter 14 of the Internal
E:\FR\FM\30JYN1.SGM
30JYN1
44712
Federal Register / Vol. 77, No. 146 / Monday, July 30, 2012 / Notices
mstockstill on DSK4VPTVN1PROD with NOTICES
Revenue Code as enacted in the
Omnibus Budget Reconciliation Act of
1990, Public Law 101–508, 104 Stat.
1388. These regulations provide special
valuation rules for purposes of Federal
estate and gift taxes imposed under
chapter 1 and 12 of the Code. In
addition these regulations provide rules
involving lapsing rights and other
transactions that are treated as
completed transfers under chapter 14.
Affected Public: Individuals or
Households.
Estimated Total Burden Hours: 496.
OMB Number: 1545–1380.
Type of Review: Extension without
change of a currently approved
collection.
Title: IA–17–90 (TD 8571) Reporting
Requirements for Recipients of Points
Paid on Residential Mortgages.
Abstract: To encourage compliance
with the tax laws relating to the
mortgage interest deduction, the
regulations require the reporting on
Form 1098 of points paid on residential
mortgage. Only businesses that receive
mortgage interest in the course of a trade
or business are affected by this reporting
requirement.
Affected Public: Private Sector:
Business or other for-profits.
Estimated Total Burden Hours:
283,056.
OMB Number: 1545–1434.
Type of Review: Extension without
change of a currently approved
collection.
Title: CO–26–96 (TD 8825)
Regulations Under Section 382 of the
Internal Revenue Code of 1986;
Application of Section 382 in Short
Taxable Years and With Respect to
Controlled Groups.
Abstract: Section 382 limits the
amount of income that can be offset by
loss carryovers after an ownership
change. These regulations provide rules
for applying section 382 in the case of
short taxable years and with respect to
controlled groups.
Affected Public: Private Sector:
Business or other for-profits.
Estimated Total Burden Hours: 875.
OMB Number: 1545–1516.
Type of Review: Revision of a
currently approved collection.
Title: Entity Classification Election.
Form: 8832.
Abstract: An eligible entity that
chooses not to be classified under the
default rules or that wishes to change its
current classification must file Form
8832 to elect a classification.
Affected Public: Private Sector:
Business or other for-profits.
Estimated Total Burden Hours:
35,900.
VerDate Mar<15>2010
17:34 Jul 27, 2012
Jkt 226001
OMB Number: 1545–1536.
Type of Review: Extension without
change of a currently approved
collection.
Title: REG–209823–96 (TD 8791)—
Guidance Regarding Charitable
Remainder Trusts and Special Valuation
Rules for Transfer of Interests in Trusts.
Abstract: The recordkeeping
requirement in the regulation provides
taxpayers with an alternative method for
complying with Congressional intent
regarding charitable remainder trusts.
The recordkeeping alternative may be
less burdensome for taxpayers.
Affected Public: Private Sector:
Business or other for-profits.
Estimated Total Burden Hours: 75.
OMB Number: 1545–1822.
Type of Review: Extension without
change of a currently approved
collection.
Title: Revenue Procedure 2003–11,
Offshore Voluntary Compliance
Initiative.
Abstract: Revenue Procedure 2003–11
describes the Offshore Voluntary
Compliance Initiative, which is directed
at taxpayers that have under-reported
their tax liability through financial
arrangements outside the United States
that rely on the use of credit, debit, or
charge cards (offshore credit cards) or
foreign banks, financial institutions,
corporations, partnership, trusts, or
other entities (offshore financial
arrangements). Taxpayers that
participate in the initiative and provide
the information and material that their
participation requires can avoid certain
penalties.
Affected Public: Individuals or
Households.
Estimated Total Burden Hours:
100,000.
OMB Number: 1545–1952.
Type of Review: Extension without
change of a currently approved
collection.
Title: Revenue Procedure 2005–50—
Automatic Consent for Eligible
Educational Institution to Change
Reporting Methods.
Abstract: This revenue procedure
prescribes how an eligible educational
institution may obtain automatic
consent from the Service to change its
method of reporting under section
6050S of the Code and the Income Tax
Regulations.
