Approved subject
to substitution of the following for the first paragraph of page
14: these codes for principal business activity are designed to
classify enterprises by th type of activity in which they are
engaged to facilitate the administration of the Internal Revenue
Code. Though similar in format and structure to the Standard
Industrial Classification (SIC), they should not be used as SIC
codes. You may omit printing the expiration date on this form.
Also, you may continue to use previous versions of this form.
Inventory as of this Action
Requested
Previously Approved
09/30/1990
09/30/1990
10/31/1989
7,028,416
0
1,977,993
22,394,053
0
24,126,479
0
0
0
FORM 1120 IS USED BY CORPORATIONS TO
COMPUTE THEIR TAXABLE INCOME AND THEIR LIABILITY. SCHEDULE D (FORM
1120) IS USED BY CORPORATIONS TO REPORT GAINS AND LOSSES FROM THE
SALE OF CAPITAL ASSETS. SCHEDULE PH I USED BY PERSONAL HOLDING
COMPANIES TO COMPUTE THEIR TAX LIABILITY. THE IRS USES THESE FORMS
TO DETERMINE WHETHER CORPORATIONS HAVE CORRECTLY COMPUTED THEIR TAX
LIABILITY.
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.