[Federal Register Volume 65, Number 1 (Monday, January 3, 2000)] [Notices] [Pages 163-164] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 99-34046] ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Submission for OMB Review; Comment Request December 23, 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 February 2, 2000 to be assured of consideration. Internal Revenue Service (IRS) OMB Number: 1545-0736. Regulation Project Number: LR-274-81 Final. Type of Review: Extension. Title: Accounting for Long-Term Contracts. Description: These recordkeeping requirements are necessary to determine whether the taxpayer properly allocates indirect contract costs to extended period long-term contracts under the regulations. The recordkeeping requirement is effective for taxable years beginning after 1982. The information will be used to verify the taxpayer's allocations of some indirect costs. Respondents: Business or other for-profit. Estimated Number of Recordkeepers: 1,000. Estimated Burden Hours Per Recordkeeper : 10 hours. [[Page 164]] Estimated Total Recordkeeping Burden: 10,010 hours. OMB Number: 1545-0913. Regulation Project Number: FI-165-84 NPRM. Type of Review: Extension. Title: Below-Market Loans. Description: Section 7872 recharacterizes a below-market loan as a market loan and an additional transfer by the lender to the borrower equal to the amount of imputed interest. The regulation requires both the lender and the borrower to attach a statement to their respective income tax returns for years in which they have either imputed income or claim imputed deductions under section 7872. Respondents: Business or other for-profit, Individuals or households. Estimated Number of Respondents: 1,631,202. Estimated Burden Hours Per Respondent: 18 minutes. Frequency of Response: On occasion, Annually. Estimated Total Reporting Burden: 481,722 hours. OMB Number: 1545-1018. Regulation Project Number: FI-27-89 Temporary and Final and FI-61- 91 Final. Type of Review: Extension. Title: Real Estate Mortgage Investment Conduits; Reporting Requirements and Other Administrative Matters (FI-27-89); and Allocation of Allocable Investment Expense; Original Issue Discount Reporting Requirements (FI-61-91). Description: The regulations prescribe the manner in which an entity elects to be taxed as a real estate mortgage investment conduit (REMIC) and the filing requirements for REMICs and certain brokers. Respondents: Business or other for-profit. Estimated Number of Respondents: 655. Estimated Burden Hours Per Respondent: 1 hour, 30 minutes. Frequency of Response: Quarterly. Estimated Total Reporting Burden: 978 hours. OMB Number: 1545-1146. Regulation Project Number: PS-54-89 Final. Type of Review: Extension. Title: Applicable Conventions Under the Accelerated Cost Recovery System. Description: The regulations describe the time and manner of making the notation required to be made on Form 4562 under certain circumstances when the taxpayer transfers property in certain non- recognition transactions. The information is necessary to monitor compliance with the section 168 rules. Respondents: Business or other for-profit, Farms. Estimated Number of Respondents: 700. Estimated Burden Hours Per Respondent: 6 minutes. Frequency of Response: Annually. Estimated Total Reporting Burden: 70 hours. OMB Number: 1545-1290. Regulation Project Number: FI-81-86 Final. Type of Review: Extension. Title: Bad Debt Reserves of Banks. Description: Section 585(c) of the Internal Revenue Code requires large banks to change from the reserve method of accounting to the specific charge off method of accounting for bad debts. The information required by section 1.585-8 of the regulations identifies any election made or revoked by the taxpayer in accordance with section 585(c). Respondents: Business or other for-profit. Estimated Number of Respondents: 2,500. Estimated Burden Hours Per Respondent: 15 minutes. Frequency of Response: Annually. Estimated Total Reporting Burden: 625 hours. OMB Number: 1545-1191. Regulation Project Number: INTL-868-89 Final. Type of Review: Extension. Title: Information with Respect to Certain Foreign-Owned Corporations. Description: The regulations require record maintenance, annual information filing, and the authorization of the U.S. corporation to act as an agent for IRS summons purposes. These requirements allow IRS international examiners to better audit the tax returns of U.S. corporations engaged in cross-border transactions with a related party. Respondents: Business or other for-profit, individuals or households. Estimated Number of Respondents: 63,000. Estimated Burden Hours Per Respondent: 10 hours. Frequency of Response: Annually. Estimated Total Reporting Burden: 630,000 hours. OMB Number: 1545-1428. Form Number: IRS Form 8023. Type of Review: Extension. Title: Election Under Section 338 for Corporations Making Qualified Stock Purchases. Description: Form 8023 is used by corporations that acquire the stock of another corporation to elect to treat the purchase of stock as a purchase of the other corporation's assets. The IRS uses Form 8023 to determine if the purchasing corporation reports the sale of its assets on its income tax return and to determine if the purchasing corporation has properly made the election. Respondents: Business or other for-profit. Estimated Number of Respondents/Recordkeepers: 201. Estimated Burden Hours Per Respondent/Recordkeeper: Recordkeeping--14 hr., 50 min. Learning about the law or the form--2 hr., 29 min. Preparing and sending the form to the IRS--2 hr., 50 min. Frequency of Response: On occasion. Estimated Total Reporting/Recordkeeping Burden: 4,048 hours. OMB Number: 1545-1557. Revenue Procedure Number: Revenue Procedure 99-39. Type of Review: Extension. Title: Form 941 e-file Program. Description: Revenue Procedure 99-39 provides guidance and the requirements for participating in the Form 941 e-file Program. Respondents: Business or other for-profit, not-for- profit institutions, Federal Government, State, Local or Tribal Government. Estimated Number of Respondents/Recordkeepers: 390,200. Estimated Burden Hours Per Respondent/Recordkeeper: 37 minutes. Frequency of Response: On occasion. Estimated Total Reporting/Recording Burden: 238,863 hours. Clearance Officer: Garrick Shear, Internal Revenue Service, Room 5244, 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. 99-34046 Filed 12-30-99; 8:45 am] BILLING CODE 4830-01-P