Regs Submitted for OMB Review

[2] DATES: Written comments should be received on or before January 6, 2003 to be assured of consideration.

Internal Revenue Service (IRS)

[3] OMB Number: 1545-1511.

[4] Regulation Project Number: REG-209828-96 NPRM.

[5] Type of Review: Extension.

[6] Title: Nuclear Decommissioning Funds; Revised Schedules of Ruling Amounts.

[7] Description: The regulations revise the requirements for requesting a schedule of ruling amounts based on a formula or method.

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

[9] Estimated Number of Respondents: 20.

[10] Estimated Burden Hours Per Respondent: 5 hours.

[11] Estimated Total Reporting Burden: 100 hours.

[12] OMB Number: 1545-1514.

[13] Regulation Project Number: REG-209040-88 NPRM.

[14] Type of Review: Extension.

[15] Title: Qualified Electing Fund Elections.

[16] Description: The regulations permit certain shareholders to make a special section 1295 election with respect to certain prepared shares of a PFIC. Taxpayers must indicate on a Form 8621 and attach a statement containing certain information and representations. Form 8621 must be filed annually. The shareholder also must obtain, and retain a copy of, a statement from the corporation as to its status as a PFIC.

[17] Respondents: Individuals or households, business or other for-profit.

[18] Estimated Number of Respondents/Recordkeepers: 1,030.

[19] Estimated Burden Hours Per Respondent/Recordkeeper: Varies.

[20] Frequency of Response: On occasion.

[21] Estimated Total Reporting/Recordkeeping Burden: 600 hours.

[22] Clearance Officer: Glenn Kirkland, (202) 622-3428, Internal Revenue Service, Room 6411-03, 1111 Constitution Avenue, NW., Washington, DC 20224.

[23] OMB Reviewer: Joseph F. Lackey, Jr., (202) 395- 7316, Office of Management and Budget, Room 10235, New Executive Office Building, Washington, DC 20503.