[Federal Register Volume 62, Number 128 (Thursday, July 3, 1997)]
[Pages 36090-36091]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-17490]



Submission to OMB for Review; Comment Request

June 18, 1997.
    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 1995, Public Law 104-13. 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: 1545-0022.
    Form Number: IRS Form 712.
    Type of Review: Extension.
    Title: Life Insurance Statement.
    Description: Form 712 is used to establish the value of life 
insurance policies for estate and gift tax purposes. The tax is based 
on the value of these policies. The form is completed by life insurance 
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 60,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:
      Recordkeeping--18 hr., 25 min.
      Preparing the form--24 min.
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 1,134,600 hours.

    OMB Number: 1545-0025.
    Form Number: IRS Form 851.
    Type of Review: Extension.
    Title: Affiliations Schedule.
    Description: Form 851 is filed by the parent corporation for itself 
and the affiliated corporations in the affiliated group of corporations 
that files a consolidated return (Form 1120). Form 851 is attached to 
the 1120. This information is used to identify the members of the 
affiliated group, the tax paid by each, and to determine that each 
corporation qualifies as a member of the affiliated group as defined in 
section 1504.
    Respondents: Business or other for-profit, Farms.
    Estimated Number of Respondents/Recordkeepers: 4,000.
    Estimated Burden Hours Per Respondent/Recordkeepers:
      Recordkeeping--8 hr., 51 min.
      Learning about the law or the form--42 min.
      Preparing and sending the form to the IRS--52 min.
    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 41,680 hours.

    OMB Number: 1545-0184.
    Form Number: IRS Form 4797.
    Type of Review: Extension.
    Title: Sales of Business Property.
    Description: Form 4797 is used by taxpayers to report sales, 
exchanges, or involuntary conversions of assets, other than capital 
assets, and involuntary conversions of capital assets held more than 
one year. It is also used to compute ordinary income from recapture and 
the recapture of prior year section 1231 losses.
    Respondents: Individuals or households, Business or other for-
profit, Farms.
    Estimated Number of Respondents/Recordkeepers: 1,396,388.
    Estimated Burden Hours Per Respondent/Recordkeeper:
      Recordkeeping--30 hr., 8 min.
      Learning about the law or the form--13 hr., 10 min.
      Preparing the form--18 hr., 53 min.
      Copying, assembling, and sending the form to the IRS--1 hr., 20 
    Frequency of Response: Annually.

[[Page 36091]]

    Estimated Total Reporting/Recordkeeping Burden: 88,698,566 hours.
    Clearance Officer: Garrick Shear (202) 622-3869, Internal Revenue 
Service, Room 5571, 1111 Constitution Avenue, NW., Washington, DC 
    OMB Reviewer: Alexander T. Hunt (202) 395-7860, Office of 
Management and Budget, Room 10226, New Executive Office Building, 
Washington, DC 20503.
Lois K. Holland,
Departmental Reports, Management Officer.
[FR Doc. 97-17490 Filed 7-2-97; 8:45 am]