[Federal Register Volume 64, Number 160 (Thursday, August 19, 1999)]
[Notices]
[Pages 45298-45300]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-21550]
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DEPARTMENT OF THE TREASURY
Submission for OMB Review; Comment Request
August 13, 1999.
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.
DATES: Written comments should be received on or before September 20,
1999 to be assured of consideration.
Internal Revenue Service (IRS)
OMB Number: 1545-0158.
Form Number: IRS Form 3206.
Type of Review: Extension.
Title: Information Statement by United Kingdom Withholding Agents
Paying Dividends From U.S. Corporations to Resident of the United
States and Certain Treaty Countries.
Description: Form 3206 is used to report dividends paid by U.S.
corporations through United Kingdom nominees to beneficial owners who
are residents of countries other than the United Kingdom with which the
U.S.
[[Page 45299]]
has a tax treaty providing for reduced withholding rates on dividends.
The data is used by IRS to determine whether the proper amount of
income tax was withheld.
Respondents: Business or other for-profit, Individuals and
households.
Estimated Number of Respondents/Recordkeepers: 5,000.
Estimated Burden Hours Per Respondent/Recordkeeper: 4 hr., 6 min.
Frequency of Response: On occasion.
Estimated Total Reporting/Recordkeeping Burden: 15,620 hours.
OMB Number: 1545-0941.
Form Number: IRS Form 8308.
Type of Review: Extension.
Title: Report of a Sale or Exchange of Certain Partnership
Interests.
Description: Form 8308 is an information return that gives the IRS
the names of the parties involved in a section 751(a) exchange of a
partnership interest. It is also used by the partnership as a statement
to the transferor or transferee. It alerts the transferor that a
portion of the gain on the sale of a partnership interest may be
ordinary income.
Respondents: Business or other for-profit, Individuals or
households, Farms.
Estimated Number of Respondents/Recordkeepers: 200,000.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--2 hr., 23 min.
Learning about the law or the form--2 hr., 23 min.
Preparing and sending the form to the IRS--2 hr., 32 min.
Frequency of Response: On occasion.
Estimated Total Reporting/Recordkeeping Burden: 1,460,000 hours.
OMB Number: 1545-1004.
Form Number: IRS Form 1120-REIT.
Type of Review: Extension.
Title: U.S. Income Tax Return for Real Estate Investment Trusts
(REIT)
Description: Form 1120-REIT is filed by a corporation, trust, or
association electing to be taxed as a REIT in order to report its
income, and deductions, and to compute its tax liability. IRS uses Form
1120-REIT to determine whether the REIT has correctly reported its
income, deductions, and tax liability.
Respondents: Business or other for-profit.
Estimated Number of Respondents/Recordkeepers: 363.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--60 hr., 2 min.
Learning about the law or the form--21 hr., 36 min.
Preparing the form--41 hr., 12 min.
Copying, assembling, and sending the form to the IRS--5 hr., 5 min.
Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 46,435 hours.
OMB Number: 1545-1012.
Form Number: IRS Form 5305A-SEP.
Type of Review: Extension.
Title: Salary Reduction and Other Elective Simplified Employee
Pension--Individual Retirement Accounts Contribution Agreement.
Description: Form 5305A-SEP is used by an employer to make an
agreement to provide benefits to all employees under a salary reduction
Simplified Employee Pension (SEP) described in section 408(k). This
form is not to be filed with IRS, but is to be retained in the
employers' records as proof of establishing such a plan, thereby
justifying a deduction for contributions made to the SEP. The data is
used to verify the deduction.
Respondents: Business or other for-profit.
Estimated Number of Respondents/Recordkeepers: 100,000.
Estimated Burden Hours Per Respondent/Recordkeeper:
Recordkeeping--4 hr., 29 min.
Learning about the law or the form--5 hr., 1 min.
Preparing the form--58 min.
Frequency of Response: On occasion.
Estimated Total Reporting/Recordkeeping Burden: 1,046,000 hours.
OMB Number: 1545-1411.
Form Number: IRS Forms 8843.
Type of Review: Extension.
Title: Statement for Exempt Individuals and Individuals With a
Medical Condition.
Description: Form 8843 is used by an alien individual to explain
the basis of the individual's claim that he or she is able to exclude
days of presence in the U.S. because the individual is a teacher/
trainee or student; professional athlete; or has a medical condition or
problem.
Respondents: Individuals and households.
Estimated Number of Respondents/Recordkeepers: 150,000.
Estimated Burden Hours Per Respondent/Recordkeeper:
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Form 8843, parts I and II Form 8843, parts I and III Form 8843, parts I and IV Form 8843, parts I and V
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Recordkeeping................... 13 min...................... 13 min...................... 13 min...................... 13 min.
Learning about the law or the 7 min....................... 7 min....................... 6 min....................... 7 min
form.
Preparing the form.............. 31 min...................... 34 min...................... 25 min...................... 29 min.
Copying, assembling, and sending 17 min...................... 17 min...................... 17 min...................... 17 min.
the form to the IRS.
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Frequency of Response: Annually.
Estimated Total Reporting/Recordkeeping Burden: 177,120 hours.
OMB Number: 1545-1424.
Form Number: IRS Form 1099-C.
Type of Review: Extension.
Title: Cancellation of Debt.
Description: Form 1099-C is used for reporting canceled debt, as
required by section 6050P of the Internal Revenue Code. It is used to
verify that debtors are correctly reporting their income.
Respondents: Business or other for-profit, Not-for-profit
institutions, Federal Government.
Estimated Number of Respondents: 647,993.
Estimated Burden Hours Per Respondent: 10 minutes.
Frequency of Response: Annually.
Estimated Total Reporting Burden: 110,159 hours.
OMB Number: 1545-1498.
Regulation Project Number: REG-209826-96 NPRM.
Type of Review: Extension.
Title: Application of the Grantor Trust Rules to Nonexempt
Employees' Trust.
Description: The regulations provide rules for the application of
the grantor trust rules to certain nonexempt employees' trusts.
Taxpayers must indicate on a return that they are relying on a special
rule to reduce the overfunded amount of the trust.
Respondents: Business or other for-profit.
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: 1545-1653.
Revenue Procedure Number: Revenue Procedure 99-26.
[[Page 45300]]
Type of Review: Extension.
Title: Secured Employee Benefits Settlement Initiative.
Description: This revenue procedure provides taxpayers options to
settle cases in which they accelerated deductions for accrued employee
benefits secured by a letter of credit, bond, or other similar
financial instrument.
Respondents: Business or other for-profit.
Estimated Number of Respondents/Recordkeepers: 100.
Estimated Burden Hours Per Respondent/Recordkeeper: 20 hours.
Frequency of Response: Other (one-time).
Estimated Total Reporting/Recordkeeping Burden: 2,000 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. 99-21550 Filed 8-18-99; 8:45 am]
BILLING CODE 4830-01-P