Public Information Collection Requirements Submitted to OMB for Review

DEPARTMENT OF THE TREASURY

Public Information Collection Requirements Submitted to OMB for

Review

May 12, 1995.

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 1980, Public Law 96-511. 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: 1545-0010

Form Number: IRS Form W-4

Type of Review: Extension

Title: Employee's Withholding Allowance Certificate

Description: Employees file this form to tell employers (1) the number

of withholding allowances claimed, (2) dollar amount they want the

withholding increased each pay period, and (3) if they are entitled to

claim exemption from withholding. Employers use this information to

figure the correct tax to withhold from the employee's wages.

Respondents: Individuals or households, Business or other for-profit,

Not-for-profit institutions, Federal Government, State, Local or Tribal

Government

Estimated Number of Respondents/Recordkeepers: 54,209,079

Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--46 min.

Learning about the law or the form--10 min.

Preparing the form--69 min.

Frequency of Response: On occasion [[Page 26765]]

Estimated Total Reporting/Recordkeeping Burden: 112,754,884 hours

OMB Number: 1545-0051

Form Number: IRS Form 990-C

Type of Review: Extension

Title: Farmers' Cooperative Association Income Tax Return

Description: Form 990-C is used by farmers' cooperatives to report the

tax imposed by section 1381. IRS uses the information to determine

whether the tax is being properly reported.

Respondents: Business or other for-profit, Farms

Estimated Number of Respondents/Recordkeepers: 5,600

Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--77 hr., 15 min.

Learning about the law or the form--24 hr., 52 min.

Preparing the form--42 hr., 7 min.

Copying, assembling, and sending the form to the IRS--4 hr., 17

min.

Frequency of Response: Annually

Estimated Total Reporting/Recordkeeping Burden: 831,656 hours

OMB Number: 1545-0129

Form Number: IRS Form 1120-POL

Type of Review: Extension

Title: U.S. Income Tax Return for Certain Political Organizations

Description: Certain political organizations file Form 1120-POL to

report the tax imposed by section 527. The form is used to designate a

principal business campaign committee that is subject to a lower rate

of tax under section 527(h). IRS uses Form 1120-POL to determine if the

proper tax was paid.

Respondents: Not-for-profit institutions

Estimated Number of Respondents/Recordkeepers: 6,527

Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--15 hr., 32 min.

Learning about the law or the form--6 hr., 23 min.

Preparing the form--15 hr., 18 min.

Copy, assembling, and sending the form to the IRS--2 hr., 25 min.

Frequency of Response: Annually

Estimated Total Reporting/Recordkeeping Burden: 258,730 hours

OMB Number: 1545-0144

Form Number: IRS Form 2438

Type of Review: Extension

Title: Regulated Investment Company undistributed Capital Gains Tax

Return

Description: Form 2438 is used by regulated investment companies to

figure capital gains tax on undistributed capital gains designated

under Internal Revenue Code (IRC) section 852(b)(3)(D). IRS uses this

information to determine the correct tax.

Respondents: Business or other for-profit

Estimated Number of Respondents/Recordkeepers: 100

Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--7 hr., 39 min.

Learning about the law or the form--35 min.

Preparing and sending the form to the IRS--45 min.

Frequency of Response: Annually

Estimated Total Reporting/Recordkeeping Burden: 899 hours

OMB Number: 1545-0160

Form Number: IRS Form 3520-A

Type of Review: Extension

Title: Annual Return of Foreign Trust with U.S. Beneficiaries

Description: Section 6048(c) requires that foreign trusts with at least

one U.S. beneficiary must file an annual information return on Form

3520-A. The form is used to report the income and deductions of the

foreign trust. IRS uses Form 3520-A to determine if the U.S. owner of

the trust has included the net income of the trust in its gross income.

Respondents: Individuals or households, Business or other for-profit

Estimated Number of Respondents/Recordkeepers: 500

Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--29 hr., 25 min.

Learning about the law or the form--53 min.

Preparing and sending the form to the IRS--1 hr., 25 min.

Frequency of Response: Annually

Estimated Total Reporting/Recordkeeping Burden: 15,860 hours

OMB Number: 1545-0187

Form Number: IRS Form 4835

Type of Review: Extension

Title: Farm Rental Income and Expenses

Description: This form is used by landowners (or sub-lessors) to report

farm income based on crops or livestock produced by the tenant when the

landowner (or sub-lessor) does not materially participate in the

operation or management of the farm. This form is attached to Form 1040

and the data is used to determine whether the proper amount of rental

income has been reported.

Respondents: Individuals or households, Farms

Estimated Number of Respondents/Recordkeepers: 407,719

Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--2 hr., 57 min.

Learning about the law or the form--4 min.

Preparing the form--1 hr., 2 min.

Copying, assembling, and sending the form to the IRS--20 min.

