Submission to OMB for Review; Comment Request

DEPARTMENT OF THE TREASURY

Submission to OMB for Review; Comment Request

April 23, 1997.

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, Pub. L. 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: 1545-0066.

Form Number: IRS Form 2688.

Type of Review: Extension.

Title: Application for Additional Extension of Time to File U.S.

Individual Income Tax Return.

Description: Internal Revenue Code (IRC) section 6081 permits the

Secretary to grant a reasonable extension of time for filing any

return, declaration, statement, or other document. This form is used by

individuals to ask for an additional extension of time to file U.S.

income tax returns after filing for the automatic extension, but still

needing more time.

Respondents: Individuals or households.

Estimated Number of Respondents: 1,453,000.

Estimated Burden Hours Per Respondent:

Learning about the law or the form--8 min.

Preparing the form--10 min.

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

Frequency of Response: On occasion.

Estimated Total Reporting Burden: 929,920 hours.

OMB Number: 1545-0967.

Form Number: IRS Form 8453-F.

Type of Review: Extension.

Title: US 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 (Form 1041).

Respondents: Individuals or households, business or other for-

profit.

Estimated Number of Respondents/Recordkeepers: 1,000.

Estimated Burden Hours Per Respondent/Recordkeepers:

Recordkeeping--7 min.

Learning about the law or the form--5 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: 830 hours.

OMB Number: 1545-0970.

Form Number: IRS Form 8453-P.

Type of Review: Extension.

Title: US Partnership Declaration and Signature for Electronic and

Magnetic Media Filing.

Description: This form is used to secure the general partners'

signature and declaration in conjunction with the electronic/magnetic

media filing program. This form, together with the electronic/magnetic

media transmission, will comprise the partnership's return.

Respondents: Business or other for-profit.

Estimated Number of Respondents/Recordkeepers: 500.

Estimated Burden Hours Per Respondent/Recordkeepers:

Recordkeeping--7 min.

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

Preparing the form--20 min.

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

Frequency of Response: Annually.

Estimated Total Reporting/Recordkeeping Burden: 410 hours.

OMB Number: 1545-1364.

Regulation Project Number: INTL-372-88 Final and INTL-401-88 Final

.

Type of Review: Extension.

Title: Section 482 Cost Sharing Regulations (INTL-372-88); and

Intercompany Transfer Pricing Regulations Under Section 482 (INTL-401-

88).

Description: INTL-372-88. The information will be used to determine

whether an entity is an eligible participant of a qualified cost-

sharing arrangement and whether each eligible participant is sharing

the costs and benefits of intangible development on an arm's length

basis.

INTL-401-88. This document contains regulations relating to the

pricing of transfer of tangible property, intangible property, or

services between related parties.

Respondents: Business or other for-profit.

Estimated Number of Respondents/Recordkeepers: 1,000.

Estimated Burden Hours Per Respondent/Recordkeeper: 7 hours, 51

minutes.

[[Page 24686]]

Frequency of Response: Annually.

Estimated Total Reporting/Recordkeeping Burden: 7,850 hours.

OMB Number: 1545-1403.

Regulation Project Number: FI-46-93 Final.

Type of Review: Extension.

Title: Hedging Transactions.

Description: The information is required by the IRS to aid it in

administering the law and to prevent manipulation. The information will

be used to verify that a taxpayer is properly reporting its business

hedging transactions.

Respondents: Business or other for-profit.

Estimated Number of Recordkeepers: 110,000.

Estimated Burden Hours Per Recordkeeper: 52 minutes.

Estimated Total Recordkeeping Burden: 95,000 hours.

Clearance Officer: Garrick Shear (202) 622-3869, 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 10226, New Executive Office Building,

Washington, DC 20503.

Lois K. Holland,

Departmental Reports Management Officer.

[FR Doc. 97-11696 Filed 5-5-97; 8:45 am]

BILLING CODE 4830-01-P