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39664 Federal Register / Vol. 72, No.

138 / Thursday, July 19, 2007 / Notices

OMB Number: 1545–1883. Respondents: Businesses or other for- OMB reviewer listed and to the
Type of Review: Extension. profit institutions. Treasury Department Clearance Officer,
Title: Announcement 2004–38, Estimated Total Burden Hours: 50 Department of the Treasury, Room
Election of Alternative Deficit hour. 11000, 1750 Pennsylvania Avenue,
Reduction Contribution. OMB Number: 1545–0112. NW., Washington, DC 20220.
Description: This announcement Type of Review: Revision. Dates: Written comments should be
describes the election that must be made Title: Interest Income. received on or before August 20, 2007
in order for certain employers to take Form: 1099–INT. to be assured of consideration.
advantage of the alternative deficit Description: This form is used for Internal Revenue Service (IRS)
reduction contribution described in reporting interest income paid, as
section 102 of H.R. 3108. required by sections 6049 and 6041 of OMB Number: 1545–2063.
Respondents: Businesses or other for- the Internal Revenue Code. It is used to Type of Review: Extension.
profit institutions. verify that payees are correctly reporting Title: Notice 2007–19 (NOT–103443–
Estimated Total Burden Hours: 800 their income. 07) Statute of Limitations on
hours. Respondents: Businesses or other for- Assessment Concerning Certain
OMB Number: 1545–0747. profit institutions. Individuals Filing Income Tax Returns
Type of Review: Extension. Estimated Total Burden Hours: with the USVI.
Title: IRA Contribution Information. 63,223,463 hour. Description: This notice provides
Form: 5498. OMB Number: 1545–2043. interim guidance, pending the issuance
Description: IRC section 408 (i) Type of Review: Extension. of regulations, concerning the statute of
requires trustees or issuers of individual Title: Form 8879–B, IRS e-file limitations on assessment for the U.S.
retirement arrangements to make such Signature Authorization for Form 1065– income tax liability. If any, of U.S.
reports to the Internal Revenue Service B. citizens or resident aliens claiming to be
regarding accounts, contracts, or Form: 8879–B. bona fide residents of the U.S. Virgin
annuities as is required by regulations. Description: Tax year 2006 is the first Islands (USVI). In addition, notice
Regulations section 1.408–5 establishes year that filers of Form 1065–B (electing provides new information reporting
the filing dates and the content of Form large partnerships) can file rules for certain taxpayers claiming to
5498 and the information required to be electronically. Form 8879–B is used be bona fide residents of the USVI.
included in annual reports to when a personal identification number Respondents: Individuals or
participants. Section 408(o)(4)(B) (PIN) will be used to electronically sign Households.
requires the taxpayer to use the fair the electronic tax return, and, if Estimated Total Burden Hours: 42,500
market value of the account in certain applicable, consent to an electric funds hours.
computations. withdrawal. OMB Number: 1545–1597.
Respondents: Businesses or other for- Respondents: Businesses or other for- Type of Review: Extension.
profits. profit institutions. Title: Revenue Procedure 2000–12,
Estimated Total Burden Hours: Estimated Total Burden Hours: 258 Application Procedures for Qualified
16,241,629 hours. hour. Intermediary Status Under Section
OMB Number: 1545–0806. Clearance Officer: Glenn P. Kirkland 1441; Final Qualified Intermediary
Type of Review: Extension. (202) 622–3428, Internal Revenue Withholding Agreement.
Title: EE–12–78 (Final) Non-Bank Service, Room 6516, 1111 Constitution Description: Revenue Procedure
Trustees. Avenue, NW., Washington, DC 20224. 2000–12 describes application
Description: IRC section 408(a)(2) OMB Reviewer: Alexander T. Hunt, procedures for becoming a qualified
permits an institution other than a bank (202) 395–7316, Office of Management intermediary and the requisite
to be the trustee of an individual and Budget, Room 10235, New agreement that a qualified intermediary
retirement account (IRA). To do so, an Executive Office Building, Washington, must execute with the IRS. The
application needs to be filed and DC 20503. information will be used by the IRS to
various requirements need to be met. ensure compliance with the U.S.
Robert Dahl,
IRS uses the information to determine withholding system under the 1441
whether an institution qualifies to be a Treasury PRA Clearance Officer. regulations (especially proper
non-bank trustee. [FR Doc. E7–13967 Filed 7–18–07; 8:45 am] entitlement to treaty benefits).
Respondents: Businesses and other BILLING CODE 4830–01–P Respondents: Businesses and other or-
for-profit institutions. profits.
Estimated Total Burden Hours: 13 Estimated Total Burden Hours:
hours. DEPARTMENT OF THE TREASURY 301,108 hours.
OMB Number: 1545–1155. Submission for OMB Review; OMB Number: 1545–1600.
Type of Review: Extension. Comment Request Type of Review: Extension.
Title: PS–74–89 (TD 8282) Final Title: REG–251703–96 (Final)
Election of Reduced Research Credit. July 12, 2007. Residence of Trusts and Estates–7701.
Description: These regulations The Department of Treasury has Description: Section 1161 of the
prescribe the procedure for making the submitted the following public Taxpayer Relief Act of 1997, Pub. L. No.
election described in section 280C(c)(3) information collection requirement(s) to 105–34, 111 Stat. 788 (1997), provides
of the Internal Revenue Code. Taxpayers OMB for review and clearance under the that a trust that was in existence on
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making this election must reduce their Paperwork Reduction Act of 1995, Pub. August 20, 1996 (other than a trust
section 41(a) research credit, but are not L. 104–13. Copies of the submission(s) treated as owned by the grantor under
required to reduce their deductions for may be obtained by calling the Treasury subpart E of part I of subchapter J of
qualified research expenses, as required Bureau Clearance Officer listed. chapter 1 of the Internal Revenue Code
in paragraphs (1) and (2) of section Comments regarding this information of 1986) and that was treated as a
280C(c). collection should be addressed to the United States person on August 19,

