Submission to OMB for Review; Comment Request

DEPARTMENT OF THE TREASURY

Submission to OMB for Review; Comment Request

May 9, 1996.

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.

Internal Revenue Service (IRS)

OMB Number: 1545-1005.

Regulation ID Number: PS-62-87 Final.

Type of Review: Extension.

Title: Low-Income Housing Credit for Federally-Assisted Buildings.

Description: The rule requires the taxpayer (low-income building

owner) to seek a waiver in writing from the IRS concerning low-income

buildings acquired during a special 10-year period in order to avert a

claim against a Federal mortgage insurance fund.

Respondents: Business or other for-profit, Individuals or

households, Not-for-profit institutions, Federal Government, State,

Local or Tribal Government.

Estimated Number of Respondents: 1,000.

Estimated Burden Hours Per Respondent: 3 hours.

Frequency of Response: On occasion.

Estimated Total Reporting Burden: 3,000 hours.

OMB Number: 1545-1011.

Regulation ID Number: Notice 87-61, LR-130-86 Announcement.

Type of Review: Extension.

Title: Long-Term Contracts; Methods of Accounting Under Tax Reform.

Description: These reporting requirements are necessary to permit

taxpayers to change their methods of accounting for long-term contracts

to comply with section 460 of the Internal Revenue Code.

Respondents: Business or other for-profit.

Estimated Number of Respondents: 5,000.

Estimated Burden Hours Per Respondent: 5 hours.

Frequency of Response: Other (for the first taxable year the

taxpayer changes its method).

Estimated Total Reporting Burden: 25,000 hours.

OMB Number: 1545-1244.

Regulation ID Number: PS-39-89 NPRM.

Type of Review: Extension.

Title: Limitation on Passive Activity Losses and Credits--Treatment

of Self-Charged Items of Income and Expense.

Description: The IRS will use this information to determine whether

the entity has made a proper timely election and to determine that

taxpayers are complying with the election in the taxable year of the

election and subsequent taxable years.

Respondents: Business or other for-profit, Individuals or

households.

Estimated Number of Respondents: 1,000.

Estimated Burden Hours Per Respondent: 6 minutes.

Frequency of Response: Other (first taxable year that entity seeks

to make election).

Estimated Total Reporting Burden: 100 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. 96-12431 Filed 5-16-96; 8:45 am]

BILLING CODE 4830-01-P