Proposed Collection; Comment Request for Forms 1065, 1065-B, 1066, 1120, 1120-C, 1120-F, 1120-FSC, 1120-H, 1120-L, 1120-ND, 1120-PC, 1120-POL, 1120-S, 1120-SF, 1120-REIT, 1120-RIC, and Related Attachments, 24447-24453 [2017-10789]

Download as PDF Federal Register / Vol. 82, No. 101 / Friday, May 26, 2017 / Notices (ii) a historical track record of awarding graduate degrees in professional fields closely related to highways and public transportation; and (iii) an experienced faculty who specialize in professional fields closely related to highways and public transportation. (49 U.S.C. 5505(c)(3)(B) (iii) as amended by Pub. L. 114–94, § 6016). Past Performance. The Department is required by 2 CFR part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, Section 205, to review risk posed by applicants. This may be done through such publicly available information collections as the System for Award Management (SAM.gov) and/ or through specifically collected information about the applicant’s record in managing Federal awards. External Stakeholders. The Department will consult with external stakeholders (including the Transportation Research Board ofthe National Academy of Sciences, among others), to the maximum extent practicable, to evaluate and review all proposals. (49 U.S.C. 5505(b)(6) as amended by Pub. L. 114–94, § 6016). V. Program Funding and Award UTCs will be selected by the Secretary, in consultation as appropriate with the Assistant Secretary for Research and Technology, the Administrator of the Federal Highway Administration and other modal administrators as appropriate. Awards will be made no later than December 4, 2017, with Federal FY 2016 funds awarded at that time. Subsequent Federal FY 2017–FY 2020 funding will be awarded approximately annually after that date, subject to availability of funds and grantee compliance with grant terms and conditions. VI. Use of Grant Funds Grantees will have until September 30, 2023 to expend all funds, assuming availability of annual appropriations. Issued in Washington, DC, on May 23, 2017. Elaine L. Chao, Secretary. [FR Doc. 2017–10927 Filed 5–25–17; 8:45 am] BILLING CODE 4910–9X–P VerDate Sep<11>2014 19:14 May 25, 2017 Jkt 241001 DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Forms 1065, 1065–B, 1066, 1120, 1120–C, 1120–F, 1120–FSC, 1120–H, 1120–L, 1120–ND, 1120–PC, 1120–POL, 1120–S, 1120–SF, 1120– REIT, 1120–RIC, and Related Attachments Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. AGENCY: The Internal Revenue Service, 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 continuing information collections, as required by the Paperwork Reduction Act of 1995 (PRA). This notice requests comments on all forms used by business entity taxpayers: Forms 1065, 1065–B, 1066, 1120, 1120–C, 1120–F, 1120–FSC, 1120–H, 1120–L, 1120–ND, 1120–PC, 1120–POL, 1120–S, 1120–SF, 1120–REIT, 1120– RIC; and all attachments to these forms (see the Appendix to this notice). With this notice, the IRS is also announcing significant changes to (1) the manner in which tax forms used by business taxpayers will be approved under the PRA and (2) its method of estimating the paperwork burden imposed on all business taxpayers. DATES: Written comments should be received on or before July 25, 2017 to be assured of consideration. ADDRESSES: Direct all written comments to Laurie Brimmer, Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW., Washington, DC 20224. Requests for additional information or copies of the form and instructions should be directed to Sara Covington, at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW., Washington, DC 20224, or through the internet, at Sara.L.Covington@irs.gov. SUPPLEMENTARY INFORMATION: SUMMARY: Change in PRA Approval of Forms Used by Business Taxpayers Under the PRA, OMB assigns a control number to each ‘‘collection of information’’ that it reviews and approves for use by an agency. A single information collection may consist of one or more forms, recordkeeping requirements, and/or third-party disclosure requirements. Under the PRA and OMB regulations, agencies have the discretion to seek separate OMB PO 00000 Frm 00173 Fmt 4703 Sfmt 4703 24447 approvals for business forms, recordkeeping requirements, and thirdparty reporting requirements or to combine any number of forms, recordkeeping requirements, and/or third-party disclosure requirements (usually related in subject matter) under one OMB Control Number. Agency decisions on whether to group individual requirements under a single OMB Control Number or to disaggregate them and request separate OMB Control Numbers are based largely on considerations of administrative practicality. The PRA also requires agencies to estimate the burden for each collection of information. Accordingly, each OMB Control Number has an associated burden estimate. The burden estimates for each control number are displayed in (1) the PRA notices that accompany collections of information, (2) Federal Register notices such as this one, and (3) in OMB’s database of approved information collections. If more than one form, recordkeeping requirement, and/or third-party disclosure requirement is approved under a single control number, then the burden estimate for that control number reflects the burden associated with all of the approved forms, recordkeeping requirements, and/or third-party disclosure requirements. As described below under the heading ‘‘New Burden Model,’’ the IRS’s new Business Taxpayer Burden Model (BTBM) estimates of taxpayer burden are based on taxpayer characteristics and activities, taking into account, among other things, the forms and schedules generally used by those groups of business taxpayers and the recordkeeping and other activities needed to complete those forms. The BTBM represents the second phase of a long-term effort to improve the ability of IRS to measure the burden imposed on various groups of taxpayers by the federal tax system. While the new methodology provides a more accurate and comprehensive description of business taxpayer burden, it will not provide burden estimates on a form-byform basis, as has been done under the previous methodology. When the prior model was developed in the mid-1980s, almost all tax returns were prepared manually, either by the taxpayer or a paid provider. In this context, it was determined that estimating burden on a form-by-form basis was an appropriate methodology. Today, over 90 percent of all business entity tax returns are prepared using software or with preparer assistance. In this environment, in which many taxpayers’ activities are no longer as directly E:\FR\FM\26MYN1.SGM 26MYN1 24448 Federal Register / Vol. 82, No. 101 / Friday, May 26, 2017 / Notices associated with particular forms, estimating burden on a form-by-form basis is not an appropriate measurement of taxpayer burden. The new model, which takes into account broader and more comprehensive taxpayer characteristics and activities, provides a much more accurate and useful estimate of taxpayer burden. Currently, there are 231 forms used by business taxpayers. These include Forms 1065, 1065–B, 1066, 1120, 1120– C, 1120–F, 1120–H, 1120–ND, 1120–S, 1120–SF, 1120–FSC, 1120–L, 1120–PC, 1120–REIT, 1120–RIC, 1120–POL, and their schedules and all the forms business entity taxpayers attach to their tax returns (see the Appendix to this notice). For most of these forms, IRS has in the past obtained separate OMB approvals under unique OMB Control Numbers and separate burden estimates. The BTBM estimates the aggregate burden imposed on business taxpayers, based upon their tax-related characteristics and activities. IRS therefore will seek OMB approval of all 231 business-related tax forms as a single ‘‘collection of information.’’ The aggregate burden of these tax forms will be accounted for under OMB Control Number 1545–0123, which is currently assigned to Form 1120 and its schedules. OMB Control Number 1545– 0123 will be displayed on all business tax forms and other information collections. As a result of this change, burden estimates for business taxpayers will now be displayed differently in PRA Notices on tax forms and other information collections, and in Federal Register notices. This new way of displaying burden is presented below under the heading ‘‘Proposed PRA Submission to OMB.’’ Because some of the forms used by business taxpayers are also used by tax-exempt organizations, trusts and estates and other kinds of taxpayers, there will be a transition period during which IRS will report different burden estimates for individual taxpayers (OMB Control Number 1545–0074), business taxpayers (OMB Control Number 1545–0123), and another OMB Control Number for other taxpayers using the same forms. For those forms covered under OMB Control Numbers 1545–0074 and/or 1545–0123 and also used by other taxpayers, IRS will display the OMB Control Number related to the other filers on the form and provide the burden estimate for those taxpayers in the form instructions. The form instructions will refer readers to the burden estimates for individual and/or business taxpayers, as applicable. The burden estimates for business taxpayers will be reported and accounted for as described in this VerDate Sep<11>2014 19:14 May 25, 2017 Jkt 241001 notice. The burden estimates for individual taxpayers will continue to be reported and accounted for under OMB Control Number 1545–0074 using a method similar to the method described in this notice. The burden estimates for other users of these forms will be determined under prior methodology based on form length and complexity. New Burden Model Data from the new BTBM revise the estimates of the levels of burden experienced by business taxpayers when complying with the federal tax laws. It replaces the earlier burden measurement developed in the mid1980s. Since that time, improved technology and modeling sophistication have enabled the IRS to improve the burden estimates. The new model provides taxpayers and the IRS with a more comprehensive understanding of the current levels of taxpayer burden. It reflects major changes over the past two decades in the way taxpayers prepare and file their returns. The new BTBM also represents a substantial step forward in the IRS’s ability to assess likely impacts of administrative and legislative changes on business taxpayers. The BTBM’s approach to measuring burden focuses on the characteristics and activities of business taxpayers rather than the forms they use. Key determinants of taxpayer burden in the model are the type of entity, total assets, total receipts, and activities reported on the tax return (income, deductions, credits, etc.). In contrast, the previous estimates primarily focused on the length and complexity of each tax form. The changes between the old and new burden estimates are due to the improved ability of the new methodology to measure burden and the expanded scope of what is measured. These changes create a one-time shift in the estimate of burden levels that reflects the better measurement of the new model. The differences in estimates between the models do not reflect any change in the actual burden experienced by taxpayers. Comparisons should not be made between these and the earlier published estimates, because the models measure burden in different ways. Methodology Burden is defined as the time and outof-pocket costs incurred by taxpayers to comply with the federal tax system. As has been done for individual taxpayer burden since 2005, both the time expended and the out-of-pocket costs for business taxpayers are estimated. The burden estimation methodology relies on surveys that measure time and PO 00000 Frm 00174 Fmt 4703 Sfmt 4703 out-of-pocket costs that taxpayers spend on pre-filing and filing activities. The methodology establishes econometric relationships between tax return characteristics and reported compliance costs. The methodology controls for the substitution of time and money by monetizing time and reporting total compliance costs in dollars. This methodology better reflects taxpayer compliance burden, because in a world of electronic tax preparation, time and out-of-pocket costs are governed by the