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Federal Register / Vol. 72, No. 138 / Thursday, July 19, 2007 / Notices 39665

1996, may elect to continue to be treated Estimated Total Burden Hours: 1,416 recognized. This information will be
as a United States person hours. used by the partnership to make
notwithstanding § 7701(a)(30)(E) of the OMB Number: 1545–1413. necessary adjustments to the basis of the
Code. The election will require the Type of Review: Extension. replacement qualified small business
Internal Revenue Service to collect Title: IA–30–95 (Final) Reporting on stock.
information. This regulation provides Nonpayroll Withheld Tax Liabilities Respondents: Individuals or
the procedure and requirements for Description: These regulations households.
making the election to remain a concern the Secretary’s authority to Estimated Total Burden Hours: 1,000
domestic trust. require a return of tax under section hours.
Respondents: Individuals or 6011 and provide for the requirement of OMB Number: 1545–0796.
households. a return by persons deducting and Type of Review: Extension.
Estimated Total Burden Hours: 114 withholding income tax from Title: Office of Chief Counsel-
hours. ‘‘Nonpayroll’’ payments. Application.
OMB Number: 1545–1331. Respondents: Businesses and other Form: 6524.
Type of Review: Extension. for-profits. Description: The Chief Counsel
Title: PS–55–89 (Final) General Asset Estimated Total Burden Hours: 1 Application form provides data we
Accounts Under the Accelerated Cost hours. deem critical for evaluating an attorney
Recovery System. OMB Number: 1545–1265. applicant’s qualifications such as LSAT
Description: The regulations describe Type of Review: Extension. score, bar admission status, type of work
the time and manner of making the Title: IA–120–86 (Final) preference, law school, class standing.
election described in IRC Section Capitalization of Interest. OF–306 does not provide this
168(i)(4). Basic information regarding Description: The regulations require information.
this election is necessary to monitor taxpayers to maintain contemporaneous Respondents: Individuals or
compliance with the rules in the IRC written records of estimates, to file a households.
Section 168. ruling request to segregate activities in Estimated Total Burden Hours: 900
Respondents: Businesses and other applying the interest capitalization hours.
for-profits. rules, and to request the consent of the OMB Number: 1545–1153.
Estimated Total Burden Hours: 250 Commissioner to change their methods Type of Review: Extension.
hours. of accounting for the capitalization of Title: PS–73–89 (TD 8370) (Final)
OMB Number: 1545–0190. interest. Excise Tax on Chemicals That Deplete
Type of Review: Revision. Respondents: Individuals and the Ozone Layer and on Products
Title: (MA)—Real Estate Lending and households. Containing Such Chemicals.
Appraisals—12 CFR 34. Estimated Total Burden Hours: Description: Section 4681 imposes a
Description: The information 116,767 hours. tax on ozone-depleting chemicals sold
collections are required by statute to OMB Number: 1545–2062. or used by a manufacturer or importer
regulate real estate lending and holding Type of Review: Extension. thereof and imported taxable products
by national banks. These regulations are Title: Reconciliation of Schedule sold or used by an importer thereof. A
required by statute and are used by the M–3 Taxable Income with Tax Return floor stocks tax is also imposed. This
OCC to ensure the safe and sound Taxable Income for Mixed Groups. regulation provides reporting and
operation of national banks and bank Form: 8962. recordkeeping rules.
compliance. National banks are the Description: The Form 8916 Respondents: Businesses or other for-
affected public. reconciles taxable income per the profit institutions.
Respondents: Businesses and other Schedule M–3 for the Forms 1120, Estimated Total Burden Hours: 75,142
for-profits. 1120–L, or 1120–PC with the taxable hour.
Estimated Total Burden Hours: income on mixed groups filing Form OMB Number: 1545–0814.
102,650 hours. 1120, 1120–L, or 1120–PC. This is Type of Review: Extension.
OMB Number: 1545–0105. necessary because certain special Title: EE–44–78 (Final) Cooperative
Type of Review: Extension. adjustments are required to match Hospital Service Organizations.
Title: CRA Sunshine. taxable income of mixed groups as Description: This regulation
Description: These information reported on the Schedule M–3 with establishes the rules for cooperative
collections are required under section taxable income they report on Forms hospital service organizations which
711 of the Gramm-Leach-Bliley Act, 1120, 1120–L, or 1120–PC. seek tax-exempt status under section
Public Law No. 106–102. This section Respondents: Businesses or other for- 501(e) of the Internal Revenue Code.
requires certain agreements that are in profit institutions. Such an organization must keep records
fulfillment of the Community Estimated Total Burden Hours: 3,385 in order to show its cooperative nature
Reinvestment Act of 1977 to be hours. and to establish compliance with other
disclosed to the public and the OMB Number: 1545–1893. requirements in section 501(c).
appropriate Federal banking agencies. Type of Review: Extension. Respondents: Not-for-profit
This section also institutes an annual Title: REG–150562–03 (NPRM) institutions.
reporting requirement to the agencies section 1045 Application to Estimated Total Burden Hours: 1
concerning these agreements. These Partnerships. hour.
requirements apply to insured Description: The collection of OMB Number: 1545–0997.
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depository institutions and their information is in § 1.1045–1(b)(4)(ii). Type of Review: Extension.

