Submission to OMB for Review; Comment Request

DEPARTMENT OF THE TREASURY

Submission to OMB for Review; Comment Request

December 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: 1545-1224.

Regulation Project Number: INTL-112-88 Final.

Type of Review: Extension.

Title: Allocation and Apportionment of Deduction for State Income

Taxes.

Description: The reporting requirements affect those taxpayers

claiming foreign tax credits and that elect to use an alternative

method of allocating and apportioning deductions for state income

taxes. This information will be used by the IRS to estimate the

resources to be required in auditing income tax returns, and should

facilitate the completion of audits.

Respondents: Business or other for-profit.

Estimated Number of Respondents: 1,000.

Estimated Burden Hours Per Respondent: 1 hour.

Frequency of Response: Annually.

Estimated Total Reporting Burden: 1,000 hours.

OMB Number: 1545-1291.

Regulation Project Number: PS-78-91 Final.

[[Page 68355]]

Type of Review: Extension

Title: Procedure for Monitoring Compliance with Low-Income Housing

Credit Requirements.

Description: The regulations require state allocation plans to

provide a procedure for State and local housing credit agencies to

monitor for compliance with the requirements of section 42 and report

and noncompliance to the Internal Revenue Service.

Respondents: Business or other for-profit, Individuals or

households, Not-for-profit institutions, State, Local or Tribal

Government.

Estimated Number of Respondents/Recordkeepers: 5,000.

Estimated Burden Hours Per Respondent/Recordkeeper: 3 hours, 45

minutes.

Frequency of Response: Annually.

Estimated Total Reporting/Recordkeeping Burden: 18,750 hours.

OMB Number: 1545-1299.

Regulation Project Number: IA-54-90 Final.

Type of Review: Revision.

Title: Settlement Funds.

Description: The reporting requirements affect taxpayers that are

qualified settlement funds; they will be required to file income tax

returns, estimated tax returns, and withholding tax returns. The

information will facilitate taxpayer examinations.

Respondents: Individuals or households, Business or other for-

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

Local or Tribal Government.

Estimated Number of Respondents: 1,500.

Estimated Burden Hours Per Respondent: 2 hours, 22 minutes.

Frequency of Response: Annually.

Estimated Total Reporting Burden: 3,542 hours.

OMB Number: 1545-1448.

Regulation Project Number: EE-81-88 Final.

Type of Review: Extension.

Title: Deductions for Transfers of Property.

Description: These regulations concerns the Secretary's authority

to require the filing of an information return under Code section 6041

and expand the requirement to furnish forms to certain corporate

service providers.

Respondents: Individuals or households, Business or other for-

profit, Not-for-profit institutions, Farms.

Estimated Number of Respondents: 1.

Estimated Burden Hours Per Respondent: 1 hour.

Frequency of Response: Annually.

Estimated Total Reporting Burden: 1 hour.

OMB Number: 1545-1452.

Regulation Project Number: FI-43-94 Final.

Type of Review: Extension.

Title: Regulation Under Section 1258 of the Internal Revenue Code

of 1986; Netting Rule for Certain Conversion Transactions.

Description: Section 1258 recharacterizes capital gains from

conversion transactions as ordinary income to the extent of the time

value element. This regulation provides that certain gains and losses

may be netted for purposes of determining the amount of gain

recharacterized.

Respondents: Business or other for-profit, Not-for-profit

institutions.

Estimated Number of Recordkeepers: 50,000.

Estimated Burden Hours Per Recordkeeper: 6 minutes.

Estimated Total Recordkeeping Burden: 5,000 hours.

OMB Number: 1545-1562.

Revenue Procedure Number: Revenue Procedure 97-48.

Type of Review: Extension.

Title: Automatic Relief for Late S Corporation Elections.

Description: The revenue procedure only applies to the following

two situations:

(1) A corporation intends to be an S corporation, the corporation

and its shareholders reported their income consistent with S

corporation status for the taxable year the S corporation election

should have been made and for every subsequent year, and the

corporation did not receive notification from the Service regarding any

problem with the S corporation status within 6 months of the date on

which the Form 1120S for the first year was timely filed; and

(2) For periods prior to January 1, 1997, a corporation intends to

be an S corporation; however, due to a late S corporation election the

corporation was not permitted to be an A corporation for the first

taxable year specified in the election (because late S corporation

election relief was not available during this period), the corporation

for all succeeding years, and all relevant taxable years for both the

corporation and all of its shareholders are open.

Respondents: Business or other for-profit.

Estimated Number of Respondents: 100.

Estimated Burden Hours Per Respondent: 1 hour.

Frequency of Response: Other (once).

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: 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. 97-34026 Filed 12-30-97; 8:45 am]

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