[Federal Register Volume 60, Number 92 (Friday, May 12, 1995)] [Notices] [Pages 25761-25762] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 95-11736] ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Public Information Collection Requirements Submitted to OMB for Review May 2, 1995. The Department of Treasury has submitted the following public information collection requirement(s) to OMB for review and clearance under the Paperwork Reduction Act of 1980, Public Law 96-511. Copies of the submission(s) may be obtained by calling the Treasury Bureau Clearance Officer listed. Comments regarding this information collection should be addressed to the OMB reviewer listed and to the Treasury Department Clearance Officer, Department of the Treasury, Room 2110, 1425 New York Avenue, NW., Washington, DC 20220. Internal Revenue Service (IRS) OMB Number: 1545-0092 Form Number: IRS Form 1041 and Related Schedules D, J, and K-1 Type of Review: Extension Title: U.S. Income Tax Return for Estates and Trusts (1041); Capital Gains and Losses (Schedule D); Accumulation Distribution for a Complex Trust (Schedule J); and Beneficiary's Share of Income, Deductions, Credits (Schedule K-1) Description: Internal Revenue Code (IRC) section 6012 requires that an annual income tax return be filed for estates and trusts. Data is used to determine that the estates, trusts, and beneficiaries filed the proper returns and paid the correct tax. IRC section 59 requires the fiduciary to recompute the distributable net income on a minimum tax basis. [[Page 25762]] Respondents: Business or other for-profit, Individuals or households Estimated Number of Respondents/Recordkeepers: 2,500,000 Estimated Burden Hours Per Respondent/Recordkeeper: ---------------------------------------------------------------------------------------------------------------- Form 1041 Schedule D Schedule J Schedule K-1 ---------------------------------------------------------------------------------------------------------------- Recordkeeping........................... 40 hours, 53 16 hours, 1 39 hours, 28 8 hours, 22 minutes. minute. minutes. minutes. Learning about the law or the form...... 18 hours, 8 1 hour, 41 1 hour, 5 1 hour, 12 minutes. minutes. minutes. minutes. Preparing the form...................... 33 hours, 34 2 hours, 2 1 hour, 47 1 hour, 23 minutes. minutes. minutes. minutes. Copying, assembling, and sending the 4 hours, 1 form to the IRS. minute. ---------------------------------------------------------------------------------------------------------------- Frequency of Response: Annually Estimated Total Reporting/Recordkeeping Burden: 244,159,719 hours OMB Number: 1545-0115 Form Number: IRS Form 1099-MISC Type of Review: Revision Title: Miscellaneous Income Description: Form 1099-MISC is used by payers to report payments of $600 or more of rents, prizes and awards, medical and health care payments, nonemployee compensation, and crop insurance proceeds, $10 or more of royalties, any amount of fishing boat proceeds, certain substitute payments, golden parachute payments, and an indication of direct sales of $5,000 or more. Respondents: Business or other for-profit, Individuals or households, Not-for-profit institutions, Farms, Federal Government, State, Local or Tribal Government Estimated Number of Respondents: 4,302,217 Estimated Burden Hours Per Respondent: 14 minutes Frequency of Response: Annually Estimated Total Reporting Burden: 13,661,934 hours OMB Number: 1545-0192 Form Number: IRS Form 4970 Type of Review: Extension Title: Tax on Accumulation Distribution of Trusts Description: Form 4970 is used by a beneficiary of a domestic or foreign trust to compute the tax adjustment attributable to an accumulation distribution. The form is used to verify whether the correct tax has been paid on the accumulation distribution. Respondents: Individuals or households Estimated Number of Respondents/Recordkeepers: 30,000 Estimated Burden Hours Per Respondent/Recordkeeper: Recordkeeping--1 hr., 12 min. Learning about the law or the form--16 min. Preparing the form--1 hr., 30 min. Copying, assembling, and sending the form to the IRS--20 min. Frequency of Response: Annually Estimated Total Reporting/Recordkeeping Burden: 99,300 hours Clearance Officer: Garrick Shear, (202) 622-3869, Internal Revenue Service, Room 5571, 1111 Constitution Avenue, N.W., Washington, DC 20224 OMB Reviewer: Milo Sunderhauf, (202) 395-7340, Office of Management and Budget, Room 10226, New Executive Office Building, Washington, DC 20503 Lois K. Holland, Departmental Reports Management Officer. [FR Doc. 95-11736 Filed 5-11-95; 8:45 am] BILLING CODE 4830-01-P