Submission to OMB for Review; Comment Request

DEPARTMENT OF THE TREASURY

Submission to OMB for Review; Comment Request

April 30, 1998.

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.

DATES: Written comments should be received on or before June 8, 1998 to

be assured of consideration.

Internal Revenue Service (IRS)

OMB Number: 1545-0056.

Form Number: IRS Forms 1023 and 872-C.

[[Page 25563]]

Type of Review: Revision.

Title: Application for Recognition of Exemption Under Section

501(c)(3) of the Internal Revenue Code (1023); and Consent Fixing

Period of Limitation Upon Assessment of Tax Under Section 4940 of the

Internal Revenue Code (872-C)

Description: Form 1023 is filed by applicants seeking Federal

income tax exemption as organizations prescribed in section 501(c)(3).

IRS uses the information to determine if the applicant is exempt and

whether the applicant is a private foundation. Form 87-C extends the

statute of limitations for assessing tax under 4940.

Respondents: Not-for-profit institutions.

Estimated Number of Respondents/Recordkeepers: 29,409.

Estimated Burden Hours Per Respondent/Recordkeeper:

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Learning about the law or Preparing, and sending the

Form Recordkeeping the form form to the IRS

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1023 Parts I to IV.......... 55 hr., 43 min............ 5 hr., 1 min.............. 8 hr., 7 min

1023 Schedule A............. 7 hr., 10 min............. 0 min..................... 7 min

1023 Schedule B............. 4 hr., 47 min............. 30 min.................... 36 min

1023 Schedule C............. 5 hr., 1 min.............. 35 min.................... 43 min

1023 Schedule D............. 4 hr., 4 min.............. 42 min.................... 47 min

1023 Schedule E............. 9 hr., 20 min............. 1 hr., 5 min.............. 1 hr., 17 min

1023 Schedule F............. 2 hr., 39 min............. 2 hr., 53 min............. 3 hr., 3 min

1023 Schedule G............. 2 hr., 38 min............. 0 min..................... 2 min

1023 Schedule H............. 1 hr., 55 min............. 42 min.................... 46 min

1023 Schedule I............. 3 hr., 35 min............. 0 min..................... 4 min

872-C....................... 1 hr., 26 min............. 24 min.................... 26 min.

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Frequency of Response: On occasion.

Estimated Total Reporting/Recordkeeping Burden: 2,069,527 hours.

OMB Number: 1545-0170.

Form Number: IRS Form 4466.

Type of Review: Extension.

Title: Corporation Application for Quick Refund of Overpayment of

Estimated Tax.

Description: Form 4466 is used by a corporation to file for an

adjustment (quick refund) of overpayment of estimated income tax for

the tax year. This information is used to process the claim, so the

refund can be issued.

Respondents: Business or other for-profit.

Estimated Number of Respondents/Recordkeepers: 16,125.

Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--3 hr., 35 min.

Learning about the law or the form--18 min.

Preparing and sending the form to the IRS--22 min.

Frequency of Response: On occasion.

Estimated Total Reporting/Recordkeeping Burden: 68,693 hours.

OMB Number: 1545-0219.

Form Number: IRS Form 5884.

Type of Review: Revision.

Title: Work Opportunity Credit.

Description: Internal Revenue Code (IRC) section 38(b)(2) allows a

credit against income tax to employers hiring individuals from certain

targeted groups such as welfare recipients, etc. The employer uses Form

5884 to figure the credit. IRS uses the information on the form to

verify that the correct amount of credit was claimed.

Respondents: Individuals or households, Business or other for-

profit.

Estimated Number of Respondents/Recordkeepers: 85,000.

Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--6 hr., 28 min.

Learning about the law or the form--53 min.

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

Frequency of Response: Annually.

Estimated Total Reporting/Recordkeeping Burden: 713,150 hours.

OMB Number: 1545-0231.

Form Number: IRS Form 6478.

Type of Review: Extension.

Title: Credit for Alcohol Used as Fuel.

Description: Internal Revenue Code (IRC) section 38(b)(3) allows a

nonrefundable income tax credit for businesses that sell or use

alcohol. Small ethanol producers also receive a nonrefundable credit

for production of qualified ethanol. Form 6478 is used to figure the

credits.

Respondents: Business or other for-profit.

Estimated Number of Respondents/Recordkeepers: 5,600.

Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--11 hr., 43 min.

Learning about the law or the form--34 min.

Preparing the form--1 hr., 43 min.

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

Frequency of Response: Annually.

Estimated Total Reporting/Recordkeeping Burden: 79,912 hours.

OMB Number: 1545-0687.

Form Number: IRS Form 990-T.

Type of Review: Revision.

Title: Exempt Organization Business Income Tax Return.

Description: Form 990-T is needed to compute the section 511 tax on

unrelated business income of a charitable organization. IRS uses the

information to enforce the tax.

Respondents: Not-for-profit institutions.

Estimated Number of Respondents/Recordkeepers: 37,103.

Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--65 hr., 3 min.

Learning about the law or the form--24 hr., 23 min.

Preparing the form--40 hr., 29 min.

Copying, assembling, and sending the form to the IRS--4 hr., 1 min.

Frequency of Response: Annually.

Estimated Total Reporting/Recordkeeping Burden: 4,969,947 hours.

OMB Number: 1545-0984.

Form Number: IRS Form 8586.

Type of Review: Revision.

Title: Low-Income Housing Credit.

Description: The Tax Reform Act of 1986 (Code section 42) permits

owners of residential rental projects providing low-income housing to

claim a credit against income tax for part of the cost of constructing

or rehabilitating such low-income housing. Form 8586 is used by

taxpayers to compute the credit and by IRS to verify that the correct

credit has been claimed.

Respondents: Individuals or households, Business or other for-

profit.

Estimated Number of Respondents/Recordkeepers: 50,000.

Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--7 hr., 25 min.

Learning about the law or the form--1 hr., 32 min.

[[Page 25564]]

Preparing the form--3 hr., 35 min.

Copying, assembling, and sending the form to the IRS--32 min.

Frequency of Response: Annually.

Estimated Total Reporting/Recordkeeping Burden: 653,000 hours.

OMB Number: 1545-1593.

Form Number: IRS Form 1041-QFT.

Type of Review: Extension.

Title: U.S. Income Tax Return for Qualified Funeral Trusts.

Description: Internal Revenue Code (IRC) section 685 allows the

trustee of a qualified funeral trust to elect to report and pay the tax

for the trust. Data is used to determine that the trustee filed the

proper return and paid the correct tax.

Respondents: Business or other for-profit.

Estimated Number of Respondents/Recordkeepers: 15,000.

Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--9 hr., 5 min.

Learning about the law or the form--1 hr., 26 min.

Preparing the form--3 hr., 31 min.

Copying, assembling, and sending the form to the IRS--32 min.

Frequency of Response: Annually.

Estimated Total Reporting/Recordkeeping Burden: 218,550 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. 98-12213 Filed 5-7-98; 8:45 am]

BILLING CODE 4830-01-P