Submission for OMB Review; Comment Request

DEPARTMENT OF THE TREASURY

Submission for OMB Review; Comment Request

May 20, 1999.

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

[[Page 28869]]

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 28, 1999

to be assured of consideration.

Internal Revenue Service (IRS)

OMB Number: 1545-0988.

Form Number: IRS Form 8609 and Schedule A.

Type of Review: Extension.

Title: Low-Income Housing Credit Allocation Certification (8609);

and Annual Statement (Schedule A).

Description: Owners of residential low-income rental buildings may

claim a low-income housing credit for each qualified building over a

10-year credit period. Form 8609 is used to get a credit allocation

from the housing credit agency. The form, along with Schedule A, is

used by the owner to certify necessary information required by the law.

Respondents: Business or others for-profit, Individuals or

households, State, Local or Tribal Government.

Estimated Number of Respondents/Recordkeepers: 120,000.

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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8609......................... 8 hr., 37 min............. 2 hr., 17 min............. 2 hr., 31 min.

Schedule A (Form 8609)....... 6 hr., 41 min............. 47 min.................... 56 min.

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Frequency of Response: Annually.

Estimated Total Reporting/Recordkeeping Burden: 2,447,400 hours.

OMB Number: 1545-1031.

Form Number: IRS Form 8697.

Type of Review: Extension.

Title: Interest Computation Under the Look-Back Method for

Completed Long-Term Contracts.

Description: Taxpayers required to account for all or part of any

long-term contract entered into after February 28, 1996, under the

percentage of completion method must use Form 8697 to compute and

report interest due or to be refunded under Internal Revenue Code (IRC)

section 469(b)(3). The IRS uses Form 8697 to determine if the interest

has been figured correctly. Taxpayers may compute interest using the

actual method (Part I) or the Simplified Marginal Impact Method (Part

II).

Respondents: Business or other for-profit, Individuals or

households.

Estimated Number of Respondents/Recordkeepers: 5,000.

Estimated Burden Hours Per Respondent/Recordkeeper:

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Preparing, copying,

Form Recordkeeping Learning about the law of assembling, and sending

the form the form to the IRS

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8697 (Part I)................ 8 hr., 37 min............. 2 hr., 23 min............. 2 hr., 38 min.

8697 (Part II)............... 9 hr., 20 min............. 2 hr., 5 min.............. 2 hr., 20 min.

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Frequency of Response: Annually.

Estimated Total Reporting/Recordkeeping Burden: 63,360 hours.

OMB Number: 1545-1186.

Form Number: IRS Form 8825.

Type of Review: Extension.

Title: Rental Real Estate Income and Expenses of a Partnership or

an S corporation.

Description: Form 8825 is used to verify that partnerships and S

corporations have correctly reported their income and expenses from

rental real estate property. The form is filed with either Form 1065 or

Form 1120S.

Respondents: Business or other for-profit.

Estimated Number of Respondents/Recordkeepers: 705,000.

Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--8 hr., 28 min.

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

Preparing the form--1 hr., 38 min.

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

Frequency of Response: Annually.

Estimated Total Reporting/Recordkeeping Burden: 6,295,650 hours.

OMB Number: 1545-1395.

Form Number: IRS Form 8838.

Type of Review: Extension.

Title: Consent to Extend the Time to Assess Tax Under Section 367--

Gain Recognition Agreement.

Description: Form 8838 is used to extend the statute of limitations

for U.S. persons who transfer stock or securities to a foreign

corporation. The form is filed when the transferor makes a gain

recognition agreement. This agreement allows the transferor to defer

the payment of tax on the transfer. The IRS uses Form 8838 so that it

may assess tax against the transferor after the expiration of the

original statute of limitations.

Respondents: Business or other for-profit, Individuals or

households.

Estimated Number of Respondents/Recordkeepers: 1,000.

Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--4 hr., 32 min.

Learning about the law or the form--2 hr., 10 min.

Preparing the form--3 hr., 16 min.

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

Frequency of Response: On occasion.

Estimated Total Reporting/Recordkeeping Burden: 10,220 hours.

OMB Number: 1545-1409.

Form Number: IRS Form 8842.

Type of Review: Extension.

Title: Election to Use Different Annualization Periods for

Corporate Estimated Tax.

Description: Form 8842 is used by corporations (including S

corporations), tax-exempt organizations subject to the unrelated

business income tax, and private foundations to annually elect the use

of an annualization period in section 6655(e)(2)(c)(I) or (ii) for

purposes of figuring the corporation's estimated tax payments under the

annualized income installment method.

Respondents: Business or other for-profit.

Estimated Number of Respondents/Recordkeepers: 1,700.

[[Page 28870]]

Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--1 hr., 55 min.

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

Preparing and sending the form to the IRS--20 min.

Frequency of Response: Annually.

Estimated Total Reporting/Recordkeeping Burden: 4,335 hours.

Clearance Officer: Garrick Shear, 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 10202, New Executive Office Building,

Washington, DC 20503.

Lois K. Holland,

Departmental Reports Management Officer.

[FR Doc. 99-13517 Filed 5-26-99; 8:45 am]

BILLING CODE 4830-01-P