Proposed Collection; Comment Request for Form 1120S, Schedule D, Schedule K-1, and Schedule M-3, 64848-64849 [2012-26000]

Agencies

• Internal Revenue Service
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 77, Number 205 (Tuesday, October 23, 2012)]
[Notices]
[Pages 64848-64849]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-26000]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 1120S, Schedule D, 
Schedule K-1, and Schedule M-3

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Department of the Treasury, as part of its continuing 
effort to reduce paperwork and respondent burden, invites the general 
public and other Federal agencies to take this opportunity to comment 
on proposed and/or continuing information collections, as required by 
the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning 
Form 1120S, U.S. Income Tax Return for an S Corporation, Schedule D 
(Form 1120S), Capital Gains and Losses and Built-In Gains, Schedule M-3 
(Form 1120S), Net Income (Loss) Reconciliation for S Corporations With 
Total Assets of $10 Million or More, and Schedule K-1 (Form 1120S), 
Shareholder's Share of Income, Credits, Deductions, etc.

DATES: Written comments should be received on or before December 24, 
2012 to be assured of consideration.

ADDRESSES: Direct all written comments to Yvette Lawrence, Internal 
Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to Allan Hopkins 
at Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., 
Washington, DC 20224, or at (202) 622-6665, or through the Internet at 
Allan.M.Hopkins@irs.gov.

[[Page 64849]]


SUPPLEMENTARY INFORMATION:
    Title: Form 1120S, U.S. Income Tax Return for an S Corporation, 
Schedule D (Form 1120S), Capital Gains and Losses and Built-in Gains, 
Schedule K-1 (Form 1120S), Shareholder's Share of Income, Credits, 
Deductions, etc., Schedule M-3 (Form 1120S), Net Income (Loss) 
Reconciliation for S Corporations With Total Assets of $10 Million or 
More.
    OMB Number: 1545-0130.
    Form Number: Form 1120S, Schedule D, Schedule K-1, and Schedule M-
3.
    Abstract: Form 1120S, Schedule D (Form 1120S), Schedule K-1 (Form 
1120S), and Schedule M-3 (Form 1120S) are used by an S corporation to 
figure its tax liability, and income and other tax-related information 
to pass through to its shareholders. Schedule D is used to report gain 
or loss from sales or exchanges of capital assets and the computation 
of tax on certain capital gains imposed by Internal Revenue Code 
section 1374. Schedule K-1 is used to report to shareholders their 
share of the corporation's income, deductions, credits, etc. Schedule 
M-3 is used for S corporations with assets of $10 million or more, to 
reconcile financial accounting net income and taxable income in a 
standardized and detailed format.
    Current Actions: There are no changes being made to these forms at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, and 
farms.
    Estimated Number of Respondents: 15,077,000.
    Estimated Time per Respondent: 27 hours, 55 minutes.
    Estimated Total Annual Burden Hours: 420,945,980.
    The following paragraph applies to all of the collections of 
information covered by this notice:
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless the collection of 
information displays a valid OMB control number. Books or records 
relating to a collection of information must be retained as long as 
their contents may become material in the administration of any 
internal revenue law. Generally, tax returns and tax return information 
are confidential, as required by 26 U.S.C. 6103.
    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in the request for OMB approval. All 
comments will become a matter of public record. Comments are invited 
on: (a) Whether the collection of information is necessary for the 
proper performance of the functions of the agency, including whether 
the information shall have practical utility; (b) the accuracy of the 
agency's estimate of the burden of the collection of information; (c) 
ways to enhance the quality, utility, and clarity of the information to 
be collected; (d) ways to minimize the burden of the collection of 
information on respondents, including through the use of automated 
collection techniques or other forms of information technology; and (e) 
estimates of capital or start-up costs and costs of operation, 
maintenance, and purchase of services to provide information.

    Approved: October 16, 2012.
Allan Hopkins,
Tax Analyst.
[FR Doc. 2012-26000 Filed 10-22-12; 8:45 am]
BILLING CODE 4830-01-P