Federal Register: November 28, 2001 (Volume 66, Number 229)
DOCID: FR Doc 01-29607
DEPARTMENT OF THE TREASURY
Internal Revenue Service
ACTION: Agency information collection activities:
DOCUMENT ACTION: Notice and request for comments.
Proposed Collection; Comment Request for Form 1120-SF
DATES: Written comments should be received on or before January 28, 2002 to be assured of consideration.
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 10413 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Form 1120SF, U.S. Income Tax Return for Settlement Funds (Under Section 468B).
Proposed collection; comment request,
Title: U.S. Income Tax Return for Settlement Funds (Under Section 468B).
OMB Number: 15451394.
Form Number: 1120SF.
Abstract: Form 1120SF is used by settlement funds to report income and taxes on earnings of the fund. The fund may be established by court order, a breach of contract, a violation of law, an arbitration panel, or the Environmental Protection Agency. The IRS uses Form 1120SF to determine if income and taxes are correctly computed.
Current Actions: There are no changes being made to the form at this time.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other forprofit organizations.
Estimated Number of Respondents: 1,000.
Estimated Time Per Respondent: 26 hours, 40 minutes.
Estimated Total Annual Burden Hours: 26,920.
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 startup costs and costs of operation, maintenance, and purchase of services to provide information.
Approved: November 21, 2001.
IRS Reports Clearance Officer.
[FR Doc. 0129607 Filed 112701; 8:45 am] BILLING CODE 483001P
FOR FURTHER INFORMATION CONTACT
Requests for additional information or copies of the form and instructions should be directed to Carol Savage, (202) 6223945, Internal Revenue Service, room 5242, 1111 Constitution Avenue NW., Washington, DC 20224.