affiliates, as well as nongovernmental Any partner who recognizes all or a part Title: Proceeds From Real Estate
entities or persons that enter into of the partner’s distributive share of Transactions.
covered agreements with such entities. partnership section 1045 gain must Form: 1099–S.
Respondents: Businesses and other notify the partnership of the amount of Description: Form 1099–S is used by
for-profits. the partnership section 1045 gain that is the real estate reporting person to report

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39666 Federal Register / Vol. 72, No. 138 / Thursday, July 19, 2007 / Notices

proceeds from a real estate transaction 367(a) provide rules for taxpayers to on money borrowed to purchase or carry
to the IRS. avoid recognizing gain under a gain investment property. The form is used
Respondents: Businesses or other for- recognition agreement (GRA) if a new to compute the allowable deduction for
profit institutions. GRA and notice statement are filed. The interest on investment indebtedness and
Estimated Total Burden Hours: regulations also provide a rule under the information obtained is necessary to
510,465 hours. which a taxpayer may reduce the basis verify the amount actually deducted.
Clearance Officer: Glenn P. Kirkland, in certain stock to meet one of the Respondents: Individuals or
(202) 622–3428, Internal Revenue requirements for terminating a GRA. households.
Service, Room 6516, 1111 Constitution These regulations also revise an existing Estimated Total Burden Hours:
Avenue, NW., Washington, DC 20224. rule to facilitate electronic filing. The 205,596 hours.
OMB Reviewer: Alexander T. Hunt, revision requires that information that a OMB Number: 1545–2059.
(202) 395–7316, Office of Management taxpayer currently would write on the Type of Review: Extension.
and Budget, Room 10235, New face of its Federal income tax return Title: TD 9312 (Temp), Deduction for
Executive Office Building, Washington, shall instead be attached as a separate qualified film and television production
DC 20503. schedule to its return. costs.
Robert Dahl, Respondents: Businesses and other Description: This temporary
for-profits. regulation provides rules for electing to
Treasury PRA Clearance Officer.
Estimated Total Burden Hours: 240 claim a deduction for certain costs of
[FR Doc. E7–13996 Filed 7–18–07; 8:45 am] producing of a qualifying film or
BILLING CODE 4830–01–P television production, and for
OMB Number: 1545–0199.
Type of Review: Extension. substantiating that the production
Title: REG–251703–96 (Final), qualifies for the deduction. The
Residence of Trusts and Estates–7701. temporary regulation provides the time
Submission for OMB Review; Form: 5306–A. and manner for a taxpayer to submit
Comment Request Description: This form is used by certain information to make the election
banks, credit unions, insurance and to claim this deduction.
July 13, 2007. companies, and trade or professional Respondents: Businesses and other
The Department of Treasury has associations to apply for approval of a for-profits.
submitted the following public Simplified Employee Pension Plan or Estimated Total Burden Hours: 1,500
information collection requirement(s) to Savings Incentive Match Plan to be used hours.
OMB for review and clearance under the by more than one employer. The data OMB Number: 1545–0035.
Paperwork Reduction Act of 1995, Pub. collected is used to determine if the Type of Review: Extension.