information required rather than the form on which it is ultimately reported. Importantly, even where various businesses complete the same tax form lines, the new methodology differentiates the cost incurred to complete those forms based on characteristics of those businesses. Key business characteristics that serve as coefficients in the BTBM are: • Entity type • Total assets • Total receipts • Return complexity The new model uses the following classifications of business taxpayers: • Partnerships (Forms 1065, 1065–B, 1066) • Taxable corporations (Forms 1120, 1120–C, 1120–F, 1120–H, 1120–ND, 1120–SF, 1120–FSC, 1120–L, 1120– PC, 1120–POL) • Pass-through corporations (Forms 1120–REIT, 1120–RIC, 1120–S) Each classification is further refined to separate large and small businesses, where a large business is generally defined as one having end of year assets totaling more than $10 million. Taxpayer Burden Estimates Tables 1, 2, and 3 below show the burden model estimates for each of the three classifications of business taxpayers. The data shown are the best estimates for 2017 business entity income tax returns available as of January 2017. The estimates are subject to change as new forms and data become available. Proposed PRA Submission to OMB Title: U.S. Business Income Tax Return. OMB Number: 1545–0123. Form Numbers: Forms 1065, 1065–B, 1066, 1120, 1120–C, 1120–F, 1120–H, 1120–ND, 1120–S, 1120–SF, 1120–FSC, 1120–L, 1120–PC, 1120–REIT, 1120– RIC, 1120–POL and all attachments to these forms (see the Appendix to this notice). Abstract: These forms are used by businesses to report their income tax liability. The data is used to verify that E:\FR\FM\26MYN1.SGM 26MYN1 24449 Federal Register / Vol. 82, No. 101 / Friday, May 26, 2017 / Notices the items reported on the forms are correct, and also for general statistics use. Current Actions: Changes are being made to the forms and the method of burden computation. Type of Review: Revision of currently approved collections. Affected Public: Businesses. Estimated Number of Respondents: 11,000,000. Total Estimated Time: 3.040 billion hours. Estimated Time per Respondent: 276 hours. Total Estimated Out-of-Pocket Costs: $53.64 billion. Estimated Out-of-Pocket Cost per FY2017. Respondent: $4,876. Note: Amounts below are for FY2017. Reported time and cost burdens are national averages and do not necessarily reflect a ‘‘typical’’ case. Most taxpayers experience lower than average burden, with taxpayer burden varying considerably by taxpayer type. Detail may not add due to rounding. TABLE 1 Number of returns (millions) Primary form filed or type of taxpayer All Partnerships ............................................................................................................................ Small ............................................................................................................................................ Large* .......................................................................................................................................... Burden Average time 3.9 3.7 0.2 Average cost 290 270 610 5,700 4,400 29,000 Forms 1065, 1065–B, 1066 and all attachments. TABLE 2 Number of returns (millions) Primary form filed or type of taxpayer All Taxable Corporations ............................................................................................................. Small ............................................................................................................................................ Large* .......................................................................................................................................... Burden Average time 2.1 2 0.1 Average cost 315 280 1,250 6,300 4,000 68,900 Forms 1120, 1120–C, 1120–F, 1120–H, 1120–ND, 1120–SF, 1120–FSC, 1120–L, 1120–PC, 1120–POL and all attachments. TABLE 3 Number of returns (millions) Primary form filed or type of taxpayer All Pass-Through Corporations ................................................................................................... Small ............................................................................................................................................ Large* * ........................................................................................................................................ Burden Average time 4.9 4.8 0.1 245 240 610 Average cost 3,500 3,100 30,800 Forms 1120–REIT, 1120–RIC, 1120–S and all attachments * A large business is defined as one having end of year assets greater than $10 million. 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 will 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. Dated: May 18, 2017. Laurie Brimmer, Senior Tax Analyst. APPENDIX Product Form Form Form Form Form Form Form 1000 1042 1065 1065 1065 1065 1065 Title .......................................................... .......................................................... .......................................................... (SCH B–1) ........................................ (SCH C) ........................................... (SCH D) ........................................... (SCH K–1) ........................................ VerDate Sep<11>2014 19:14 May 25, 2017 Jkt 241001 Ownership Certificate. Annual Withholding Tax Return for U.S. Source Income of Foreign Persons. U.S. Return of Partnership Income. Information for Partners Owning 50% or More of the Partnership. Additional Information for Schedule M–3 Filers. Capital Gains and Losses. Partner’s Share of Income, Deductions, Credits, etc. PO 00000 Frm 00175 Fmt 4703 Sfmt 4703 E:\FR\FM\26MYN1.SGM 26MYN1 24450 Federal Register / Vol. 82, No. 101 / Friday, May 26, 2017 / Notices APPENDIX—Continued Product Title Form Form Form Form Form Form Form Form Form 1065 (SCH M–3) ....................................... 1065B ........................................................ 1065B (SCH K–1) ..................................... 1065X ........................................................ 1066 .......................................................... 1066 (SCH Q) ........................................... 1118 .......................................................... 1118 (SCH I) ............................................. 1118 (SCH J) ............................................ Form 1139 .......................................................... Net Income (Loss) Reconciliation for Certain Partnerships. U.S. Return of Income for Electing Large Partnerships. Partner’s Share of Income (Loss) From an Electing Large Partnership. Amended Return or Administrative Adjustment Request (AAR). U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return. Quarterly Notice to Residual Interest Holder of REMIC Taxable Income or Net Loss Allocation. Foreign Tax Credit-Corporations. Reduction of Foreign Oil and Gas Taxes. Adjustments to Separate Limitation Income (Loss) Categories for Determining Numerators of Limitation Fractions, Year-End Recharacterization Balances, and Overall Foreign and Domestic Loss Account Balances. Foreign Tax Carryover Reconciliation Schedule. U.S. Corporation Income Tax Return. Additional Information for Schedule M–3 Filers. Capital Gains and Losses. Information on Certain Persons Owning the Corporation’s Voting Stock. Section 280H Limitations for a Personal Service Corporation (PSC). Net Income (Loss) Reconciliation for Corporations With Total Assets of $10 Million of More. Foreign Operations of U.S. Corporations. Consent Plan and Apportionment Schedule for a Controlled Group. U.S. Personal Holding Company (PHC) Tax. Uncertain Tax Position Statement. U.S. Income Tax Return for Cooperative Associations. U.S. Income Tax Return of a Foreign Corporation. Deductions Allocated to Effectively Connected Income Under Regulations Section 1.861–8. Interest Expense Allocation Under Regulations Section 1.882–5. Reconciliation of Income (Loss) and Analysis of Unappropriated Retained Earnings per Books. Net Income (Loss) Reconciliation for Foreign Corporations With Reportable Assets of $10 Million or More. List of Foreign Partner Interests in Partnerships. Exclusion of Income From the International Operation of Ships or Aircraft Under Section 883. List of Vessels or Aircraft, Operators, and Owners. U.S. Income Tax Return of a Foreign Sales Corporation. Transfer Price or Commission. U.S. Income Tax Return for Homeowners Associations. Shareholder’s Statement of IC–DISC Distributions. Intercompany Transfer Price or Commission. Interest Charge Domestic International Sales Corporation Return. Borrower’s Certificate of Compliance With the Rules for Producer’s Loans. U.S. Life Insurance Company Income Tax Return. Net Income (Loss) Reconciliation for U.S. Life Insurance Companies With Total Assets of $10 Million or More. Return for Nuclear Decommissioning Funds and Certain Related Persons. U.S. Property and Casualty Insurance Company Income Tax Return. Net Income (Loss) Reconciliation for U.S. Property and Casualty Insurance Companies With Total Assets of $10 Million or More. U.S. Income Tax Return for Certain Political Organizations. U.S. Income Tax Return for Real Estate Investment Trusts. U.S. Income Tax Return for Regulated Investment Companies. U.S. Income Tax Return for an S Corporation. Information on Certain Shareholders of an S Corporation. Capital Gains and Losses and Built-In Gains. Shareholder’s Share of Income, Deductions, Credits, etc. Net Income (Loss) Reconciliation for S Corporations With Total Assets of $10 Million or More. U.S. Income Tax Return for Settlement Funds (Under Section 468B). Estimated Tax for Corporations. Amended U.S. Corporation Income Tax Return. Authorization and Consent of Subsidiary Corporation to be Included in a Consolidated Income Tax Return. Cost of Goods Sold. Compensation of Officers. Application for Extension of Time for Payment of Tax. Application to Adopt, Change, or Retain a Tax Year. Extension of Time For Payment of Taxes By a Corporation Expecting a Net Operating Loss Carryback. Corporation Application for Tentative Refund. Form Form Form Form Form Form Form Form Form Form Form Form Form Form Form Form Form 1118 (SCH K) ............................................ 1120 .......................................................... 1120 (SCH B) ............................................ 1120 (SCH D) ........................................... 1120 (SCH G) ........................................... 1120 (SCH H) ........................................... 1120 (SCH M–3) ....................................... 1120 (SCH N) ........................................... 1120 (SCH O) ........................................... 1120 (SCH PH) ......................................... 1120 (SCH UTP) ....................................... 1120–C ...................................................... 1120F ........................................................ 1120–F (SCH H) ....................................... 1120–F (SCH I) ......................................... 1120–F (SCH M1 & M2) ........................... 1120–F (SCH M–3) ................................... Form Form Form Form Form Form Form Form Form Form Form Form 1120–F (SCH P) ....................................... 1120F(SCH S) ........................................... 1120F(SCH V) ........................................... 1120FSC ................................................... 1120FSC (SCH P) .................................... 1120H ........................................................ 1120ICD (SCH K) ..................................... 1120ICD (SCH P) ..................................... 1120IC–DISC ............................................ 1120–IC–DISC (SCH Q) ........................... 1120L ........................................................ 1120–L (SCH M–3) ................................... Form Form Form Form Form Underpayment of Estimated Tax By Corporations. Undistributed Capital Gains Tax Return. Election by a Small Business Corporation. Power of Attorney and Declaration of Representative. Application for Change in Accounting Method. Form 1120ND ..................................................... Form 1120PC ..................................................... Form 1120–PC (SCH M–3) ................................ Form Form Form Form Form Form Form Form Form Form Form Form 1120POL ................................................... 1120REIT .................................................. 1120RIC .................................................... 1120S ........................................................ 1120S (SCH B–1) ..................................... 1120S (SCH D) ......................................... 1120S (SCH K–1) ..................................... 1120S (SCH M–3) ..................................... 1120SF ...................................................... 1120W ....................................................... 1120X ........................................................ 1122 .......................................................... Form Form Form Form Form 1125–A ...................................................... 1125–E ...................................................... 1127 .......................................................... 1128 .......................................................... 1138 .......................................................... 2220 2438 2553 2848 3115 .......................................................... .......................................................... .......................................................... .......................................................... .......................................................... VerDate Sep<11>2014 19:14 May 25, 2017 Jkt 241001 PO 00000 Frm 00176 Fmt 4703 Sfmt 4703 E:\FR\FM\26MYN1.SGM 26MYN1 Federal Register / Vol. 82, No. 101 / Friday, May 26, 2017 / Notices 24451 APPENDIX—Continued Product Title Form 3468 .......................................................... Form 3520 .......................................................... Investment Credit. Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts. General Business Credit. Credit For Federal Tax Paid On Fuels. Recapture of Investment Credit. Corporation Application for Quick Refund of Overpayment of Estimated Tax. Depreciation and Amortization (Including Information on Listed Property). Alternative Minimum Tax—Corporations. Casualties and Thefts. Sales of Business Property. Request for Prompt Assessment Under Internal Revenue Code Section 6501(d). Election to Be Treated as an Interest Charge DISC. Corporate Report of Nondividend Distributions. Information Return of U.S. Persons With Respect To Certain Foreign Corporations. Accumulated Earnings and Profits (E&P) of Controlled Foreign Corporation. Transactions Between Controlled Foreign Corporation and Shareholders or Other Related Persons. Organization or Reorganization of Foreign Corporation, and Acquisitions and Dispositions of its Stock. Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business. Notice Concerning Fiduciary Relationship. Notice Concerning Fiduciary Relationship—Illinois Type Land Trust. Notice Concerning Fiduciary Relationship of Financial Institution. International Boycott Report. International Boycott Factor (Section 999(c)(1)). Specifically Attributable Taxes and Income (Section 999(c)(2)). Tax Effect of the International Boycott Provisions. American Samoa Economic Development Credit. Work Opportunity Credit. New Hire Retention Credit. At-Risk Limitations. Alcohol and Cellulosic Biofuel Fuels Credit. Environmental Taxes. Credit for Increasing Research Activities. Gains and Losses From Section 1256 Contracts and Straddles. Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns. Elections Under Section 338 for Corporations Making Qualified Stock Purchases. Direct Deposit Corporate Tax Refund. Notice of Inconsistent Treatment or Administrative Adjustment Request (AAR). Disclosure Statement. Regulation Disclosure Statement. Noncash Charitable Contributions. U.S. Withholding Tax Return for Dispositions by Foreign Persons of U.S. Real Property Interests. Application for Withholding Certificate for Dispositions by Foreign Persons of U.S. Real Property Interests. Report of Cash Payments Over $10,000 Received In a Trade or Business. Electronic Deposit of Tax Refund of $1 Million or More. Report of a Sale or Exchange of Certain Partnership Interests. Lender’s Information Return for Mortgage Credit Certificates (MCCs). Interest Charge on DISC-Related Deferred Tax Liability. U.S. Electing Large Partnership Declaration for an IRS e-file Return. U.S. Corporation Income Tax Declaration for an IRS e-file Return. Foreign Corporation Income Tax Declaration for an IRS e-file Return. U.S. Partnership Declaration for an IRS e-file Return. U.S. S Corporation Income Tax Declaration for an IRS e-file Return. Political Organization Declaration for Electronic Filing of Notice of Section 527 Status. Affiliations Schedule. Low-Income Housing Credit. Asset Acquisition Statement Under Section 1060. Low-Income Housing Credit Allocation and Certification. Annual Statement for Low-Income Housing Credit. Recapture of Low-Income Housing Credit. Return By Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund. Return by a Shareholder Making Certain Late Elections to End Treatment as a Passive Foreign Investment Company. Reporting Agent Authorization. Low-Income Housing Credit Disposition Bond. Interest Computation Under the Look-Back Method for Completed Long-Term Contracts. Form Form Form Form Form Form Form Form Form Form Form Form Form Form 3800 .......................................................... 4136 .......................................................... 4255 .......................................................... 4466 .......................................................... 4562 .......................................................... 4626 .......................................................... 4684 .......................................................... 4797 .......................................................... 4810 .......................................................... 4876A ........................................................ 5452 .......................................................... 5471 .......................................................... 5471 (SCH J) ............................................ 5471 (SCH M) ........................................... Form 5471 (SCH O) ........................................... Form 5472 .......................................................... Form Form Form Form Form Form Form Form Form Form Form Form Form Form Form Form 56 .............................................................. 56A ............................................................ 56F ............................................................ 5713 .......................................................... 5713 (SCH A) ............................................ 5713 (SCH B) ............................................ 5713 (SCH C) ........................................... 5735 .......................................................... 5884 .......................................................... 5884–B ...................................................... 6198 .......................................................... 6478 .......................................................... 6627 .......................................................... 6765 .......................................................... 6781 .......................................................... 7004 .......................................................... Form Form Form Form Form Form Form 8023 .......................................................... 8050 .......................................................... 8082 .......................................................... 8275 .......................................................... 8275R ........................................................ 8283 .......................................................... 8288 .......................................................... Form 8288B ........................................................ Form Form Form Form Form Form Form Form Form Form Form Form Form Form Form Form Form Form Form 8300 .......................................................... 8302 .......................................................... 8308 .......................................................... 8329 .......................................................... 8404 .......................................................... 8453–B ...................................................... 8453C ........................................................ 8453–I ....................................................... 8453–PE .................................................... 8453S ........................................................ 8453X ........................................................ 851 ............................................................ 8586 .......................................................... 8594 .......................................................... 8609 .......................................................... 8609–A ...................................................... 8611 .......................................................... 8621 .......................................................... 8621–A ...................................................... Form 8655 .......................................................... Form 8693 .......................................................... Form 8697 .......................................................... VerDate Sep<11>2014 19:14 May 25, 2017 Jkt 241001 PO 00000 Frm 00177 Fmt 4703 Sfmt 4703 E:\FR\FM\26MYN1.SGM 26MYN1 24452 Federal Register / Vol. 82, No. 101 / Friday, May 26, 2017 / Notices APPENDIX—Continued Product Title Form Form Form Form Form Form Form Form Form Form Form 8703 .......................................................... 8716 .......................................................... 8752 .......................................................... 8804 .......................................................... 8804 (SCH A) ............................................ 8804–W ..................................................... 8805 .......................................................... 8806 .......................................................... 8810 .......................................................... 8813 .......................................................... 8816 .......................................................... Form Form Form Form Form Form Form Form Form Form Form Form Form Form Form Form Form 8819 .......................................................... 8820 .......................................................... 8822B ........................................................ 8824 .......................................................... 8825 .......................................................... 8826 .......................................................... 8827 .......................................................... 8830 .......................................................... 8832 .......................................................... 8833 .......................................................... 8834 .......................................................... 8835 .......................................................... 8838 .......................................................... 8842 .......................................................... 8844 .......................................................... 8845 .......................................................... 8848 .......................................................... Form 8846 .......................................................... Form 8858 .......................................................... Form 8858 (SCH M) ........................................... Form Form Form Form Form Form 8864 8865 8865 8865 8865 8866 .......................................................... .......................................................... (SCH K–1) ........................................ (SCH O) ........................................... (SCH P) ............................................ .......................................................... Form Form Form Form Form Form Form Form Form Form Form Form Form Form Form Form Form Form Form Form Form Form Form Form Form Form Form Form Form 8869 .......................................................... 8871 .......................................................... 8872 .......................................................... 8873 .......................................................... 8874 .......................................................... 8875 .......................................................... 8878–A ...................................................... 8879–B ...................................................... 8879C ........................................................ 8879–I ....................................................... 8879–PE .................................................... 8879S ........................................................ 8881 .......................................................... 8882 .......................................................... 8883 .......................................................... 8886 .......................................................... 8893 .......................................................... 8894 .......................................................... 8896 .......................................................... 8900 .......................................................... 8902 .......................................................... 8903 .......................................................... 8906 .......................................................... 8907 .......................................................... 8908 .......................................................... 8909 .......................................................... 8910 .......................................................... 8911 .......................................................... 8912 .......................................................... VerDate Sep<11>2014 19:14 May 25, 2017 Jkt 241001 Annual Certification of a Residential Rental Project. Election To Have a Tax Year Other Than a Required Tax Year. Required Payment or Refund Under Section 7519. Annual Return for Partnership Withholding Tax (Section 1446). Penalty for Underpayment of Estimated Section 1446 Tax for Partnerships. Installment Payments of Section 1446 Tax for Partnerships. Foreign Partner’s Information Statement of Section 1446 Withholding tax. Information Return for Acquisition of Control or Substantial Change in Capital Structure. Corporate Passive Activity Loss and Credit Limitations. Partnership Withholding Tax Payment Voucher (Section 1446). Special Loss Discount Account and Special Estimated Tax Payments for Insurance Companies. Dollar Election Under Section 985. Orphan Drug Credit. Change of Address—Business. Like-Kind Exchanges. Rental Real Estate Income and Expenses of a Partnership or an S Corporation. Disabled Access Credit. Credit for Prior Year Minimum Tax-Corporations. Enhanced Oil Recovery Credit. Entity Classification Election. Treaty-Based Return Position Disclosure Under Section 6114 or 7701(b). Qualified electric Vehicle Credit. Renewable Electricity, Refined Coal, and Indian Coal Production Credit. Consent to Extend the Time To Assess Tax Under Section 367-Gain Recognition Agreement. Election to Use Different Annualization Periods for Corporate Estimated Tax. Empowerment Zone and Renewal Community Employment Credit. Indian Employment Credit. Consent to Extend the Time to Assess the Branch Profits Tax Under Regulations Sections 1.884–2(a) and (c). Credit for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips. Transactions Between Foreign Disregarded Entity of a Foreign Tax Owner and the Filer or Other Related Entities. Transactions Between Foreign Disregarded Entity of a Foreign Tax Owner and the Filer or Other Related Entities. Biodiesel and Renewable Diesel Fuels Credit. Return of U.S. Persons With Respect to Certain Foreign Partnerships. Partner’s Share of Income, Credits, Deductions, etc. Transfer of Property to a Foreign Partnership. Acquisitions, Dispositions, and Changes of Interests in a Foreign Partnership. Interest Computation Under the Look-Back Method for Property Depreciated Under the Income Forecast Method. Qualified Subchapter S Subsidiary Election. Political Organization Notice of Section 527 Status. Political Organization Report of Contributions and Expenditures. Extraterritorial Income Exclusion. New Markets Credit. Taxable REIT Subsidiary Election. IRS e-file Electronic Funds Withdrawal Authorization for Form 7004. IRS e-file Signature Authorization for Form 1065–B. IRS e-file Signature Authorization for Form 1120. IRS e-file Signature Authorization for Form 1120–F. IRS e-file Signature Authorization for Form 1065. IRS e-file Signature Authorization for Form 1120S. Credit for Small Employer Pension Plan Startup Costs. Credit for Employer-Provided Childcare Facilities and Services. Asset Allocation Statement Under Section 338. Reportable Transaction Disclosure Statement. Election of Partnership Level Tax Treatment. Request to Revoke Partnership Level Tax Treatment Election. Low Sulfur Diesel Fuel Production Credit. Qualified Railroad Track Maintenance Credit. Alternative Tax on Qualified Shipping Activities. Domestic Production Activities Deduction. Distilled Spirits Credit. Nonconventional Source Fuel Credit. Energy Efficient Home Credit. Energy Efficient Appliance Credit. Alternative Motor Vehicle Credit. Alternative Fuel Vehicle Refueling Property Credit. Credit to Holders of Tax Credit Bonds. PO 00000 Frm 00178 Fmt 4703 Sfmt 4703 E:\FR\FM\26MYN1.SGM 26MYN1 Federal Register / Vol. 82, No. 101 / Friday, May 26, 2017 / Notices 24453 APPENDIX—Continued Product Title Form 8916 .......................................................... Reconciliation of Schedule M–3 Taxable Income with Tax Return Taxable Income for Mixed Groups. Supplemental Attachment to Schedule M–3. Material Advisor Disclosure Statement. Mining Rescue Team Training Credit. Report of Employer-Owned Life Insurance Contracts. Disqualified Corporate Interest Expense Disallowed Under Section 163(j) and Related Information. Determination Under Section 860(e)(4) by a Qualified Investment Entity. Agricultural Chemicals Security Credit. Credit for Employer Differential Wage Payments. Carbon Dioxide Sequestration Credit. Qualified Plug-In Electric Drive Motor Vehicle Credit. Report of Organizational Actions Affecting Basis. Statement of Foreign Financial Assets. Credit for Small Employer Health Insurance Premiums. Application for Certification of Qualified Investments Eligible for Credits and Grants Under the Qualifying Therapeutic Discovery Project. Report of Branded Prescription Drug Information. Sales and Other Dispositions of Capital Assets. Return by a U.S. Transferor of Property to a Foreign Corporation. Corporate Dissolution or Liquidation. Application to Use LIFO Inventory Method. Consent of Shareholder to Include Specific Amount in Gross Income. Corporation Claim for Deduction for Consent Dividends. Claim for Deficiency Dividends Deductions by a Personal Holding Company, Regulated Investment Company, or Real Estate Investment Trust. Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment). Application for Employer Identification Number. Forest Activities Schedule. Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding. Certificate of Entities Status of Beneficial Owner for United States Tax Withholding (Entities). Certificate of Foreign Person’s Claim That Income is Effectively Connected With the Conduct of a Trade or Business in the United States. Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding. Form Form Form Form Form 8916–A ...................................................... 8918 .......................................................... 8923 .......................................................... 8925 .......................................................... 8926 .......................................................... Form Form Form Form Form Form Form Form Form 8927 8931 8932 8933 8936 8937 8938 8941 8942 Form Form Form Form Form Form Form Form 8947 .......................................................... 8949 .......................................................... 926 ............................................................ 966 ............................................................ 970 ............................................................ 972 ............................................................ 973 ............................................................ 976 ............................................................ .......................................................... .......................................................... .......................................................... .......................................................... .......................................................... .......................................................... .......................................................... .......................................................... .......................................................... Form 982 ............................................................ Form Form Form Form Form SS–4 .......................................................... T (TIMBER) ............................................... W–8BEN .................................................... W–8BEN(E) ............................................... W–8ECI ..................................................... Form W–8IMY ..................................................... Send comments regarding the burden estimate, or any other aspect of the information collection, including suggestions 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 8142, Washington, DC 20220, or email at PRA@treasury.gov. ADDRESSES: [FR Doc. 2017–10789 Filed 5–25–17; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Agency Information Collection Activities; Submission for OMB Review; Comment Request; Multiple Tax and Trade Bureau Information Collection Requests Departmental Offices, U.S. Department of the Treasury. ACTION: Notice. AGENCY: FOR FURTHER INFORMATION CONTACT: The Department of the Treasury will submit the following information collection request(s) to the Office of Management and Budget (OMB) for review and clearance in accordance with the Paperwork Reduction Act of 1995, on or after the date of publication of this notice. The public is invited to submit comments on the collection(s) listed below. DATES: Comments should be received on or before June 26, 2017 to be assured of consideration. SUMMARY: VerDate Sep<11>2014 19:14 May 25, 2017 Jkt 241001 Copies of the submissions may be obtained by emailing PRA@treasury.gov, calling (202) 622–0489, or viewing the entire information collection request at www.reginfo.gov. SUPPLEMENTARY INFORMATION: Alcohol and Tobacco Tax and Trade Bureau (TTB) 1. Title: Tax Information Authorization. OMB Control Number: 1513–0001. PO 00000 Frm 00179 Fmt 4703 Sfmt 4703 Type of Review: Extension without change of a currently approved collection. Abstract: In general, the Internal Revenue Code at 26 U.S.C. 6103 protects the privacy of taxpayer information by, among other things, prohibiting the disclosure of tax returns and taxpayer information to unauthorized persons, but under 26 U.S.C. 6103(c), a taxpayer may authorize a representative to receive otherwise confidential tax information. TTB requires a taxpayer to file TTB F 5000.19 when the taxpayer wishes to authorize a representative who does not have a power of attorney to obtain otherwise confidential information regarding the taxpayer. TTB uses the information provided on this form to properly identify the taxpayer’s representative and the scope of his/her authority to obtain confidential information. Form: TTB Form 5000.19. Affected Public: Businesses or other for-profits. Estimated Total Annual Burden Hours: 50. 2. Title: Referral of Information. E:\FR\FM\26MYN1.SGM 26MYN1

