[Federal Register Volume 63, Number 216 (Monday, November 9, 1998)]
[Notices]
[Pages 60446-60447]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-29845]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 8866
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
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SUMMARY: The Department of the Treasury, as part of its continuing
effort to reduce paperwork and respondent burden, invites the general
public and other Federal agencies to take this opportunity to comment
on proposed and/or continuing information collections, as required by
the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C.
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning
Form 8866, Interest Computation Under the Look-Back Method for Property
Depreciated Under the Income Forecast Method.
DATES: Written comments should be received on or before January 8, 1999
to be assured of consideration.
ADDRESSES: Direct all written comments to Garrick R. Shear, Internal
Revenue Service, room 5571, 1111 Constitution Avenue NW., Washington,
DC 20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the form and instructions should be directed to Carol Savage,
(202) 622-3945, Internal Revenue Service, room 5569, 1111 Constitution
Avenue NW., Washington, DC 20224.
SUPPLEMENTARY INFORMATION:
Title: Interest Computation Under the Look-Back Method for Property
Depreciated Under the Income Forecast Method.
OMB Number: 1545-1622.
Form Number: Form 8866.
Abstract: Taxpayers depreciating property under the income forecast
method and placed in service after September 13, 1995, must use Form
8866 to compute and report interest due or to be refunded under
Internal Revenue Code 167(g)(2). The Internal Revenue Service uses the
information on Form 8866 to determine if the interest has been figured
correctly.
Current Actions: There are no changes being made to the form at
this time.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals or households, and business or other
for-profit organizations.
Estimated Number of Respondents: 5,000.
Estimated Time Per Respondent: 12 hours, 36 minutes.
Estimated Total Annual Burden Hours: 63,000.
The following paragraph applies to all of the collections of
information covered by this notice:
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless the collection of
information displays a valid OMB control number. Books or records
relating to a collection of information must be retained as long
[[Page 60447]]
as their contents may become material in the administration of any
internal revenue law. Generally, tax returns and tax return information
are confidential, as required by 26 U.S.C. 6103.
Request for Comments: Comments submitted in response to this notice
will be summarized and/or included in the request for OMB approval. All
comments will become a matter of public record. Comments are invited
on: (a) Whether the collection of information is necessary for the
proper performance of the functions of the agency, including whether
the information shall have practical utility; (b) the accuracy of the
agency's estimate of the burden of the collection of information; (c)
ways to enhance the quality, utility, and clarity of the information to
be collected; (d) ways to minimize the burden of the collection of
information on respondents, including through the use of automated
collection techniques or other forms of information technology; and (e)
estimates of capital or start-up costs and costs of operation,
maintenance, and purchase of services to provide information.
Approved: October 30, 1998.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 98-29845 Filed 11-6-98; 8:45 am]
BILLING CODE 4830-01-P
