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Federal Register / Vol. 71, No.

123 / Tuesday, June 27, 2006 / Notices 36607

SUPPLEMENTARY INFORMATION: or start-up costs and costs of operation, expenses and to figure its tax liability.
Title: Underpayment of Estimated Tax maintenance, and purchase of services IRS uses Form 1120–FSC and Schedule
by Individuals, Estate, and Trusts (Form to provide information. P (Form 1120–FSC) to determine
2210), and Underpayment of Estimated Approved: June 20, 2006. whether the FSC has correctly reported
Tax by Farmers and Fishermen (Form its income and expenses and figured its
Glenn P. Kirkland,
2210–F). tax liability correctly.
OMB Number: 1545–0140. IRS Reports Clearance Officer.
Form Number: 2210 AND 2210–F. [FR Doc. E6–10064 Filed 6–26–06; 8:45 am] Current Actions: There are no changes
Abstract: Internal Revenue Code BILLING CODE 4830–01–P being made to the form at this time.
section 6654 imposes a penalty for Type of Review: Revision of a
failure to pay estimated tax. Form 2210 currently approved collection.
is used by individuals, estates, and DEPARTMENT OF THE TREASURY
Affected Public: Business or other for-
trusts and Form 2210–F is used by profit organizations.
farmers and fisherman to determine Internal Revenue Service
whether they are subject to the penalty Estimated Number of Respondents:
Proposed Collection; Comment 30,000.
and to compute the penalty if it applies. Request for Form 1120–FSC and
The Service uses this information to Schedule P (Form 1120–FSC) Estimated Time Per Respondent: 165
determine whether taxpayers are subject hours, 52 minutes.
to the penalty, and to verify the penalty AGENCY: Internal Revenue Service (IRS),
Estimated Total Annual Burden
amount. Treasury.
Hours: 1,089,500.
Current Actions: There are no changes ACTION: Notice and request for
being made to the forms at this time. comments. The following paragraph applies to all
Type of Review: Revision of a of the collections of information covered
currently approved collection. SUMMARY: The Department of the by this notice:
Affected Public: Individuals or Treasury, as part of its continuing effort An agency may not conduct or
households, business or other for-profit to reduce paperwork and respondent sponsor, and a person is not required to
organizations, and farms. burden, invites the general public and respond to, a collection of information
Estimated Number of Respondents: other Federal agencies to take this unless the collection of information
599,999. opportunity to comment on proposed displays a valid OMB control number.
Estimated Time Per Respondent: 8 hr., and/or continuing information
32 min. collections, as required by the Books or records relating to a
Estimated Total Annual Burden Paperwork Reduction Act of 1995, collection of information must be
Hours: 2,342,663. Public Law 104–13 (44 U.S.C. retained as long as their contents may
The following paragraph applies to all 3506(c)(2)(A)). Currently, the IRS is become material in the administration
of the collections of information covered soliciting comments concerning Form of any internal revenue law. Generally,
by this notice: 1120–FSC, U.S. Income Tax Return of a tax returns and tax return information
An agency may not conduct or Foreign Sales Corporation, and are confidential, as required by 26
sponsor, and a person is not required to Schedule P (Form 1120–FSC), Transfer U.S.C. 6103.
respond to, a collection of information Price or Commission. Request for Comments: Comments
unless the collection of information DATES: Written comments should be submitted in response to this notice will
displays a valid OMB control number. received on or before August 28, 2006 be summarized and/or included in the
Books or records relating to a collection to be assured of consideration. request for OMB approval. All
of information must be retained as long
ADDRESSES: Direct all written comments comments will become a matter of
as their contents may become material
in the administration of any internal to Glenn P. Kirkland, Internal Revenue public record. Comments are invited on:
revenue law. Generally, tax returns and Service, Room 6516, 1111 Constitution (a) Whether the collection of
tax return information are confidential, Avenue, NW., Washington, DC 20224. information is necessary for the proper
as required by 26 U.S.C. 6103. FOR FURTHER INFORMATION CONTACT: performance of the functions of the
Request for Comments: Comments Requests for additional information or agency, including whether the
submitted in response to this notice will copies of the form and instructions information shall have practical utility;
be summarized and/or included in the should be directed to R. Joseph Durbala, (b) the accuracy of the agency’s estimate
request for OMB approval. All (202) 622–3634, at Internal Revenue of the burden of the collection of
comments will become a matter of Service, Room 6516, 1111 Constitution information; (c) ways to enhance the
public record. Comments are invited on: Avenue, NW., Washington, DC 20224, quality, utility, and clarity of the
(a) Whether the collection of or through the internet at information to be collected; (d) ways to
information is necessary for the proper RJoseph.Durbala@irs.gov. minimize the burden of the collection of
performance of the functions of the SUPPLEMENTARY INFORMATION: information on respondents, including
agency, including whether the Title: Form 1120–FSC, U.S. Income through the use of automated collection
information shall have practical utility; Tax Return of a Foreign Sales techniques or other forms of information
(b) the accuracy of the agency’s estimate Corporation, and Schedule P (Form technology; and (e) estimates of capital
of the burden of the collection of 1120–FSC), Transfer Price or or start-up costs and costs of operation,
information; (c) ways to enhance the Commission. maintenance, and purchase of services
quality, utility, and clarity of the OMB Number: 1545–0935. to provide information.
information to be collected; (d) ways to Form Number: 1120–FSC and
sroberts on PROD1PC70 with NOTICES

Approved: June 20, 2006.


minimize the burden of the collection of Schedule P (Form 1120–FSC).
Glenn P. Kirkland,
information on respondents, including Abstract: Form 1120–FSC is filed by
through the use of automated collection foreign corporations that have elected to IRS Reports Clearance Officer.
techniques or other forms of information be FSCs or small FSCs. The FSC uses [FR Doc. E6–10066 Filed 6–26–06; 8:45 am]
technology; and (e) estimates of capital Form 1120–FSC to report income and BILLING CODE 4830–01–P

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