Agencies

[Federal Register Volume 82, Number 101 (Friday, May 26, 2017)]
[Notices]
[Pages 24447-24453]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-10789]


=======================================================================
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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Forms 1065, 1065-B, 
1066, 1120, 1120-C, 1120-F, 1120-FSC, 1120-H, 1120-L, 1120-ND, 1120-PC, 
1120-POL, 1120-S, 1120-SF, 1120-REIT, 1120-RIC, and Related Attachments

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

-----------------------------------------------------------------------

SUMMARY: The Internal Revenue Service, 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 continuing information collections, as required by the 
Paperwork Reduction Act of 1995 (PRA). This notice requests comments on 
all forms used by business entity taxpayers:
    Forms 1065, 1065-B, 1066, 1120, 1120-C, 1120-F, 1120-FSC, 1120-H, 
1120-L, 1120-ND, 1120-PC, 1120-POL, 1120-S, 1120-SF, 1120-REIT, 1120-
RIC; and all attachments to these forms (see the Appendix to this 
notice). With this notice, the IRS is also announcing significant 
changes to (1) the manner in which tax forms used by business taxpayers 
will be approved under the PRA and (2) its method of estimating the 
paperwork burden imposed on all business taxpayers.

DATES: Written comments should be received on or before July 25, 2017 
to be assured of consideration.

ADDRESSES: Direct all written comments to Laurie Brimmer, Internal 
Revenue Service, Room 6526, 1111 Constitution Avenue NW., Washington, 
DC 20224.
    Requests for additional information or copies of the form and 
instructions should be directed to Sara Covington, at Internal Revenue 
Service, Room 6526, 1111 Constitution Avenue NW., Washington, DC 20224, 
or through the internet, at Sara.L.Covington@irs.gov.

SUPPLEMENTARY INFORMATION:

Change in PRA Approval of Forms Used by Business Taxpayers

    Under the PRA, OMB assigns a control number to each ``collection of 
information'' that it reviews and approves for use by an agency. A 
single information collection may consist of one or more forms, 
recordkeeping requirements, and/or third-party disclosure requirements. 
Under the PRA and OMB regulations, agencies have the discretion to seek 
separate OMB approvals for business forms, recordkeeping requirements, 
and third-party reporting requirements or to combine any number of 
forms, recordkeeping requirements, and/or third-party disclosure 
requirements (usually related in subject matter) under one OMB Control 
Number. Agency decisions on whether to group individual requirements 
under a single OMB Control Number or to disaggregate them and request 
separate OMB Control Numbers are based largely on considerations of 
administrative practicality.
    The PRA also requires agencies to estimate the burden for each 
collection of information. Accordingly, each OMB Control Number has an 
associated burden estimate. The burden estimates for each control 
number are displayed in (1) the PRA notices that accompany collections 
of information, (2) Federal Register notices such as this one, and (3) 
in OMB's database of approved information collections. If more than one 
form, recordkeeping requirement, and/or third-party disclosure 
requirement is approved under a single control number, then the burden 
estimate for that control number reflects the burden associated with 
all of the approved forms, recordkeeping requirements, and/or third-
party disclosure requirements.
    As described below under the heading ``New Burden Model,'' the 
IRS's new Business Taxpayer Burden Model (BTBM) estimates of taxpayer 
burden are based on taxpayer characteristics and activities, taking 
into account, among other things, the forms and schedules generally 
used by those groups of business taxpayers and the recordkeeping and 
other activities needed to complete those forms. The BTBM represents 
the second phase of a long-term effort to improve the ability of IRS to 
measure the burden imposed on various groups of taxpayers by the 
federal tax system. While the new methodology provides a more accurate 
and comprehensive description of business taxpayer burden, it will not 
provide burden estimates on a form-by-form basis, as has been done 
under the previous methodology. When the prior model was developed in 
the mid-1980s, almost all tax returns were prepared manually, either by 
the taxpayer or a paid provider. In this context, it was determined 
that estimating burden on a form-by-form basis was an appropriate 
methodology. Today, over 90 percent of all business entity tax returns 
are prepared using software or with preparer assistance. In this 
environment, in which many taxpayers' activities are no longer as 
directly

[[Page 24448]]

associated with particular forms, estimating burden on a form-by-form 
basis is not an appropriate measurement of taxpayer burden. The new 
model, which takes into account broader and more comprehensive taxpayer 
characteristics and activities, provides a much more accurate and 
useful estimate of taxpayer burden.
    Currently, there are 231 forms used by business taxpayers. These 
include Forms 1065, 1065-B, 1066, 1120, 1120-C, 1120-F, 1120-H, 1120-
ND, 1120-S, 1120-SF, 1120-FSC, 1120-L, 1120-PC, 1120-REIT, 1120-RIC, 
1120-POL, and their schedules and all the forms business entity 
taxpayers attach to their tax returns (see the Appendix to this 
notice). For most of these forms, IRS has in the past obtained separate 
OMB approvals under unique OMB Control Numbers and separate burden 
estimates.
    The BTBM estimates the aggregate burden imposed on business 
taxpayers, based upon their tax-related characteristics and activities. 
IRS therefore will seek OMB approval of all 231 business-related tax 
forms as a single ``collection of information.'' The aggregate burden 
of these tax forms will be accounted for under OMB Control Number 1545-
0123, which is currently assigned to Form 1120 and its schedules. OMB 
Control Number 1545-0123 will be displayed on all business tax forms 
and other information collections. As a result of this change, burden 
estimates for business taxpayers will now be displayed differently in 
PRA Notices on tax forms and other information collections, and in 
Federal Register notices. This new way of displaying burden is 
presented below under the heading ``Proposed PRA Submission to OMB.'' 
Because some of the forms used by business taxpayers are also used by 
tax-exempt organizations, trusts and estates and other kinds of 
taxpayers, there will be a transition period during which IRS will 
report different burden estimates for individual taxpayers (OMB Control 
Number 1545-0074), business taxpayers (OMB Control Number 1545-0123), 
and another OMB Control Number for other taxpayers using the same 
forms. For those forms covered under OMB Control Numbers 1545-0074 and/
or 1545-0123 and also used by other taxpayers, IRS will display the OMB 
Control Number related to the other filers on the form and provide the 
burden estimate for those taxpayers in the form instructions. The form 
instructions will refer readers to the burden estimates for individual 
and/or business taxpayers, as applicable. The burden estimates for 
business taxpayers will be reported and accounted for as described in 
this notice. The burden estimates for individual taxpayers will 
continue to be reported and accounted for under OMB Control Number 
1545-0074 using a method similar to the method described in this 
notice. The burden estimates for other users of these forms will be 
determined under prior methodology based on form length and complexity.

New Burden Model

    Data from the new BTBM revise the estimates of the levels of burden 
experienced by business taxpayers when complying with the federal tax 
laws. It replaces the earlier burden measurement developed in the mid-
1980s. Since that time, improved technology and modeling sophistication 
have enabled the IRS to improve the burden estimates. The new model 
provides taxpayers and the IRS with a more comprehensive understanding 
of the current levels of taxpayer burden. It reflects major changes 
over the past two decades in the way taxpayers prepare and file their 
returns. The new BTBM also represents a substantial step forward in the 
IRS's ability to assess likely impacts of administrative and 
legislative changes on business taxpayers.
    The BTBM's approach to measuring burden focuses on the 
characteristics and activities of business taxpayers rather than the 
forms they use. Key determinants of taxpayer burden in the model are 
the type of entity, total assets, total receipts, and activities 
reported on the tax return (income, deductions, credits, etc.). In 
contrast, the previous estimates primarily focused on the length and 
complexity of each tax form. The changes between the old and new burden 
estimates are due to the improved ability of the new methodology to 
measure burden and the expanded scope of what is measured. These 
changes create a one-time shift in the estimate of burden levels that 
reflects the better measurement of the new model. The differences in 
estimates between the models do not reflect any change in the actual 
burden experienced by taxpayers. Comparisons should not be made between 
these and the earlier published estimates, because the models measure 
burden in different ways.

