This is a
conditional approval. Please submit an addendum to the supporting
statement that provides an explanation for the program changes,
e.g., "Schedule X dropped, decreasing burden by Y hours." Th
addendum is due within 6 months of the above approval date. Upon
receipt of the addendum the approval will be final unless you are
notified otherwise. Approval is for one year. For extension of the
1981 form and approval of the 1982 form, please provide detailed
description of purpose and need for each data element,
identification of any items that are not entered into the computer
and the consequenc of not collecting these items except from
audited sample.
Inventory as of this Action
Requested
Previously Approved
12/31/1982
12/31/1982
12/31/1982
2,347,225
0
2,040,000
25,082,885
0
26,023,000
0
0
0
FORM 1120 IS USED BY CORPORATIONS TO
REPORT THEIR INCOME SUBJECT TO TA AND COMPUTE THEIR CORRECT INCOME
TAX LIABILITY. SCHEDULE D (FORM 1120 IS USED BY CORPORATIONS TO
REPORT GAINS OR (LOSSES) FROM SALES OR EXCHANGES OF CAPITAL ASSETS
AND FIGURE THE ALTERNATIVE TAX. SCHEDULE PH (FORM 1120) IS USED BY
A PERSONAL HOLDING COMPANY TO COMPUTE ITS TAX. FOR THESE 3 FORMS,
THIS INFO. IS USED TO DETERM. THE TAXPAYERS' CORRECT TAX LIABILITY
AND FOR GENERAL STATISTICS USE.
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.