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Submission for OMB Review; Comment Request

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Start Preamble April 24, 2001.

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 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.


Written comments should be received on or before June 1, 2001 to be assured of consideration.

Internal Revenue Service (IRS)

OMB Number: 1545-0042.

Form Number: IRS Form 970.

Type of Review: Extension.

Title: Application To Use LIFO Inventory Method.

Description: Form 970 is filed by individuals, partnerships, trusts, estates, or corporations to elect to use the LIFO inventory method or to extend the LIFO method to additional goods. The IRS uses Form 970 to determine if the election was properly made.

Respondents: Individuals or households, Business or other for-profit.

Estimated Number of Respondents/Recordkeepers: 3,000.

Estimated Burden Hours per Respondent/Recordkeeper

Recordkeeping8 hr., 7 min.
Learning about the law or the form2 hr., 47 min.
Preparing and sending the form to the IRA3 hr., 2 min.

Frequency of Response: On occasion.

Estimated Total Reporting/Recordkeeping Burden: 41,850 hours.

OMB Number: 1545-1668.

Form Number: IRS Form 8865 and Schedules.

Type of Review: Extension. Start Printed Page 22072

Title: Return of U.S. Persons With Respect to Certain Foreign Partnerships.

Description: The Taxpayer Relief Act of 1997 significantly modified the information reporting requirements with respect to foreign partnerships. The Act made the following three changes (1) Expanded section 6038B to require U.S. persons transferring property to foreign partnerships in certain transactions to report those transfers; (2) expanded section 6038 to require certain U.S. Partners of controlled foreign partnerships to report information about the partnerships; and (3) modified the reporting required under section 6046A with respect to acquisitions and dispositions of foreign partnership interests. Form 8865 is used by U.S. persons to fulfill their reporting obligations under sections 6038B, 6038, and 6046A.

Respondents: Business or other for-profit, Individuals or households, Not-for-profit institutions.

Estimated Number of Respondents/Recordkeepers: 5,000.

Estimated Burden Hours Per Respondent/Recordkeeper:

Form/ScheduleRecordkeepingLearning about the law or the formPreparing, copying, assembling and sending the form to the IRS
886596 hr., 45 min21 hr., 32 min35 hr., 59 min.
Schedule K-1 (Form 8865)30 hr., 7 min9 hr., 39 min17 hr., 45 min.
Schedule O (Form 8865)13 hr., 9 min2 hr., 22 min2 hr., 42 min.
Schedule P (Form 8865)5 hr., 15 min30 min36 min.

Frequency of Response: Annually.

Estimated Total Reporting/Recordkeeping Burden: 444,600.

Clearance Officer: Garrick Shear, Internal Revenue Service, Room 5244, 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.

Start Signature

Lois K. Holland,

Departmental Reports Management Officer.

End Signature End Preamble

[FR Doc. 01-10961 Filed 5-1-01; 8:45 am]