Methodology

    Burden is defined as the time and out-of-pocket costs incurred by 
taxpayers to comply with the federal tax system. As has been done for 
individual taxpayer burden since 2005, both the time expended and the 
out-of-pocket costs for business taxpayers are estimated. The burden 
estimation methodology relies on surveys that measure time and out-of-
pocket costs that taxpayers spend on pre-filing and filing activities. 
The methodology establishes econometric relationships between tax 
return characteristics and reported compliance costs. The methodology 
controls for the substitution of time and money by monetizing time and 
reporting total compliance costs in dollars. This methodology better 
reflects taxpayer compliance burden, because in a world of electronic 
tax preparation, time and out-of-pocket costs are governed by the 
information required rather than the form on which it is ultimately 
reported. Importantly, even where various businesses complete the same 
tax form lines, the new methodology differentiates the cost incurred to 
complete those forms based on characteristics of those businesses. Key 
business characteristics that serve as coefficients in the BTBM are:

 Entity type
 Total assets
 Total receipts
 Return complexity

    The new model uses the following classifications of business 
taxpayers:

 Partnerships (Forms 1065, 1065-B, 1066)
 Taxable corporations (Forms 1120, 1120-C, 1120-F, 1120-H, 
1120-ND, 1120-SF, 1120-FSC, 1120-L, 1120-PC, 1120-POL)
 Pass-through corporations (Forms 1120-REIT, 1120-RIC, 1120-S)

    Each classification is further refined to separate large and small 
businesses, where a large business is generally defined as one having 
end of year assets totaling more than $10 million.

Taxpayer Burden Estimates

    Tables 1, 2, and 3 below show the burden model estimates for each 
of the three classifications of business taxpayers. The data shown are 
the best estimates for 2017 business entity income tax returns 
available as of January 2017. The estimates are subject to change as 
new forms and data become available.

Proposed PRA Submission to OMB

    Title: U.S. Business Income Tax Return.
    OMB Number: 1545-0123.
    Form Numbers: Forms 1065, 1065-B, 1066, 1120, 1120-C, 1120-F, 1120-
H, 1120-ND, 1120-S, 1120-SF, 1120-FSC, 1120-L, 1120-PC, 1120-REIT, 
1120-RIC, 1120-POL and all attachments to these forms (see the Appendix 
to this notice).
    Abstract: These forms are used by businesses to report their income 
tax liability. The data is used to verify that

[[Page 24449]]

the items reported on the forms are correct, and also for general 
statistics use.
    Current Actions: Changes are being made to the forms and the method 
of burden computation.
    Type of Review: Revision of currently approved collections.
    Affected Public: Businesses.
    Estimated Number of Respondents: 11,000,000.
    Total Estimated Time: 3.040 billion hours.
    Estimated Time per Respondent: 276 hours.
    Total Estimated Out-of-Pocket Costs: $53.64 billion.
    Estimated Out-of-Pocket Cost per FY2017. Respondent: $4,876.

    Note:  Amounts below are for FY2017. Reported time and cost 
burdens are national averages and do not necessarily reflect a 
``typical'' case. Most taxpayers experience lower than average 
burden, with taxpayer burden varying considerably by taxpayer type. 
Detail may not add due to rounding.


                                                     Table 1
----------------------------------------------------------------------------------------------------------------
                                                                     Number of                Burden
             Primary form filed or type of taxpayer                   returns    -------------------------------
                                                                    (millions)     Average time    Average cost
----------------------------------------------------------------------------------------------------------------
All Partnerships................................................             3.9             290           5,700
Small...........................................................             3.7             270           4,400
Large*..........................................................             0.2             610          29,000
----------------------------------------------------------------------------------------------------------------
Forms 1065, 1065-B, 1066 and all attachments.


                                                     Table 2
----------------------------------------------------------------------------------------------------------------
                                                                     Number of                Burden
             Primary form filed or type of taxpayer                   returns    -------------------------------
                                                                    (millions)     Average time    Average cost
----------------------------------------------------------------------------------------------------------------
All Taxable Corporations........................................             2.1             315           6,300
Small...........................................................               2             280           4,000
Large*..........................................................             0.1           1,250          68,900
----------------------------------------------------------------------------------------------------------------
Forms 1120, 1120-C, 1120-F, 1120-H, 1120-ND, 1120-SF, 1120-FSC, 1120-L, 1120-PC, 1120-POL and all attachments.


                                                     Table 3
----------------------------------------------------------------------------------------------------------------
                                                                     Number of                Burden
             Primary form filed or type of taxpayer                   returns    -------------------------------
                                                                    (millions)     Average time    Average cost
----------------------------------------------------------------------------------------------------------------
All Pass-Through Corporations...................................             4.9             245           3,500
Small...........................................................             4.8             240           3,100
Large* *........................................................             0.1             610          30,800
----------------------------------------------------------------------------------------------------------------
Forms 1120-REIT, 1120-RIC, 1120-S and all attachments
* A large business is defined as one having end of year assets greater than $10 million.

    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 will 
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.

    Dated: May 18, 2017.
Laurie Brimmer,
Senior Tax Analyst.

                                Appendix
------------------------------------------------------------------------
           Product                               Title
------------------------------------------------------------------------
Form 1000....................  Ownership Certificate.
Form 1042....................  Annual Withholding Tax Return for U.S.
                                Source Income of Foreign Persons.
Form 1065....................  U.S. Return of Partnership Income.
Form 1065 (SCH B-1)..........  Information for Partners Owning 50% or
                                More of the Partnership.
Form 1065 (SCH C)............  Additional Information for Schedule M-3
                                Filers.
Form 1065 (SCH D)............  Capital Gains and Losses.
Form 1065 (SCH K-1)..........  Partner's Share of Income, Deductions,
                                Credits, etc.

[[Page 24450]]

