Federal Register: July 7, 2005 (Volume 70, Number 129)
DOCID: FR Doc E5-3586
DEPARTMENT OF THE TREASURY
Internal Revenue Service
DOCUMENT ACTION: Notice and request for comments.
Proposed Collection; Comment Request for Form 8810
DATES: Written comments should be received on or before September 6, 2005 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 8810, Corporate Passive Activity Loss and Credit Limitations.
Agency information collection activities; proposals, submissions, and approvals,
Title: Corporate Passive Activity Loss and Credit Limitations.
OMB Number: 15451091.
Form Number: 8810.
Abstract: Under Internal Revenue Code section 469, losses and credits from passive activities, to the extent they exceed passive income (or, in the case of credits, the tax attributable to net passive income), are not allowed. Form 8810 is used by personal service corporations and closely held corporations to figure the passive activity loss and credits allowed and the amount of loss and credit to be reported on their tax return.
Current Actions: There are no changes being made to Form 8810 at this time.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other forprofit organizations.
Estimated Number of Responses: 100,000.
Estimated Time Per Response: 37 hrs., 29 min.
Estimated Total Annual Burden Hours: 3,749,000.
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: June 27, 2005.
IRS Reports Clearance Officer.
[FR Doc. E53586 Filed 7605; 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 Allan Hopkins, at (202) 6226665, or at Internal Revenue Service, Room 6516, 1111 Constitution Avenue NW., Washington, DC 20224, or through the Internet, at Allan.M.Hopkins@irs.gov.