Frequency of Response: Annually

Estimated Total Reporting/Recordkeeping Burden: 1,789,886 hours

OMB Number: 1545-0390

Form Number: IRS Form 5306

Type of Review: Extension

Title: Application for Approval of Prototype or Employer Sponsored

Individual Retirement Account

Description: This application is used by employers who want to

establish an individual retirement account trust to be used by their

employees. The application is also used by persons who want to

establish approved prototype individual retirement accounts or

annuities. The data collected is used to determine if plans may be

approved.

Respondents: Business or other for-profit

Estimated Number of Respondents/Recordkeepers: 600

Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--11 hr., 58 min.

Learning about the law or the form--18 min.

Preparing and sending the form to the IRS--30 min.

Frequency of Response: On occasion

Estimated Total Reporting/Recordkeeping Burden: 7,662 hours

OMB Number: 1545-0890

Form Number: IRS Form 1120-A

Type of Review: Extension

Title: U.S. Corporation Short-Form Income Tax Return

Description: Form 1120-A is used by small corporations, those with less

than $500,000 of income and assets, to compute their taxable income and

tax liability. The IRS uses Form 1120-A to determine whether

corporations have correctly computed their tax liability.

Respondents: Business or other for-profit, Farms

Estimated Number of Respondents/Recordkeepers: 285,777

Estimated Burden Hours Per Respondent/Recordkeeper:

[[Page 26766]]

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Copying, assembling, and

Form Recordkeeping Learning about the law or Preparing the form sending, the form to the

the form IRS

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1120.................................... 71 hours, 16 minutes...... 41 hours, 8 minutes....... 72 hours, 2 minutes....... 8 hours, 2 minutes.

1120-A.................................. 43 hours, 3 minutes....... 23 hours, 44 minutes...... 41 hours, 18 minutes...... 4 hours, 34 minutes.

Sched. D (1120)......................... 6 hours, 56 minutes....... 3 hours, 31 minutes....... 5 hours, 39 minutes....... 0 hours, 32 minutes.

Sched. H (1120)......................... 5 hours, 59 minutes....... 0 hours, 35 minutes....... 0 hours, 43 minutes....... 0 hours, 0 minutes.

Sched. PH (1120)........................ 15 hours, 19 minutes...... 6 hours, 6 minutes........ 8 hours, 29 minutes....... 0 hours, 32 minutes.

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Frequency of Response: Annually

Estimated Total Reporting/Recordkeeping Burden: 32,192,779 hours

OMB Number: 1545-0967

Form Number: IRS Form 8453-F

Type of Review: Extension

Title: U.S. Estate or Trust Income Tax Declaration and Signature for

Electronic and Magnetic Media Filing

Description: This form is used to secure taxpayer signatures and

declarations in conjunction with electronic and magnetic media filing

of trust and fiduciary income tax returns. This form, together with the

electronic and magnetic media transmission, will comprise the

taxpayer's income tax return (1041).

Respondents: Individuals or households, Business of other for-profit

Estimated Number of Respondents/Recordkeepers: 1,000

Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--7 min.

Learning about the law or the form--4 min.

Preparing the form--18 min.

Copying, assembling, and sending the form to the IRS--20 min.

Frequency of Response: Annually

Estimated Total Reporting/Recordkeeping Burden: 810 hours

OMB Number: 1545-1033

Form Number: IRS Form 8453-E

Type of Review: Extension

Title: Employee Benefit Plan Declaration and Signature for Electronic/

Magnetic Media Filing

Description: This form will be used to secure taxpayer signatures and

declarations in conjunction with the Electronic Filing of Forms 5500,

5500-C/R, and 5500EZ. These forms, together with the electronic

transmission, will comprise the annual information returns.

Respondents: Individuals or households, Business or other for-profit

Estimated Number of Respondents/Recordkeepers: 50,000

Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--7 min.

Learning about the law or the form--5 min.

Preparing the form--22 min.

Copying, assembling, and sending the form to the IRS--20 min.

Frequency of Response: Annually

Estimated Total Reporting Burden: 45,000 hours

OMB Number: 1545-1255

Regulation ID Number: INTL-0870-89 NPRM

Type of Review: Extension

Title: Earnings Stripping Under Section 163(j)

Description: Certain taxpayers are allowed to write off the fixed basis

of the stock of an acquired corporation rather than use the adjusted

basis of the assets of the acquired corporation.

Respondents: Business or other for-profit

Estimated Number of Respondents: 1

Estimated Burden Hours Per Respondent: 1 hour

Frequency of Response: Annually

Estimated Total Reporting Burden: 1 hour

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: 1,000,000

Estimated Burden Hours Per Respondent/Recordkeeper: 11 minutes

Frequency of Response: Annually

Estimated Total Reporting Burden: 950,000 hours

Clearance Officer: Garrick Shear, (202) 622-3869, Internal Revenue

Service, Room 5571, 1111 Constitution Avenue, NW., Washington, DC 20224

OMB Reviewer: Milo Sunderhauf, (202) 395-7340, Office of Management and

Budget, Room 10226, New Executive Office Building, Washington, DC 20503

Lois K. Holland,

Departmental Reports Management Officer.

[FR Doc. 95-12251 Filed 5-17-95; 8:45 am]

BILLING CODE 4830-01-P