 
Form 1065 (SCH M-3)..........  Net Income (Loss) Reconciliation for
                                Certain Partnerships.
Form 1065B...................  U.S. Return of Income for Electing Large
                                Partnerships.
Form 1065B (SCH K-1).........  Partner's Share of Income (Loss) From an
                                Electing Large Partnership.
Form 1065X...................  Amended Return or Administrative
                                Adjustment Request (AAR).
Form 1066....................  U.S. Real Estate Mortgage Investment
                                Conduit (REMIC) Income Tax Return.
Form 1066 (SCH Q)............  Quarterly Notice to Residual Interest
                                Holder of REMIC Taxable Income or Net
                                Loss Allocation.
Form 1118....................  Foreign Tax Credit-Corporations.
Form 1118 (SCH I)............  Reduction of Foreign Oil and Gas Taxes.
Form 1118 (SCH J)............  Adjustments to Separate Limitation Income
                                (Loss) Categories for Determining
                                Numerators of Limitation Fractions, Year-
                                End Recharacterization Balances, and
                                Overall Foreign and Domestic Loss
                                Account Balances.
Form 1118 (SCH K)............  Foreign Tax Carryover Reconciliation
                                Schedule.
Form 1120....................  U.S. Corporation Income Tax Return.
Form 1120 (SCH B)............  Additional Information for Schedule M-3
                                Filers.
Form 1120 (SCH D)............  Capital Gains and Losses.
Form 1120 (SCH G)............  Information on Certain Persons Owning the
                                Corporation's Voting Stock.
Form 1120 (SCH H)............  Section 280H Limitations for a Personal
                                Service Corporation (PSC).
Form 1120 (SCH M-3)..........  Net Income (Loss) Reconciliation for
                                Corporations With Total Assets of $10
                                Million of More.
Form 1120 (SCH N)............  Foreign Operations of U.S. Corporations.
Form 1120 (SCH O)............  Consent Plan and Apportionment Schedule
                                for a Controlled Group.
Form 1120 (SCH PH)...........  U.S. Personal Holding Company (PHC) Tax.
Form 1120 (SCH UTP)..........  Uncertain Tax Position Statement.
Form 1120-C..................  U.S. Income Tax Return for Cooperative
                                Associations.
Form 1120F...................  U.S. Income Tax Return of a Foreign
                                Corporation.
Form 1120-F (SCH H)..........  Deductions Allocated to Effectively
                                Connected Income Under Regulations
                                Section 1.861-8.
Form 1120-F (SCH I)..........  Interest Expense Allocation Under
                                Regulations Section 1.882-5.
Form 1120-F (SCH M1 & M2)....  Reconciliation of Income (Loss) and
                                Analysis of Unappropriated Retained
                                Earnings per Books.
Form 1120-F (SCH M-3)........  Net Income (Loss) Reconciliation for
                                Foreign Corporations With Reportable
                                Assets of $10 Million or More.
Form 1120-F (SCH P)..........  List of Foreign Partner Interests in
                                Partnerships.
Form 1120F(SCH S)............  Exclusion of Income From the
                                International Operation of Ships or
                                Aircraft Under Section 883.
Form 1120F(SCH V)............  List of Vessels or Aircraft, Operators,
                                and Owners.
Form 1120FSC.................  U.S. Income Tax Return of a Foreign Sales
                                Corporation.
Form 1120FSC (SCH P).........  Transfer Price or Commission.
Form 1120H...................  U.S. Income Tax Return for Homeowners
                                Associations.
Form 1120ICD (SCH K).........  Shareholder's Statement of IC-DISC
                                Distributions.
Form 1120ICD (SCH P).........  Intercompany Transfer Price or
                                Commission.
Form 1120IC-DISC.............  Interest Charge Domestic International
                                Sales Corporation Return.
Form 1120-IC-DISC (SCH Q)....  Borrower's Certificate of Compliance With
                                the Rules for Producer's Loans.
Form 1120L...................  U.S. Life Insurance Company Income Tax
                                Return.
Form 1120-L (SCH M-3)........  Net Income (Loss) Reconciliation for U.S.
                                Life Insurance Companies With Total
                                Assets of $10 Million or More.
Form 1120ND..................  Return for Nuclear Decommissioning Funds
                                and Certain Related Persons.
Form 1120PC..................  U.S. Property and Casualty Insurance
                                Company Income Tax Return.
Form 1120-PC (SCH M-3).......  Net Income (Loss) Reconciliation for U.S.
                                Property and Casualty Insurance
                                Companies With Total Assets of $10
                                Million or More.
Form 1120POL.................  U.S. Income Tax Return for Certain
                                Political Organizations.
Form 1120REIT................  U.S. Income Tax Return for Real Estate
                                Investment Trusts.
Form 1120RIC.................  U.S. Income Tax Return for Regulated
                                Investment Companies.
Form 1120S...................  U.S. Income Tax Return for an S
                                Corporation.
Form 1120S (SCH B-1).........  Information on Certain Shareholders of an
                                S Corporation.
Form 1120S (SCH D)...........  Capital Gains and Losses and Built-In
                                Gains.
Form 1120S (SCH K-1).........  Shareholder's Share of Income,
                                Deductions, Credits, etc.
Form 1120S (SCH M-3).........  Net Income (Loss) Reconciliation for S
                                Corporations With Total Assets of $10
                                Million or More.
Form 1120SF..................  U.S. Income Tax Return for Settlement
                                Funds (Under Section 468B).
Form 1120W...................  Estimated Tax for Corporations.
Form 1120X...................  Amended U.S. Corporation Income Tax
                                Return.
Form 1122....................  Authorization and Consent of Subsidiary
                                Corporation to be Included in a
                                Consolidated Income Tax Return.
Form 1125-A..................  Cost of Goods Sold.
Form 1125-E..................  Compensation of Officers.
Form 1127....................  Application for Extension of Time for
                                Payment of Tax.
Form 1128....................  Application to Adopt, Change, or Retain a
                                Tax Year.
Form 1138....................  Extension of Time For Payment of Taxes By
                                a Corporation Expecting a Net Operating
                                Loss Carryback.
Form 1139....................  Corporation Application for Tentative
                                Refund.
                               .........................................
Form 2220....................  Underpayment of Estimated Tax By
                                Corporations.
Form 2438....................  Undistributed Capital Gains Tax Return.
Form 2553....................  Election by a Small Business Corporation.
Form 2848....................  Power of Attorney and Declaration of
                                Representative.
Form 3115....................  Application for Change in Accounting
                                Method.

[[Page 24451]]

 
Form 3468....................  Investment Credit.
Form 3520....................  Annual Return To Report Transactions With
                                Foreign Trusts and Receipt of Certain
                                Foreign Gifts.
Form 3800....................  General Business Credit.
Form 4136....................  Credit For Federal Tax Paid On Fuels.
Form 4255....................  Recapture of Investment Credit.
Form 4466....................  Corporation Application for Quick Refund
                                of Overpayment of Estimated Tax.
Form 4562....................  Depreciation and Amortization (Including
                                Information on Listed Property).
Form 4626....................  Alternative Minimum Tax--Corporations.
Form 4684....................  Casualties and Thefts.
Form 4797....................  Sales of Business Property.
Form 4810....................  Request for Prompt Assessment Under
                                Internal Revenue Code Section 6501(d).
Form 4876A...................  Election to Be Treated as an Interest
                                Charge DISC.
Form 5452....................  Corporate Report of Nondividend
                                Distributions.
Form 5471....................  Information Return of U.S. Persons With
                                Respect To Certain Foreign Corporations.
Form 5471 (SCH J)............  Accumulated Earnings and Profits (E&P) of
                                Controlled Foreign Corporation.
Form 5471 (SCH M)............  Transactions Between Controlled Foreign
                                Corporation and Shareholders or Other
                                Related Persons.
Form 5471 (SCH O)............  Organization or Reorganization of Foreign
                                Corporation, and Acquisitions and
                                Dispositions of its Stock.
Form 5472....................  Information Return of a 25% Foreign-Owned
                                U.S. Corporation or a Foreign
                                Corporation Engaged in a U.S. Trade or
                                Business.
Form 56......................  Notice Concerning Fiduciary Relationship.
Form 56A.....................  Notice Concerning Fiduciary Relationship--
                                Illinois Type Land Trust.
Form 56F.....................  Notice Concerning Fiduciary Relationship
                                of Financial Institution.
Form 5713....................  International Boycott Report.
Form 5713 (SCH A)............  International Boycott Factor (Section
                                999(c)(1)).
Form 5713 (SCH B)............  Specifically Attributable Taxes and
                                Income (Section 999(c)(2)).
Form 5713 (SCH C)............  Tax Effect of the International Boycott
                                Provisions.
Form 5735....................  American Samoa Economic Development
                                Credit.
Form 5884....................  Work Opportunity Credit.
Form 5884-B..................  New Hire Retention Credit.
Form 6198....................  At-Risk Limitations.
Form 6478....................  Alcohol and Cellulosic Biofuel Fuels
                                Credit.
Form 6627....................  Environmental Taxes.
Form 6765....................  Credit for Increasing Research
                                Activities.
Form 6781....................  Gains and Losses From Section 1256
                                Contracts and Straddles.
Form 7004....................  Application for Automatic Extension of
                                Time To File Certain Business Income
                                Tax, Information, and Other Returns.
Form 8023....................  Elections Under Section 338 for
                                Corporations Making Qualified Stock
                                Purchases.
Form 8050....................  Direct Deposit Corporate Tax Refund.
Form 8082....................  Notice of Inconsistent Treatment or
                                Administrative Adjustment Request (AAR).
Form 8275....................  Disclosure Statement.
Form 8275R...................  Regulation Disclosure Statement.
Form 8283....................  Noncash Charitable Contributions.
Form 8288....................  U.S. Withholding Tax Return for
                                Dispositions by Foreign Persons of U.S.
                                Real Property Interests.
Form 8288B...................  Application for Withholding Certificate
                                for Dispositions by Foreign Persons of
                                U.S. Real Property Interests.
Form 8300....................  Report of Cash Payments Over $10,000
                                Received In a Trade or Business.
Form 8302....................  Electronic Deposit of Tax Refund of $1
                                Million or More.
Form 8308....................  Report of a Sale or Exchange of Certain
                                Partnership Interests.
Form 8329....................  Lender's Information Return for Mortgage
                                Credit Certificates (MCCs).
Form 8404....................  Interest Charge on DISC-Related Deferred
                                Tax Liability.
Form 8453-B..................  U.S. Electing Large Partnership
                                Declaration for an IRS e-file Return.
Form 8453C...................  U.S. Corporation Income Tax Declaration
                                for an IRS e-file Return.
Form 8453-I..................  Foreign Corporation Income Tax
                                Declaration for an IRS e-file Return.
Form 8453-PE.................  U.S. Partnership Declaration for an IRS e-
                                file Return.
Form 8453S...................  U.S. S Corporation Income Tax Declaration
                                for an IRS e-file Return.
Form 8453X...................  Political Organization Declaration for
                                Electronic Filing of Notice of Section
                                527 Status.
Form 851.....................  Affiliations Schedule.
Form 8586....................  Low-Income Housing Credit.
Form 8594....................  Asset Acquisition Statement Under Section
                                1060.
Form 8609....................  Low-Income Housing Credit Allocation and
                                Certification.
Form 8609-A..................  Annual Statement for Low-Income Housing
                                Credit.
Form 8611....................  Recapture of Low-Income Housing Credit.
Form 8621....................  Return By Shareholder of a Passive
                                Foreign Investment Company or Qualified
                                Electing Fund.
Form 8621-A..................  Return by a Shareholder Making Certain
                                Late Elections to End Treatment as a
                                Passive Foreign Investment Company.
Form 8655....................  Reporting Agent Authorization.
Form 8693....................  Low-Income Housing Credit Disposition
                                Bond.
Form 8697....................  Interest Computation Under the Look-Back
                                Method for Completed Long-Term
                                Contracts.

