IRS Asks For OMB Approval Of Forms.

The IRS has submitted for extension of Office of Management and Budget approval, and (as required by the Paperwork Reduction Act of 1995) has requested public comment on, unchanged Form 8308, "Report of a Sale or Exchange of Certain Partnership Interests," and unchanged Form 5305A-SEP, "Salary Reduction and Other Elective Simplified Employee Pension -- Individual Retirement Accounts Contribution agreement."

To obtain copies of the submissions, call Garrick Shear at (202) 622-3869. Address comments to Garrick Shear, Internal Revenue Service, Room 5571, 1111 Constitution Ave., NW, Washington, DC 20224; and Alexander T. Hunt, Office of Management and Budget, Room 10226, New Executive Office Building, Washington, DC 20503.

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SUBMISSION TO OMB FOR REVIEW; COMMENT REQUEST

November 8, 1996.

[1] The Department of the 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.

INTERNAL REVENUE SERVICE (IRS)

[2] OMB Number: 1545-0941.

[3] Form Number: IRS Form 8308.

[4] Type of Review: Extension.

[5] Title: Report of a Sale or Exchange of Certain Partnership Interests.

[6] Description: Form 8308 is an information return that gives the IRS the names of the parties involved in a section 751(a) exchange of a partnership interest. It is also used by the partnership as a statement to the transferor or transferee. It alerts the transferor that a portion of the gain on the sale of a partnership interest may be ordinary income.

[7] Respondents: Business or other for-profit, individuals or households, farms.

[8] Estimated Number of Respondents/Recordkeepers: 200,000.

[9] Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping -- 2 hr., 9 min.

Learning about the law or the form -- 2 hr., 47 min.

Preparing and sending the form to the IRS -- 2 hr., 56 min.

[10] Frequency of Response: On occasion.

[11] Estimated Total Reporting/Recordkeeping Burden: 1,576,000 hours.

[12] OMB Number: 1545-1012.

[13] Form Number: IRS Form 5305A-SEP.

[14] Type of Review: Extension.

[15] Title: Salary Reduction and Other Elective Simplified Employee Pension -- Individual Retirement Accounts Contribution Agreement.

[16] Description: This form is used by an employer to make an agreement to provide benefits to all employees under a salary reduction Simplified Employee Pension (SEP) described in section 408(k). This form is not to be filed with IRS, but to be retained in the employer's records as proof of establishing such a plan, thereby justifying a deduction for contributions made to this SEP. The data is used to verify the deduction.

[17] Respondents: Business or other for-profit.

[18] Estimated Number of Respondents/Recordkeepers: 100,000.

[19] Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping -- 3 hr., 52 min.

Learning about the law or the form -- 3 hr., 57 min.

Preparing the form -- 50 min.

[20] Frequency of Response: On occasion.

[21] Estimated Total Reporting/Recordkeeping Burden: 865,000 hours.

[22] Clearance Officer: Garrick Shear, (202) 622-3869, Internal Revenue Service, Room 5571, 1111 Constitution Avenue, N.W., Washington, DC 20224.

[23] OMB Reviewer: Alexander T. Hunt (202) 395-7860, Office of Management and Budget, Room 10226, New Executive Office Building, Washington, DC 20503.

Lois K. Holland,

[FR Doc. 96-29327 Filed 11-14-96; 8:45 am]