Affected Public: Private Sector: Notfor-profit institutions.
Estimated Total Burden Hours: 300.
OMB Number: 1545–1965.
Type of Review: Extension without
change of a currently approved
collection.
PO 00000
Frm 00134
Fmt 4703
Sfmt 4703
Title: REG–133446–03 (TD 9360)—
Guidance on Passive Foreign Company
(PFIC) Purging Elections.
Abstract: The IRS needs the
information to substantiate the
taxpayer’s computation of the taxpayer’s
share of the PFIC’s post-1986 earning
and profits.
Affected Public: Individuals and
Households.
Estimated Total Burden Hours: 250.
OMB Number: 1545–1979.
Type of Review: Extension without
change of a currently approved
collection.
Title: Energy Efficient New Home
Credit.
Form: 8908.
Abstract: Contractors will use Form
8908 to claim the new energy efficient
home credit for homes substantially
completed after August 8, 2005, and
sold for use as personal residences after
January 1, 2006.
Affected Public: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours:
512,820.
OMB Number: 1545–2126.
Type of Review: Extension without
change of a currently approved
collection.
Title: Credit for Employer Differential
Wage Payments.
Form: 8932.
Abstract: Qualified employers will
file Form 8932 to claim the credit for
qualified differential wage payments
paid to qualified employees after June
17, 2008, and before January 1, 2010.
Affected Public: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours:
62,456.
OMB Number: 1545–2127.
Type of Review: Extension without
change of a currently approved
collection.
Title: Disqualified Corporate Interest
Expense Disallowed Under Section
163(j) and Related Information.
Form: 8926.
Abstract: Pursuant to Congressional
direction to determine whether the
earnings stripping limitation rule of
Code Section 163(j) was effective in
curbing the erosion of the U.S. tax base,
the Treasury created Form 8926,
Disqualified Corporate Interest Expense
Disallowed Under Section 163(j) and
Related Information.
Affected Public: Private Sector:
Businesses or other for-profits.
Estimated Total Burden Hours:
7,560,000.
OMB Number: 1545–2226.
Type of Review: Extension without
change of a currently approved
collection.
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Federal Register / Vol. 77, No. 146 / Monday, July 30, 2012 / Notices
Title: Work Opportunity Credit for
Qualified Tax-Exempt Organizations
Hiring Qualified Veterans.
Form: 5884–C.
Abstract: Form 5884–C was
developed as a result of VOW to Hire
Heroes Act of 2011, Public Law 112–56.
Section 261 of Public Law 112–56
expanded the Work Opportunity Credit
to tax-exempt organizations that hire
unemployed veterans. The tax credit is
a reduction in payroll taxes paid by the
tax-exempt organization. Form 5884–C
allows a tax-exempt organization a way
to claim the credit and provides the IRS
the information to process the tax credit.
Affected Public: Private Sector: Notfor-profit institutions.
Estimated Total Burden Hours:
397,683.
Dawn D. Wolfgang,
Treasury PRA Clearance Officer.
[FR Doc. 2012–18444 Filed 7–27–12; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Submission for OMB Review;
Comment Request
mstockstill on DSK4VPTVN1PROD with NOTICES
July 25, 2012.
The Department of the Treasury will
submit the following information
collection request to the Office of
Management and Budget (OMB) for
review and clearance in accordance
with the Paperwork Reduction Act of
1995, Public Law 104–13, on or after the
date of publication of this notice.
DATES: Comments should be received on
or before August 29, 2012 to be assured
of consideration.
ADDRESSES: Send comments regarding
the burden estimate, or any other aspect
of the information collection, including
suggestion for reducing the burden to
the (1) Office of Information and
Regulatory Affairs, Office of
Management and Budget, Attention:
Desk Officer for Treasury, New
Executive Office Building, Room 10235,
Washington, DC 20503, or email at
OIRA_Submission@OMB.EOP.GOV and
the (2) Treasury PRA Clearance Officer,
1750 Pennsylvania Ave. NW., Suite
8140, Washington, DC 20220, or email
at PRA@treasury.gov.
