IRC SECTION 6037 REQUIRES ELCTING
SMALL BUSINESS CORPORATIONS TO FILE INCOME TAX RETURNS ANNUALLY.
FORM 1120S IS USED FOR THIS PURPOSE. IRC SECTIONS 1201 AND 1231
REQUIRE A CORPORATION THAT HAS NET CAPITAL GAIN TO REPORT SUCH GAIN
AND PAY THE LESSER OF SECTION 11 OR SECTION 1201 TAX ON THIS GAIN.
SCHEDULE D (FORM1120S) IS USED BY THE ELECTING SMALL BUSINESS
CORPORATION TO REPORT CAPITAL GAINS AND FIGURE THE THE SECTION 11
AND SECTION 1201 TAX.
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.