Submission to OMB for Review; Comment Request

DEPARTMENT OF THE TREASURY

Submission to OMB for Review; Comment Request

March 31, 1997.

The Department of the 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: 1545-0166.

Form Number: IRS Form 4255.

Type of Review: Revision.

Title: Recapture of Investment Credit.

Description: Internal Revenue Code (IRC) section 50(a) and Regs.

section 1.47 require that taxpayers attach a statement to their return

showing the computation of the recapture tax when investment credit

property is disposed of before the end of the recapture period used in

the original computation investment credit.

Respondents: Business and other for-profit, Individuals or

households, Farms.

Estimated Number of Respondents/Recordkeepers: 20,000.

Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--6 hr., 28 min.

Learning about the law or the form--1 hr., 23 min.

Preparing, copying, assembling, and sending the form to the IRS--1

hr., 33 min.

Frequency of Response: On occasion.

Estimated Total Reporting/Recordkeeping Burden: 188,000 hours.

OMB Number: 1545-0177.

Form Number: IRS Form 4784.

Type of Review: Extension.

Title: Casualties and Thefts.

Description: Form 4784 is used by all taxpayers to compute their

gain or loss from casualties or thefts, and to summarize such gains and

losses. The data is used to verify that the correct gain or loss has

been computed.

Respondents: Individuals or households.

Estimated Number of Respondents/Recordkeepers: 300,000.

Estimated Burden Hours Per Respondent/Respondent:

Recordkeeping--1 hr., 12 min.

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

Preparing the form--1 hr., 2 min.

Copying, assembling, and sending the form to the IRS--35 min.

Frequency of Response: Annually.

Estimated Total Reporting/Recordkeeping Burden: 906,000 hours.

OMB Number: 1545-0233.

Form Number: IRS Form 7004.

Type of Review: Extension.

Title: Application for Automatic Extension of Time to File

Corporation Income Tax Return.

Description: Form 7004 is used by corporations and certain non-

profit institutions to request an automatic 6-month extension of time

to file their income tax returns. The information is needed to

determine whether Form 7004 was timely filed so as not to impose a late

filing penalty in error and also to insure that the proper amount of

tax was computed and deposited.

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

institutions.

Estimated Number of Respondents/Recordkeepers: 1,097,748.

Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--5 hr., 30 min.

Learning about the law or the form--58 min.

Preparing the form--2 hr., 1 min.

Copying, assembling, and sending the form to the IRS--6 min.

Frequency of Response: Annually.

Estimated Total Reporting/Recordkeeping Burden: 9,616,272 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. 97-8731 Filed 4-4-97; 8:45 am]

BILLING CODE 4830-01-P