Proposed Collection; Comment Request for Form 8842

DEPARTMENT OF THE TREASURY

Internal Revenue Service

Proposed Collection; Comment Request for Form 8842

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Department of the Treasury, as part of its continuing

effort to reduce paperwork and respondent burden, invites the general

public and other Federal agencies to take this opportunity to comment

on proposed and/or continuing information collections, as required by

the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C.

3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning

Form 8842, Election To Use Different Annualization Periods for

Corporate Estimated Tax.

DATES: Written comments should be received on or before May 17, 1999,

to be assured of consideration.

ADDRESSES: Direct all written comments to Garrick R. Shear, Internal

Revenue Service, room 5571, 1111 Constitution Avenue NW., Washington,

DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or

copies of the form and instructions should be directed to Faye Bruce,

(202) 622-6665, Internal Revenue Service, Room 5577, 1111 Constitution

Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

Title: Election To Use Different Annualization Periods for

Corporate Estimated Tax.

OMB Number: 1545-1409.

Form Number: 8842.

Abstract: Form 8842 is used by corporations, tax-exempt

organizations subject to the unrelated business income tax, and private

foundations to annually elect the use of an annualization period under

Internal Revenue Code section 6655(e)(2)(C)(i) or (ii) for purposes of

figuring the corporation's estimated tax payments under the annualized

income installment method.

Current Actions: There are no changes being made to Form 8842 at

this time.

Type of Review: Extension of a current OMB approval.

Affected Public: Business, or other for-profit organizations.

Estimated Number of Respondents: 1700.

Estimated Time Per Respondent: 2 hrs., 8 min.

Estimated Total Annual Burden Hours: 3,638.

The following paragraph applies to all of the collections of

information covered by this notice:

An agency may not conduct or sponsor, and a person is not required

to respond to, a collection of information unless the collection of

information displays a valid OMB control number. Books or records

relating to a collection of information must be retained as long as

their contents may become material in the administration of any

internal revenue law. Generally, tax returns and tax return information

are confidential, as required by 26 U.S.C. 6103.

REQUEST FOR COMMENTS: Comments submitted in response to this notice

will be summarized and/or included in the request for OMB approval. All

comments will become a matter of public record. Comments are invited

on: (a) Whether the collection of information is necessary for the

proper performance of the functions of the agency, including whether

the information shall have practical utility; (b) the accuracy of the

agency's estimate of the burden of the collection of information; (c)

ways to enhance the quality, utility, and clarity of the information to

be collected; (d) ways to minimize the burden of the collection of

information on respondents, including through the use of automated

collection techniques or other forms of information technology; and (e)

estimates of capital or start-up costs and costs of operation,

maintenance, and purchase of services to provide information.

Approved: March 8, 1999.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 99-6517 Filed 3-16-99; 8:45 am]

BILLING CODE 4830-01-U