[[Page 24452]]

 
Form 8703....................  Annual Certification of a Residential
                                Rental Project.
Form 8716....................  Election To Have a Tax Year Other Than a
                                Required Tax Year.
Form 8752....................  Required Payment or Refund Under Section
                                7519.
Form 8804....................  Annual Return for Partnership Withholding
                                Tax (Section 1446).
Form 8804 (SCH A)............  Penalty for Underpayment of Estimated
                                Section 1446 Tax for Partnerships.
Form 8804-W..................  Installment Payments of Section 1446 Tax
                                for Partnerships.
Form 8805....................  Foreign Partner's Information Statement
                                of Section 1446 Withholding tax.
Form 8806....................  Information Return for Acquisition of
                                Control or Substantial Change in Capital
                                Structure.
Form 8810....................  Corporate Passive Activity Loss and
                                Credit Limitations.
Form 8813....................  Partnership Withholding Tax Payment
                                Voucher (Section 1446).
Form 8816....................  Special Loss Discount Account and Special
                                Estimated Tax Payments for Insurance
                                Companies.
Form 8819....................  Dollar Election Under Section 985.
Form 8820....................  Orphan Drug Credit.
Form 8822B...................  Change of Address--Business.
Form 8824....................  Like-Kind Exchanges.
Form 8825....................  Rental Real Estate Income and Expenses of
                                a Partnership or an S Corporation.
Form 8826....................  Disabled Access Credit.
Form 8827....................  Credit for Prior Year Minimum Tax-
                                Corporations.
Form 8830....................  Enhanced Oil Recovery Credit.
Form 8832....................  Entity Classification Election.
Form 8833....................  Treaty-Based Return Position Disclosure
                                Under Section 6114 or 7701(b).
Form 8834....................  Qualified electric Vehicle Credit.
Form 8835....................  Renewable Electricity, Refined Coal, and
                                Indian Coal Production Credit.
Form 8838....................  Consent to Extend the Time To Assess Tax
                                Under Section 367-Gain Recognition
                                Agreement.
Form 8842....................  Election to Use Different Annualization
                                Periods for Corporate Estimated Tax.
Form 8844....................  Empowerment Zone and Renewal Community
                                Employment Credit.
Form 8845....................  Indian Employment Credit.
Form 8848....................  Consent to Extend the Time to Assess the
                                Branch Profits Tax Under Regulations
                                Sections 1.884-2(a) and (c).
Form 8846....................  Credit for Employer Social Security and
                                Medicare Taxes Paid on Certain Employee
                                Tips.
Form 8858....................  Transactions Between Foreign Disregarded
                                Entity of a Foreign Tax Owner and the
                                Filer or Other Related Entities.
Form 8858 (SCH M)............  Transactions Between Foreign Disregarded
                                Entity of a Foreign Tax Owner and the
                                Filer or Other Related Entities.
Form 8864....................  Biodiesel and Renewable Diesel Fuels
                                Credit.
Form 8865....................  Return of U.S. Persons With Respect to
                                Certain Foreign Partnerships.
Form 8865 (SCH K-1)..........  Partner's Share of Income, Credits,
                                Deductions, etc.
Form 8865 (SCH O)............  Transfer of Property to a Foreign
                                Partnership.
Form 8865 (SCH P)............  Acquisitions, Dispositions, and Changes
                                of Interests in a Foreign Partnership.
Form 8866....................  Interest Computation Under the Look-Back
                                Method for Property Depreciated Under
                                the Income Forecast Method.
Form 8869....................  Qualified Subchapter S Subsidiary
                                Election.
Form 8871....................  Political Organization Notice of Section
                                527 Status.
Form 8872....................  Political Organization Report of
                                Contributions and Expenditures.
Form 8873....................  Extraterritorial Income Exclusion.
Form 8874....................  New Markets Credit.
Form 8875....................  Taxable REIT Subsidiary Election.
Form 8878-A..................  IRS e-file Electronic Funds Withdrawal
                                Authorization for Form 7004.
Form 8879-B..................  IRS e-file Signature Authorization for
                                Form 1065-B.
Form 8879C...................  IRS e-file Signature Authorization for
                                Form 1120.
Form 8879-I..................  IRS e-file Signature Authorization for
                                Form 1120-F.
Form 8879-PE.................  IRS e-file Signature Authorization for
                                Form 1065.
Form 8879S...................  IRS e-file Signature Authorization for
                                Form 1120S.
Form 8881....................  Credit for Small Employer Pension Plan
                                Startup Costs.
Form 8882....................  Credit for Employer-Provided Childcare
                                Facilities and Services.
Form 8883....................  Asset Allocation Statement Under Section
                                338.
Form 8886....................  Reportable Transaction Disclosure
                                Statement.
Form 8893....................  Election of Partnership Level Tax
                                Treatment.
Form 8894....................  Request to Revoke Partnership Level Tax
                                Treatment Election.
Form 8896....................  Low Sulfur Diesel Fuel Production Credit.
Form 8900....................  Qualified Railroad Track Maintenance
                                Credit.
Form 8902....................  Alternative Tax on Qualified Shipping
                                Activities.
Form 8903....................  Domestic Production Activities Deduction.
Form 8906....................  Distilled Spirits Credit.
Form 8907....................  Nonconventional Source Fuel Credit.
Form 8908....................  Energy Efficient Home Credit.
Form 8909....................  Energy Efficient Appliance Credit.
Form 8910....................  Alternative Motor Vehicle Credit.
Form 8911....................  Alternative Fuel Vehicle Refueling
                                Property Credit.
Form 8912....................  Credit to Holders of Tax Credit Bonds.

[[Page 24453]]

 
Form 8916....................  Reconciliation of Schedule M-3 Taxable
                                Income with Tax Return Taxable Income
                                for Mixed Groups.
Form 8916-A..................  Supplemental Attachment to Schedule M-3.
Form 8918....................  Material Advisor Disclosure Statement.
Form 8923....................  Mining Rescue Team Training Credit.
Form 8925....................  Report of Employer-Owned Life Insurance
                                Contracts.
Form 8926....................  Disqualified Corporate Interest Expense
                                Disallowed Under Section 163(j) and
                                Related Information.
Form 8927....................  Determination Under Section 860(e)(4) by
                                a Qualified Investment Entity.
Form 8931....................  Agricultural Chemicals Security Credit.
Form 8932....................  Credit for Employer Differential Wage
                                Payments.
Form 8933....................  Carbon Dioxide Sequestration Credit.
Form 8936....................  Qualified Plug-In Electric Drive Motor
                                Vehicle Credit.
Form 8937....................  Report of Organizational Actions
                                Affecting Basis.
Form 8938....................  Statement of Foreign Financial Assets.
Form 8941....................  Credit for Small Employer Health
                                Insurance Premiums.
Form 8942....................  Application for Certification of
                                Qualified Investments Eligible for
                                Credits and Grants Under the Qualifying
                                Therapeutic Discovery Project.
Form 8947....................  Report of Branded Prescription Drug
                                Information.
Form 8949....................  Sales and Other Dispositions of Capital
                                Assets.
Form 926.....................  Return by a U.S. Transferor of Property
                                to a Foreign Corporation.
Form 966.....................  Corporate Dissolution or Liquidation.
Form 970.....................  Application to Use LIFO Inventory Method.
Form 972.....................  Consent of Shareholder to Include
                                Specific Amount in Gross Income.
Form 973.....................  Corporation Claim for Deduction for
                                Consent Dividends.
Form 976.....................  Claim for Deficiency Dividends Deductions
                                by a Personal Holding Company, Regulated
                                Investment Company, or Real Estate
                                Investment Trust.
Form 982.....................  Reduction of Tax Attributes Due to
                                Discharge of Indebtedness (and Section
                                1082 Basis Adjustment).
Form SS-4....................  Application for Employer Identification
                                Number.
Form T (TIMBER)..............  Forest Activities Schedule.
Form W-8BEN..................  Certificate of Foreign Status of
                                Beneficial Owner for United States Tax
                                Withholding.
Form W-8BEN(E)...............  Certificate of Entities Status of
                                Beneficial Owner for United States Tax
                                Withholding (Entities).
Form W-8ECI..................  Certificate of Foreign Person's Claim
                                That Income is Effectively Connected
                                With the Conduct of a Trade or Business
                                in the United States.
Form W-8IMY..................  Certificate of Foreign Intermediary,
                                Foreign Flow-Through Entity, or Certain
                                U.S. Branches for United States Tax
                                Withholding.
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[FR Doc. 2017-10789 Filed 5-25-17; 8:45 am]
 BILLING CODE 4830-01-P