FOR FURTHER INFORMATION CONTACT:
Copies of the submission(s) may be
obtained by calling (202) 927–5331,
email at PRA@treasury.gov, or the entire
information collection request may be
found at www.reginfo.gov.
Financial Management Service (FMS)
OMB Number: 1510–0037.
VerDate Mar<15>2010
17:34 Jul 27, 2012
Jkt 226001
Type of Review: Extension without
change of a currently approved
collection.
Title: Voucher for Payment of Awards.
Form: TFS 5135.
Abstract: Awards certified to Treasury
are paid annually as funds are received
from foreign governments. Vouchers are
mailed to award-holders showing
payments due. Award-holders sign
vouchers certifying that he/she is
entitled to payment.
Affected Public: Individuals or
Households.
Estimated Total Burden Hours: 700.
OMB Number: 1510–0043.
Type of Review: Revision of a
currently approved collection.
Title: Notice of Reclamation and Debit
Request for Recurring Benefit Payments.
Form: FMS 133, 135.
Abstract: A program agency
authorizes Treasury to recover payments
that have been issued after the death of
the beneficiary. FMS Form 133 is used
to notify the financial institution. If the
financial institution does not respond to
the 133, a debit request (Form 135) is
sent to the Federal Reserve Bank.
Affected Public: Private Sector;
Businesses or other for-profits.
Estimated Total Burden Hours:
29,750.
OMB Number: 1510–0045.
Type of Review: Revision of a
currently approved collection.
Title: Trace Request for EFT
Payments.
Form: FMS 150–1, 150–2.
Abstract: Used to notify the financial
institutions that a beneficiary has
claimed non-receipt of credit for a
payment. The form is designed to help
the financial institution locate any
problem and to keep the beneficiary
informed of any action taken.
Affected Public: Private Sector;
Businesses or other for-profits.
Estimated Total Burden Hours:
27,163.
Dawn D. Wolfgang,
Treasury PRA Clearance Officer.
[FR Doc. 2012–18462 Filed 7–27–12; 8:45 am]
BILLING CODE 4810–35–P
DEPARTMENT OF THE TREASURY
Open Meeting of the Federal Advisory
Committee on Insurance
Departmental Offices, Treasury.
Notice of Open Meeting.
AGENCY:
ACTION:
The Department of the
Treasury’s Federal Advisory Committee
on Insurance (FACI) will convene an
open meeting on Monday, August 6,
SUMMARY:
PO 00000
Frm 00135
Fmt 4703
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44713
2012 at the Department of the Treasury,
Cash Room, 1500 Pennsylvania Avenue
NW., Washington, DC, beginning at 1:30
p.m. Eastern Time. The meeting is open
to the public and the site is accessible
to individuals with disabilities.
In this meeting, the FACI members
will follow up on the conclusions of the
FACI meeting that occurred on March
30, 2012, and will provide direction on
the expected work product of the
Committee and each subcommittee, if
any.
The meeting will be held on
August 6, 2012, commencing at 1:30
p.m. Eastern Time.
Submission of Written Statements:
The public is invited to submit written
statements to the FACI. Written
statements can be submitted by any of
the following methods:
DATES:
Electronic Statements
Email: FACI@treasury.gov, or
Paper Statements
Paper statements should be sent in
triplicate to the Federal Advisory
Committee on Insurance, Department of
the Treasury, Room 2100, 1425 New
York Avenue NW., Washington, DC
20220.
The Department of the Treasury will
publish all statements in their original
form on the Federal Insurance Office
Web site, https://www.treasury.gov/
about/organizational-structure/offices/
Pages/Federal-Insurance.aspx,
including any business or personal
information provided such as names,
addresses, email addresses, or telephone
numbers. The Department of the
Treasury will also make such statements
available for public inspection and
copying in the Department’s Library,
Room 1428, 1500 Pennsylvania Avenue
NW., Washington, DC 20220, on official
business days between the hours of
10:00 a.m. and 5:00 p.m. Eastern Time.
