[Federal Register Volume 64, Number 97 (Thursday, May 20, 1999)] [Notices] [Pages 27620-27621] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 99-12715] ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Submission for OMB Review; Comment Request May 14, 1999. The Department of the Treasury has submitted the following public information collection requirement(s) to OMB for review and clearance under the Paperwork Reduction Act of 1995, Pub. L. 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. DATES: Written comments should be received on or before June 21, 1999 to be assured of consideration. Internal Revenue Service (IRS) OMB Number: 1545-0065. Form Number: IRS Forms 4070, 4070A, 4070PR and 4070A-PR. Type of Review: Revision. Title: Employee's Report of Tips to Employer (4070); Employee's Daily Record of Tips (4070A); Informe al Patrono de Propinas Recobidas por el Empleado (4070PR); and Registro Diario de Propinas del Empleado (4070A-PR). Description: Employees who receive at least $20 per month in tips must report the tips to their employers monthly for purposes of withholding of employment taxes. Forms 4070 and 4070PR (Puerto Rico only) are used for this purpose. Employees must keep a daily record of tips they receive. Forms 4070A and 4070A-PR are used this purpose. Respondents: Individuals or households. Estimated Number of Respondents/Recordkeepers: 570,000. Estimated Burden Hours Per Respondent/Recordkeeper: ---------------------------------------------------------------------------------------------------------------- Learning about Copying, and Form Recordkeeping the law or the Preparing the providing the form (in minutes) form (in minutes) form (in minutes) ---------------------------------------------------------------------------------------------------------------- 4070............................. 7 min............... 2 13 10 4070A............................ 3 hr., 23 min....... 2 28 28 4070PR........................... 7 min............... 2 55 28 4070A-PR......................... 3 hr., 23 min....... 3 13 10 ---------------------------------------------------------------------------------------------------------------- Frequency of Response: Monthly. Estimated Total Reporting/Recordkeeping Burden: 36,322,800 hours. OMB Number: 1545-0122. Form Number: IRS Form 1118, Schedules I and J. Type of Review: Extension. Title: Foreign Tax Credit--Corporation. Description: Form 1118 and separate Schedules I and J are used by domestic and foreign corporations to claim a credit for taxes paid to foreign countries. The IRS uses Form 118 and related schedules to determine if the corporation has computed the foreign tax credit. Respondents: Business or other for-profit. Estimated Number of Respondents/Recordkeepers: 30,000. Estimated Burden Hours Per Respondent/Recordkeeper: ---------------------------------------------------------------------------------------------------------------- Learning about the law Preparing and sending the Form Recordkeeping of the form form to the IRS ---------------------------------------------------------------------------------------------------------------- 1118............................... 97 hr., 20 min........ 17 hr., 9 min......... 20 hr., 42 min. Schedule I (Form 1118)............. 9 hr., 20 min......... 1 hr., 0 min.......... 1 hr., 11 min. Schedule J (Form 1118)............. 106 hr., 25 min....... 1 hr., 12 min......... 2 hr., 59 min. ---------------------------------------------------------------------------------------------------------------- Frequency of Response: Annually. Estimated Total Reporting/Recordkeeping Burden: 4,071,298 hours. OMB Number: 1545-1493. Regulation Project Number: PS-7-89 Final. Type of Review: Extension. Title: Treatment of Gain From the Disposition of Interest in Certain Natural Resource Recapture Property by S Corporations and Their Shareholders. Description: The regulation prescribes rules under section 1254 relating to the treatment by S corporations and their shareholders of gain from the disposition of natural resource recapture property and from the sale or exchange of S corporation stock. Shareholders that sell or exchange stock may submit a statement to rebut presumption of gain treatment. Respondents: Business or other for-profit, Individuals or households. Estimated Number of Respondents: 1,000. Estimated Burden Hours Per Respondent: 1 hour. Frequency of Response: On occasion. Estimated Total Reporting Burden: 1,000 hours. OMB Number: 1545-1647. Revenue Procedure Number: Revenue Procedure 99-18. Type of Review: Extension. Title: Debt Roll-Ups. Description: This revenue procedure provides for an election that will facilitate the consolidation of two or more outstanding debt instruments into a single debt instrument. Under the election, taxpayers can treat certain exchanges of debt instruments as realization events for federal income tax purposes even though the exchanges do not result in significant modifications [[Page 27621]] under Sec. 1.1001-3 of the Income Tax Regulations. Respondents: Business or other for-profit. Estimated Number of Respondents/Recordkeepers: 100. Estimated Burden Hours Per Respondent/Recordkeeper: 45 minutes. Frequency of Response: On occasion. Estimated Total Reporting/Recordkeeping Burden: 75 hours. Clearance Officer: Garrick Shear, Internal Revenue Service, Room 5571, 1111 Constitution Avenue, NW, Washington, DC 20224. OMB Reviewer: Alexander T. Hunt, (202) 395-7860, Office of Management and Budget, Room 10202, New Executive Office Building, Washington, DC 20503. Lois K. Holland, Departmental Reports Management Officer. [FR Doc. 99-12715 Filed 5-19-99; 8:45 am] BILLING CODE 4830-01-P