L. 104–13. Copies of the submission(s) prototype plan submitted is an Title: Employer’s Annual Tax Return
may be obtained by calling the Treasury approved plan. for Agricultural Employees.
Bureau Clearance Officer listed. Form: 943, 943–PR, 943–A, 943A–PR.
Respondents: Businesses and other Description: Agricultural employers
Comments regarding this information for-profits.
collection should be addressed to the must prepare and file Form 943 and
Estimated Total Burden Hours: 94,400
OMB reviewer listed and to the Form 943–PR (Puerto Rico only) to
Treasury Department Clearance Officer, report and pay FICA taxes and (943
OMB Number: 1545–1892. only) income tax voluntarily withheld.
Department of the Treasury, Room Type of Review: Extension.
11000, 1750 Pennsylvania Avenue, Agricultural employers may attach
Title: REG–153841–02 (Final), Forms 943–A and 943–A–PR to Forms
NW., Washington, DC 20220. Election Out of GST Deemed
DATES: Written comments should be
943 and 943–PR to show their tax
Allocations. liabilities for semiweekly periods. The
received on or before August 20, 2007 Description: The collection of
to be assured of consideration. information is used to verify that the
information in this proposed regulation correct tax has been paid.
Internal Revenue Service (IRS) is in sections 26.2632–1(b)(2)(ii), Respondents: Businesses and other
26.2632–1(b)(2)(iii), and 26.2632– for-profits.
OMB Number: 1545–1189. 1(b)(2). This information is required by
Type of Review: Extension. Estimated Total Burden Hours:
Title: Dollar Election Under Section the IRS for taxpayers who elect to have 8,972,974 hours.
985. the automatic allocation rules not apply OMB Number: 1545–2060.
Form: 8819. to the current transfer and/or to future Type of Review: Revision.
Description: Form 8819 is filed by transfers to the trust or to terminate Title: Notice 2007–46—Credit for New
U.S. and foreign businesses to elect the such election. This information is also Medium-Duty and Heavy-Duty Hybrid
U.S. dollar as their functional currency required by the IRS for taxpayers who Motor Vehicles.
or as the functional currency of their elect to treat trusts described in section Description: This notice sets forth a
controlled entities. The IRS uses Form 2632(c)(3)(B)(i) through (vi) as GST process that allows taxpayers who
8819 to determine if the election is trusts or to terminate such election. purchase medium-duty and heavy-duty
properly made. Respondents: Individuals or hybrid vehicles to rely on the domestic
Respondents: Businesses and other households. manufacturer’s (or, in the case of a
for-profits. Estimated Total Burden Hours: 12,500 foreign manufacturer, its domestic
Estimated Total Burden Hours: 3,320 hours. distributor’s) certification that both a
hours. OMB Number: 1545–0191. particular make, model, and year of
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OMB Number: 1545–2056. Type of Review: Extension. vehicle qualifies as a qualified hybrid
Type of Review: Revision. Title: Investment Interest Expense motor vehicle under section 30B(3) and
Title: REG–147144–06 Section Deduction. (d), and the amount of the credit
1.367(a)–8 Revisions. Form: 4952. allowable with respect to the vehicle.
Description: These temporary and Description: Form 4952 is used by Respondents: Businesses and other
proposed regulations under IRC section taxpayers who paid or accrued interest for-profits.

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