You can make an appointment to
inspect statements by calling (202) 622–
0990. All statements received, including
attachments and other supporting
materials, are part of the public record
and subject to public disclosure. You
should submit only information that
you wish to make publicly available.
FOR FURTHER INFORMATION CONTACT:
James P. Brown, Designated Federal
Officer, Federal Advisory Committee on
Insurance, Department of the Treasury,
Room 2100, New York Avenue NW.,
Washington, DC 20220, at (202) 622–
6910 (this is not a toll-free number).
Persons who have difficulty hearing or
speaking may access this number via
TTY by calling the toll-free Federal
Relay Service at (800) 877–8339.
E:\FR\FM\30JYN1.SGM
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]]>Agencies
[Federal Register Volume 77, Number 146 (Monday, July 30, 2012)]
[Notices]
[Pages 44711-44713]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-18444]
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DEPARTMENT OF THE TREASURY
Submission for OMB Review; Comment Request
July 25, 2012.
The Department of the Treasury will submit the following
information collection request to the Office of Management and Budget
(OMB) for review and clearance in accordance with the Paperwork
Reduction Act of 1995, Public Law 104-13, on or after the date of
publication of this notice.
DATES: Comments should be received on or before August 29, 2012 to be
assured of consideration.
ADDRESSES: Send comments regarding the burden estimate, or any other
aspect of the information collection, including suggestion for reducing
the burden, to (1) Office of Information and Regulatory Affairs, Office
of Management and Budget, Attention: Desk Officer for Treasury, New
Executive Office Building, Room 10235, Washington, DC 20503, or email
at OIRA_Submission@OMB.EOP.GOV and (2) Treasury PRA Clearance Officer,
1750 Pennsylvania Ave. NW., Suite 8140, Washington, DC 20220, or email
at PRA@treasury.gov.
FOR FURTHER INFORMATION CONTACT: Copies of the submission(s) may be
obtained by calling (202) 927-5331, email at PRA@treasury.gov, or the
entire information collection request maybe found at www.reginfo.gov.
Internal Revenue Service (IRS)
OMB Number: 1545-0132.
Type of Review: Extension without change of a currently approved
collection.
Title: Amended U.S. Corporation Income Tax Return.
Form: 1120-X.
Abstract: Domestic corporations use Form 1120X to correct a
previously filed Form 1120 or 1120A. The data is used to determine if
the correct tax liability has been reported.
Affected Public: Private Sector: Business or other for-profits.
Estimated Total Burden Hours: 300,582.
OMB Number: 1545-0140.
Type of Review: Extension without change of a currently approved
collection.
Title: Form 2210, Underpayment of Estimated Tax by Individuals,
Estate, and Trusts; Form 2210-F, Underpayment of Estimated Tax by
Farmers and Fishermen.
Form: 2210, 2210-F.
Abstract: Internal Revenue Code section 6654 imposes a penalty for
failure to pay estimated tax. These forms are used by taxpayers to
determine whether they are subject to the penalty and to compute the
penalty if it applies. The Service uses this information to determine
whether the taxpayer is subject to the penalty, and to verify the
penalty amount.
Affected Public: Private Sector: Business or other for-profits.
Estimated Total Burden Hours: 2,405,663.
OMB Number: 1545-0820.
Type of Review: Extension without change of a currently approved
collection.
Title: REG-122917-02 (Final) Statutory Options.
Abstract: The affected public includes corporations that transfer
stock to employees after 1979 pursuant to the exercise of a statutory
stock option. The corporation must furnish the employee receiving the
stock with a written statement describing the transfer. The statement
will assist the employee in filing their tax return.
Affected Public: Private Sector: Business or other for-profits.
Estimated Total Burden Hours: 16,650.
OMB Number: 1545-1086.
Type of Review: Extension without change of a currently approved
collection.
Title: Excise Tax on Greenmail.
Form: 8725.
Abstract: Form 8725 is used by persons who receive ``greenmail'' to
compute and pay the excise tax on greenmail imposed under section 5881.
IRS uses the information to verify that the correct amount of tax has
been reported.
Affected Public: Private Sector: Business or other for-profits.
