[Federal Register Volume 77, Number 60 (Wednesday, March 28, 2012)]
[Notices]
[Pages 18882-18883]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-7423]
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DEPARTMENT OF THE TREASURY
Submission for OMB Review; Comment Request
March 23, 2012.
The Department of the Treasury will submit the following
information collection request to the Office of Management and Budget
(OMB) for review and clearance in accordance with the Paperwork
Reduction Act of 1995, Public Law 104-13, on or after the date of
publication of this notice.
DATES: Comments should be received on or before April 27, 2012 to be
assured of consideration.
ADDRESSES: Send comments regarding the burden estimate, or any other
aspect of the information collection, including suggestion for reducing
the burden, to (1) Office of Information and Regulatory Affairs, Office
of Management and Budget, Attention: Desk Officer for Treasury, New
Executive Office Building, Room 10235, Washington, DC 20503, or email
at [email protected] and (2) Treasury PRA Clearance Officer,
1750 Pennsylvania Ave. NW., Suite 11020, Washington, DC 20220, or on-
line at www.PRAComment.gov.
FOR FURTHER INFORMATION CONTACT: Copies of the submission(s) may be
obtained by calling (202) 927-5331, email at [email protected], or the
entire information collection request may be found at www.reginfo.gov.
Internal Revenue Service (IRS)
OMB Number: 1545-0013.
Type of Review: Extension without change of a currently approved
collection.
Title: Notice Concerning Fiduciary Relationship.
Form: 56.
Abstract: Form 56 is used to inform the IRS that a person is acting
for another person in a fiduciary capacity so that the IRS may mail tax
notices to the fiduciary concerning the person for whom he/she is
acting. The data is used to ensure that the fiduciary relationship is
established or terminated and to mail or discontinue mailing designated
tax notices to the fiduciary.
Affected Public: Private Sector; Businesses or other for-profits.
Estimated Total Burden Hours: 292,800.
OMB Number: 1545-0913.
Type of Review: Extension without change of a currently approved
collection.
Title: Below-Market Loans, LR-165-84.
Abstract: Section 7872 re-characterizes a below-market loan as a
market rate loan and an additional transfer by the lender to the
borrower equal to the amount of imputed interest. The regulation
requires both the lender and the borrower to attach a statement to
their respective income tax returns for years in which they have either
imputed income or claim imputed deductions under section 7872.
Affected Public: Private Sector; Businesses or other for-profits.
Estimated Total Burden Hours: 481,722.
OMB Number: 1545-1041.
Type of Review: Extension without change of a currently approved
collection.
Title: TD 8316, Cooperative Housing Corporations.
Abstract: This document contains amendments to the Income Tax
Regulations under section 216 of the Internal Revenue Code of 1986,
relating to cooperative housing corporations. Section 216 of the Code
was amended by the Tax Reform Act of 1986. The regulations provide
cooperative housing corporations and tenant-stockholders with guidance
needed to comply with the law.
Affected Public: Private Sector; Businesses or other for-profits.
Estimated Total Burden Hours: 625.
OMB Number: 1545-1353.
Type of Review: Extension without change of a currently approved
collection.
Title: TD 8517, Debt Instruments with Original Discount; Imputed
Interest on Deferred Payment Sales or Exchanges of Property.
Abstract: This document contains final regulations relating to the
tax treatment of debt instruments with original issue discount and the
imputation of interest on deferred payments under certain contracts for
the sale or exchange of property. The final regulations provide needed
guidance to holders and issuers of debt instruments with original issue
discount and to buyers and sellers of property.
Affected Public: Private Sector; Businesses or other for-profits.
Estimated Total Burden Hours: 185,500.
OMB Number: 1545-1417.
Type of Review: Extension without change of a currently approved
collection.
Title: Indian Employment Credit.
Form: 8845.
Abstract: Employers can claim a credit for hiring American Indians
or their spouses to work within an Indian reservation. The credit is
figured by multiplying by 20% the increase in wages and health
insurance costs over the comparable amount paid or incurred during
calendar year 1993.
Affected Public: Private Sector; Businesses or other for-profits.
Estimated Total Burden Hours: 4,332.
OMB Number: 1545-1466.
Type of Review: Extension without change of a currently approved
collection.
Title: Third-Party Disclosure Requirements in the IRS Regulations.
Abstract: This submission contains third-party disclosure
regulations subject to the Paperwork Reduction Act of 1995.
Affected Public: Private Sector; Businesses or other for-profits.
Estimated Total Burden Hours: 68,885,183.
OMB Number: 1545-1955.
Type of Review: Extension without change of a currently approved
collection.
Title: Request to Revoke Partnership Level Tax Treatment Election.
Form: 8894.
Abstract: IRC section 6231(a)(1)(B)(ii) allows small partnerships
to elect to be treated under the unified audit and litigation
procedures. This election can only be revoked with the consent of the
[[Page 18883]]
IRS. Form 8894 will provide a standardized format for small partnership
to request this revocation and for the IRS to process it.
Affected Public: Private Sector; Businesses or other for-profits.
Estimated Total Burden Hours: 186.
OMB Number: 1545-1962.
Type of Review: Extension without change of a currently approved
collection.
Title: Notice of Income Donated Intellectual Property.
Form: 8899.
Abstract: Form 8899 is filed by charitable organizations receiving
donations of intellectual property if the donor provides a timely
notice. The initial deduction is limited to the donor's basis;
additional deductions are allowed to the extent of income from the
property, reducing excessive deductions.
Affected Public: Private Sector; Businesses or other for-profits.
Estimated Total Burden Hours: 5,430.
OMB Number: 1545-2217.
Type of Review: Extension without change of a currently approved
collection.
Title: Notice 2011-74, Vermont Low-Income Housing Credit Disaster
Relief.
Abstract: The Internal Revenue Service is suspending certain
requirements under Sec. 42 of the Internal Revenue Code for low-income
housing credit projects in Vermont to provide temporary emergency
housing relief needed as a result of the devastation caused by Tropical
Storm Irene in Vermont beginning on August 27, 2011. The Agency will
determine the appropriate period of temporary housing for each project,
not to extend beyond September 30, 2012 (temporary housing period).
Affected Public: Individuals or Households.
Estimated Total Burden Hours: 150.
Dawn D. Wolfgang,
Treasury PRA Clearance Officer.
[FR Doc. 2012-7423 Filed 3-27-12; 8:45 am]
BILLING CODE 4830-01-P