Submission to OMB for Review; Comment Request

DEPARTMENT OF THE TREASURY

Submission to OMB for Review; Comment Request

July 22, 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, 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: 1545-0059.

Form Number: IRS Form 4137.

Type of Review: Extension.

Title: Social Security and Medicare Tax on Unreported Tip Income.

Description: Section 3102 requires an employee who receives tips

subject to Social Security and Medicare tax to compute tax due on these

tips if the employee did not report them to his or her employer. The

data is used to help verify that the Social Security and Medicare tax

on tip income is correctly computed.

Respondents: Individuals or households.

Estimated Number of Respondents/Recordkeepers: 76,000.

Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--26 min.

Learning about the law or the form--7 min.

Preparing the form--21 min.

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

Frequency of Response: Annually.

Estimated Total Reporting/Recordkeeping Burden: 90,440 hours.

OMB Number: 1545-0228.

Form Number: IRS Form 6252.

Type of Review: Extension.

Title: Installment Sale Income.

Description: Information is needed to figure and report an

installment sale for a casual or incidental sale of personal property,

and a sale of real property by someone not in the business of selling

real estate. Data is used to determine whether the installment sale has

been properly reported and the correct amount of profit is included in

income on the taxpayer's return.

Respondents: Business or other for-profit, Individuals or

households, Not-for-profit institutions, Farms.

Estimated Number of Respondents/Recordkeepers: 782,848.

Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--1 hr., 25 min.

Learning about the law or the form--40 min.

Preparing the form--56 min.

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

Frequency of Response: Annually.

Estimated Total Reporting/Recordkeeping Burden: 2,630,369 hours.

OMB Number: 1545-0644.

Form Number: IRS Form 6781.

Type of Review: Extension.

Title: Gains and Losses From Section 1256 Contracts and Straddles.

Description: Form 6781 is used by taxpayers in computing their

gains and losses from Section 1256 Contracts and Straddles and their

special tax treatment. The data is used to verify that the tax reported

accurately reflects any such gains and losses.

Respondents: Business or other for-profit, Individuals or

households.

Estimated Number of Respondents/Recordkeepers: 100,000.

Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--10 hr., 17 min.

Learning about the law or the form--2 hr., 33 min.

Preparing the form--3 hr., 46 min.

Copying, assembling and sending the form to the IRS--16 min.

Frequency of Response: Annually.

Estimated Total Reporting/Recordkeeping Burden: 1,686,000 hours.

OMB Number: 1545-0998.

Form Number: IRS Form 8615.

Type of Review: Extension.

Title: Tax on Children Under Age 14 Who Have Investment Income of

More Than $1,300.

Description: Under section 1(g), children under age 14 who have

unearned income may be taxed on part of that income at their parent's

tax rate. Form 8615 is used to see if any of the child's unearned

income is taxed at the parent's rate and, if so, to figure the child's

tax on his or her unearned income and earned income, if any.

Respondents: Individuals or households.

Estimated Number of Respondents/Recordkeepers: 500,000.

Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--13 min.

Learning about the law or the form--13 min.

Preparing the form--45 min.

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

Frequency of Response: Annually.

Estimated Total Reporting/Recordkeeping Burden: 735,000 hours.

OMB Number: 1545-1035.

Form Number: IRS Form 8611.

Type of Review: Extension.

Title: Recapture of Low-Income Housing Credit.

Description: Internal Revenue Code (IRC) section 42 permits owners

of residential rental projects providing low-income housing to claim a

credit against their income tax. If the property is disposed of or it

fails to meet certain requirements over a 15-year compliance period and

a bond is not posted, the owner must recapture on Form 8611 part of the

credit(s) taken in prior years.

Respondents: Business or other for-profit, Individuals or

households.

Estimated Number of Respondents/Recordkeepers: 1,200.

Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--6 hr., 56 min.

Learning about the law or the form--1 hr., 12 min.

Preparing and sending the form to the IRS--1 hr., 22 min.

[[Page 40401]]

Frequency of Response: On occasion.

Estimated Total Reporting/Recordkeeping Burden: 10,459 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. 97-19714 Filed 7-25-97; 8:45 am]

BILLING CODE 4830-01-P