Submission to OMB for Review; Comment Request

DEPARTMENT OF THE TREASURY

Submission to OMB for Review; Comment Request

January 14, 1997.

The Department of Treasury has submitted the following public

information collection requirement(s) to OMB for review and clearance

under the

[[Page 3553]]

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: 1545-0736.

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, 1 minute.

Frequency of Response: Annually.

Estimated Total Recordkeeping Burden: 10,010 hours.

OMB Number: 1545-1049.

Regulation Project Number: IA-7-88 Final, T.D. 8379.

Type of Review: Extension.

Title: Excise Tax Relating to Gain or Other Income Realized by Any

Person on Receipt of Greenmail.

Description: The final regulations provide rules relating to the

manner and method of reporting and paying the nondeductible 50 percent

excise tax imposed by section 5881 of the Internal Revenue Code with

respect to the receipt of greenmail.

Respondents: Individuals or households, Business or other for-

profit.

Estimated Number of Respondents/Recordkeepers: 4.

Estimated Burden Hours Per Respondent/Recordkeeper: 30 minutes.

Frequency of Response: On occasion.

Estimated Total Reporting/Recordkeeping Burden: 2 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. 97-1570 Filed 1-22-97; 8:45 am]

BILLING CODE 4830-01-P