[Federal Register Volume 64, Number 31 (Wednesday, February 17, 1999)]
[Notices]
[Pages 7950-7951]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-3705]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Revenue Procedure 99-17
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
[[Page 7951]]
Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C.
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning
Revenue Procedure 99-17, Mark to Market Election for Commodities
Dealers and Securities and Commodities Traders.
DATES: Written comments should be received on or before April 19, 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 revenue procedure should be directed to Carol Savage,
(202) 622-3945, Internal Revenue Service, room 5569, 1111 Constitution
Avenue NW., Washington, DC 20224.
SUPPLEMENTARY INFORMATION:
Title: Mark to Market Election for Commodities Dealers and
Securities and Commodities Traders.
OMB Number: 1545-1641.
Revenue Procedure Number: Revenue Procedure 99-17.
Abstract: This revenue procedure prescribes the time and manner for
dealers in commodities and traders in securities or commodities to
elect to use the mark-to-market method of accounting under sections
475(e) and (f) of the Internal Revenue Code. The collections of
information in this revenue procedure are required by the IRS in order
to facilitate monitoring taxpayers changing accounting methods
resulting from making the elections under Code section 475(e) or (f).
Current Actions: There are no changes being made to the revenue
procedure at this time.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations.
The reporting burden for the collections of information in section
5.01--5.04 of this revenue procedure is as follows:
Estimated Number of Respondents/Recordkeepers: 1,000.
Estimated Time Per Respondent/Recordkeeper: 30 minutes.
Estimated Total Annual Reporting/Recordkeeping Hours: 500.
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 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: February 9, 1999.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 99-3705 Filed 2-16-99; 8:45 am]
BILLING CODE 4830-01-U