Estimated Total Burden Hours: 92.
OMB Number: 1545-1225.
Type of Review: Extension without change of a currently approved
collection.
Title: Notice of Plan Merger or Consolidation, Spinoff, or Transfer
of Plan Assets or Liabilities; Notice of Qualified Separate Lines of
Business.
Form: 5310-A.
Abstract: Plan administrators are required to notify IRS of any
plan mergers, consolidations, spinoffs, or transfers of plan assets or
liabilities to another plan. Employers are required to notify IRS of
separate lines of business for their deferred compensation plans. Form
5310-A is used to make these notifications.
Affected Public: Private Sector: Business or other for-profits.
Estimated Total Burden Hours: 158,800.
OMB Number: 1545-1227.
Type of Review: Extension without change of a currently approved
collection.
Title: FI-104-90--Final Tax Treatment of Salvage and Reinsurance
(TD 8390).
Abstract: The regulation provides a disclosure requirement for an
insurance company that increases losses shown on its annual statement
by the amount of estimated salvage recoverable taken into account.
Affected Public: Private Sector: Business or other for-profits.
Estimated Total Burden Hours: 5,000.
OMB Number: 1545-1241.
Type of Review: Extension without change of a currently approved
collection.
Title: PS-92-90 (TD 8395) Special Valuation Rules.
Abstract: Section 2701 of the Internal Revenue Code allows various
elections by family members who make gifts of common stock or
partnership interests and retain senior interest. The elections affect
the value of the gifted interests and the retained interests. This
document contains final regulations relating to chapter 14 of the
Internal
[[Page 44712]]
Revenue Code as enacted in the Omnibus Budget Reconciliation Act of
1990, Public Law 101-508, 104 Stat. 1388. These regulations provide
special valuation rules for purposes of Federal estate and gift taxes
imposed under chapter 1 and 12 of the Code. In addition these
regulations provide rules involving lapsing rights and other
transactions that are treated as completed transfers under chapter 14.
Affected Public: Individuals or Households.
Estimated Total Burden Hours: 496.
OMB Number: 1545-1380.
Type of Review: Extension without change of a currently approved
collection.
Title: IA-17-90 (TD 8571) Reporting Requirements for Recipients of
Points Paid on Residential Mortgages.
Abstract: To encourage compliance with the tax laws relating to the
mortgage interest deduction, the regulations require the reporting on
Form 1098 of points paid on residential mortgage. Only businesses that
receive mortgage interest in the course of a trade or business are
affected by this reporting requirement.
Affected Public: Private Sector: Business or other for-profits.
Estimated Total Burden Hours: 283,056.
OMB Number: 1545-1434.
Type of Review: Extension without change of a currently approved
collection.
Title: CO-26-96 (TD 8825) Regulations Under Section 382 of the
Internal Revenue Code of 1986; Application of Section 382 in Short
Taxable Years and With Respect to Controlled Groups.
Abstract: Section 382 limits the amount of income that can be
offset by loss carryovers after an ownership change. These regulations
provide rules for applying section 382 in the case of short taxable
years and with respect to controlled groups.
Affected Public: Private Sector: Business or other for-profits.
Estimated Total Burden Hours: 875.
OMB Number: 1545-1516.
Type of Review: Revision of a currently approved collection.
Title: Entity Classification Election.
Form: 8832.
Abstract: An eligible entity that chooses not to be classified
under the default rules or that wishes to change its current
classification must file Form 8832 to elect a classification.
Affected Public: Private Sector: Business or other for-profits.
Estimated Total Burden Hours: 35,900.
OMB Number: 1545-1536.
Type of Review: Extension without change of a currently approved
collection.
Title: REG-209823-96 (TD 8791)--Guidance Regarding Charitable
Remainder Trusts and Special Valuation Rules for Transfer of Interests
in Trusts.
Abstract: The recordkeeping requirement in the regulation provides
taxpayers with an alternative method for complying with Congressional
intent regarding charitable remainder trusts. The recordkeeping
alternative may be less burdensome for taxpayers.
Affected Public: Private Sector: Business or other for-profits.
