[Federal Register Volume 60, Number 123 (Tuesday, June 27, 1995)] [Notices] [Pages 33256-33257] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 95-15739] ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Public Information Collection Requirements Submitted to OMB for Review June 20, 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: 1545-0172. Form Number: IRS Form 4562. Type of Review: Revision. Title: Depreciation and Amortization (Including Information on Listed Property). Description: Taxpayers use Form 4562 to: (1) Claim a deduction and/ or amortization; (2) make a section 179 election to expense depreciable assets; and (3) answer questions regarding the use of automobiles and other listed property to substantiate the business use under section 274(d). Respondents: Business or other for-profit, Individuals or households, Farms. Estimated Number of Respondents/Recordkeepers: 6,500,000. Estimated Burden Hours Per Respondent/Recordkeeper: Recordkeeping--33 hr., 58 min. Learning about the law or the form--4 hr., 40 min. Preparing and sending the form to the IRS--5 hr., 26 min. Frequency of Response: Annually. Estimated Total Reporting/Recordkeeping Burden: 287,057,500 hours. OMB Number: 1545-1142. Regulation ID Number: INTL-0939-86 NPRM. Type of Review: Extension. Title: Insurance Income of a Controlled Foreign Corporation for Taxable Years Beginning After December 31, 1986. Description: The information is required to determine the location of moveable property; allocate income and deductions to the proper category of insurance income, determine those amounts for computing taxable income that are derived from an insurance company annual statement, and permit a Controlled Foreign Corporation (CFC) to elect to treat related person insurance income as income effectively connected with the conduct of a U.S. trade or business. The respondents will be businesses or other for-profit institutions. Respondents: Business or other for-profit. Estimated Number of Respondents: 1. Estimated Burden Hours Per Respondent: 1 hour. Frequency of Response: Annually. Estimated Total Reporting Burden: 1 hour. OMB Number: 1545-1266. Form Number: IRS Form 8829. Type of Review: Extension. Title: Expenses for Business Use of Your Home. Description: Internal Revenue Code (IRC) section 280A limits the deduction for business use of a home to the gross [[Page 33257]] income from the business use minus certain business deductions. Amounts not allowed due to the limitations can be carried over to the following year. Form 8829 is used to verify that the deduction is properly figured. Respondents: Individuals or households. Estimated Number of Respondents/Recordkeepers: 4,000,000. Estimated Burden Hours Per Respondent/Recordkeeper: Recordkeeping--52 min. Learning about the law or the form--7 min. Preparing the form--1 hr., 16 min. Copying, assembling, and sending the form to the IRS--20 min. Frequency of Response: Annually. Estimated Total Reporting Recordkeeping Burden: 10,360,000 hours. Clearance Officer: Garrick Shear (202) 622-3869, Internal Revenue Service, Room 5571, 1111 Constitution Avenue, NW., 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. 95-15739 Filed 6-26-95; 8:45 am] BILLING CODE 4830-01-P