Internal Revenue Service (IRS), Treasury.
Notice and request for comments.
The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and Start Printed Page 11567other 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 1065-B, U.S. Return of Income for Electing Large Partnerships, and Schedule K-1, Partner's Share of Income (Loss) From an Electing Large Partnership.
Written comments should be received on or before May 2, 2011 to be assured of consideration.
Direct all written comments to Yvette Lawrence, Internal Revenue Service, room 6129, 1111 Constitution Avenue NW., Washington, DC 20224.Start Further Info
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or copies of the form and instructions should be directed to Ralph M. Terry, at Internal Revenue Service, room 6129, 1111 Constitution Avenue NW., Washington, DC 20224, or at (202) 622-8144, or through the Internet at Ralph.M.Terry@IRS.gov.End Further Info End Preamble Start Supplemental Information
Title: U.S. Return of Income for Electing Large Partnerships (Form 1065-B), and Schedules.
OMB Number: 1545-1626.
Form Number: Form 1065-B and Schedules.
Abstract: Form 1065-B is an information return used to report the income, gains, losses, deductions, etc., from the operation of an electing large partnership (as defined in section 775). An electing large partnership (ELP) may be required to pay certain taxes, such as recapture of the investment credit under section 50, but generally it “passes through” any profits or losses to its partners. Partners must include these ELP items on their income tax returns.
Current Actions: Schedule K and M-3 have been added to this collection which has resulted in an increase to the overall burden of form 1605-B.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations and farms.
Estimated Number of Respondents: 100.
Estimated Time Per Respondent: 324 hrs. 19 min.
Estimated Total Annual Burden Hours: 728,996.
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.Start Signature
Approved: February 24, 2011.
IRS Reports Clearance Officer.
[FR Doc. 2011-4566 Filed 3-1-11; 8:45 am]
BILLING CODE 4830-01-P