Estimated Total Burden Hours: 75.
OMB Number: 1545-1822.
Type of Review: Extension without change of a currently approved
collection.
Title: Revenue Procedure 2003-11, Offshore Voluntary Compliance
Initiative.
Abstract: Revenue Procedure 2003-11 describes the Offshore
Voluntary Compliance Initiative, which is directed at taxpayers that
have under-reported their tax liability through financial arrangements
outside the United States that rely on the use of credit, debit, or
charge cards (offshore credit cards) or foreign banks, financial
institutions, corporations, partnership, trusts, or other entities
(offshore financial arrangements). Taxpayers that participate in the
initiative and provide the information and material that their
participation requires can avoid certain penalties.
Affected Public: Individuals or Households.
Estimated Total Burden Hours: 100,000.
OMB Number: 1545-1952.
Type of Review: Extension without change of a currently approved
collection.
Title: Revenue Procedure 2005-50--Automatic Consent for Eligible
Educational Institution to Change Reporting Methods.
Abstract: This revenue procedure prescribes how an eligible
educational institution may obtain automatic consent from the Service
to change its method of reporting under section 6050S of the Code and
the Income Tax Regulations.
Affected Public: Private Sector: Not-for-profit institutions.
Estimated Total Burden Hours: 300.
OMB Number: 1545-1965.
Type of Review: Extension without change of a currently approved
collection.
Title: REG-133446-03 (TD 9360)--Guidance on Passive Foreign Company
(PFIC) Purging Elections.
Abstract: The IRS needs the information to substantiate the
taxpayer's computation of the taxpayer's share of the PFIC's post-1986
earning and profits.
Affected Public: Individuals and Households.
Estimated Total Burden Hours: 250.
OMB Number: 1545-1979.
Type of Review: Extension without change of a currently approved
collection.
Title: Energy Efficient New Home Credit.
Form: 8908.
Abstract: Contractors will use Form 8908 to claim the new energy
efficient home credit for homes substantially completed after August 8,
2005, and sold for use as personal residences after January 1, 2006.
Affected Public: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 512,820.
OMB Number: 1545-2126.
Type of Review: Extension without change of a currently approved
collection.
Title: Credit for Employer Differential Wage Payments.
Form: 8932.
Abstract: Qualified employers will file Form 8932 to claim the
credit for qualified differential wage payments paid to qualified
employees after June 17, 2008, and before January 1, 2010.
Affected Public: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 62,456.
OMB Number: 1545-2127.
Type of Review: Extension without change of a currently approved
collection.
Title: Disqualified Corporate Interest Expense Disallowed Under
Section 163(j) and Related Information.
Form: 8926.
Abstract: Pursuant to Congressional direction to determine whether
the earnings stripping limitation rule of Code Section 163(j) was
effective in curbing the erosion of the U.S. tax base, the Treasury
created Form 8926, Disqualified Corporate Interest Expense Disallowed
Under Section 163(j) and Related Information.
Affected Public: Private Sector: Businesses or other for-profits.
Estimated Total Burden Hours: 7,560,000.
OMB Number: 1545-2226.
Type of Review: Extension without change of a currently approved
collection.
[[Page 44713]]
Title: Work Opportunity Credit for Qualified Tax-Exempt
Organizations Hiring Qualified Veterans.
Form: 5884-C.
Abstract: Form 5884-C was developed as a result of VOW to Hire
Heroes Act of 2011, Public Law 112-56. Section 261 of Public Law 112-56
expanded the Work Opportunity Credit to tax-exempt organizations that
hire unemployed veterans. The tax credit is a reduction in payroll
taxes paid by the tax-exempt organization. Form 5884-C allows a tax-
exempt organization a way to claim the credit and provides the IRS the
information to process the tax credit.
Affected Public: Private Sector: Not-for-profit institutions.
Estimated Total Burden Hours: 397,683.
Dawn D. Wolfgang,
Treasury PRA Clearance Officer.
[FR Doc. 2012-18444 Filed 7-27-12; 8:45 am]
BILLING CODE 4830-01-P
