Submission to OMB for Review; Comment Request

DEPARTMENT OF THE TREASURY

Submission to OMB for Review; Comment Request

February 19, 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,

[[Page 9899]]

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 March 30, 1998

to be assured of consideration.

Internal Revenue Service (IRS)

OMB Number: 1545-0735.

Regulation Project Number: LR-189-80 (TD 7927) Final.

Type of Review: Extension.

Title: Amortization of Reforestation Expenditures.

Description: Section 194 allows taxpayers to elect to amortize

certain reforestation expenditures over a 7-year period if the

expenditures meet certain requirements. The regulations implement this

election provision and allow the Service to determine if the election

is proper and allowable.

Respondents: Individuals or households, Business or other for-

profit, Farms.

Estimated Number of Respondents: 12,000.

Frequency of Response: Annually.

Estimated Total Reporting Burden: 6,001 hours.

OMB Number: 1545-0755.

Regulation Project Number: LR-58-83 Final.

Type of Review: Extension.

Title: Related Group Election With Respect to Qualified Investments

in Foreign Base Company Shipping Operations.

Description: The computational information required is necessary to

assure that the U.S. shareholder correctly reports any shipping income

of its controlled foreign corporations which is taxable to that

shareholder.

Respondents: Business or other for-profit.

Estimated Number of Respondents: 100.

Estimated Burden Hours Per Respondent: 2 hours, 3 minutes.

Frequency of Response: Other (nonrecurring).

Estimated Total Reporting Burden: 205 hours.

OMB Number: 1545-1570.

Notice Number: Notice 97-65.

Type of Review: Extension.

Title: Income Tax Return Preparer Penalties--1997 Federal Income

Tax Returns Due Diligence Requirements for Earned Income Credit.

Description: Income tax return preparer who satisfy the due

diligence requirements in the notice will avoid the imposition of the

penalty under section 6695(g) of the Internal Revenue Code for 1997

returns and claims for refund. The due diligence requirements include

soliciting the information necessary to determine a taxpayer's

eligibility for the earned income credit (EIC) and the amount of the

EIC, and the retention of this information.

Respondents: Business or other for-profit.

Estimated Number of Recordkeepers: 1,200,000.

Estimated Burden Hours Per Recordkeeper: 8 minutes.

Estimated Total Recordkeeping Burden: 160,000 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. 98-4886 Filed 2-25-98; 8:45 am]

BILLING CODE 4830-01-P