[Federal Register Volume 61, Number 122 (Monday, June 24, 1996)] [Notices] [Page 32475] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 96-15921] ======================================================================= ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Form 1120-REIT AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. ----------------------------------------------------------------------- SUMMARY: The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Form 1120-REIT, U.S. Income Tax Return for Real Estate Investment Trusts. DATES: Written comments should be received on or before August 23, 1996 to be assured of consideration. ADDRESSES: Direct all written comments to Garrick R. Shear, Internal Revenue Service, room 5571, 1111 Constitution Avenue NW., Washington, DC 20224. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the form(s) and instructions should be directed to Martha R. Brinson, (202) 622-3869, Internal Revenue Service, room 5571, 1111 Constitution Avenue NW., Washington, DC 20224. SUPPLEMENTARY INFORMATION: Title: U.S. Income Tax Return for Real Estate Investment Trusts. OMB Number: 1545-1004. Form Number: 1120-REIT. Abstract: Form 1120-REIT is filed by a corporation, trust, or association electing to be taxed as a real estate investment trust in order to report its income and deductions and to compute its tax liability. IRS uses Form 1120-REIT to determine whether the income, deductions, credits, and tax liability have been correctly reported. Current Actions: On page 3 of Form 1120-REIT, Schedule J, Line 4c was revised to remove the checkboxes for Form 5884 (Jobs Credit) and Form 6765 (Credit for Increasing Research Activities). The jobs credit under Internal Revenue Code section 51 has expired for employees who began work after 1994. The research credit under Code section 41 expired June 30, 1995. There will be a write-in entry on line 4e for qualifying credits passed through to the REIT from 1995-1996 fiscal year partnerships. Type of Review: Revision of a currently approved collection. Affected Public: Businesses or other for-profit organizations. Estimated Number of Respondents: 176. Estimated Time Per Respondent: 124 hrs. 57 min. Estimated Total Annual Burden Hours: 21,991. REQUEST FOR COMMENTS: Comments submitted in response to this notice will be summarized and/or included in the request for OMB approval. All comments will become a matter of public record. Comments are invited on: (a) Whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility; (b) the accuracy of the agency's estimate of the burden of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information to be collected; (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology; and (e) estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. Approved: June 7, 1996. Garrick R. Shear, IRS Reports Clearance Officer. [FR Doc. 96-15921 Filed 6-21-96; 8:45 am] BILLING CODE 4830-01-U