[Federal Register Volume 65, Number 92 (Thursday, May 11, 2000)]
[Page 30478]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-11743]



Internal Revenue Service

Proposed Collection; Comment Request for Form 5735 and Schedule P 
(Form 5735)

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 5735, Possessions Corporation Tax Credit (Under Sections 936 and 
30A), and Schedule P (Form 5735), Allocation of Income and Expenses 
Under Section 936(h)(5).

DATES: Written comments should be received on or before July 10, 2000 
to be assured of consideration.

ADDRESSES: Direct all written comments to Garrick R. Shear, Internal 
Revenue Service, room 5244, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the forms and instructions should be directed to Faye Bruce, 
(202) 622-6665, Internal Revenue Service, Room 5244, 1111 Constitution 
Avenue NW., Washington, DC 20224.

    Title: Possessions Corporation Tax Credit (Under sections 936 and 
30A), and Allocation of Income and Expenses Under Section 936(h)(5).
    OMB Number: 1545-0217.
    Form Number: Form 5735 and Schedule P (Form 5735).
    Abstract: Form 5735 is used to compute the possessions corporation 
tax credit under Internal Revenue Code sections 936 and 30A. Schedule P 
(Form 5735) is used by corporations that elect to share their income or 
expenses with their affiliates. The forms provide the IRS with 
information to determine if the corporations have computed the tax 
credit and the cost-sharing or profit-split method of allocating income 
and expenses.
    Current Actions: There are no changes being made to the forms at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 1,371.
    Estimated Time Per Respondent: 23 hrs., 52 min.
    Estimated Total Annual Burden Hours: 32,713.
    The following paragraph applies to all of the collections of 
information covered by this notice:
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless the collection of 
information displays a valid OMB control number. Books or records 
relating to a collection of information must be retained as long as 
their contents may become material in the administration of any 
internal revenue law. Generally, tax returns and tax return information 
are confidential, as required by 26 U.S.C. 6103.

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: May 2, 2000.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 00-11743 Filed 5-10-00; 8:45 am]