[Federal Register Volume 61, Number 63 (Monday, April 1, 1996)]
[Notices]
[Page 14373]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-7881]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
[IA-62-91 and LR-129-86]
Proposed Collection; Comment Request
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
existing final and temporary regulations, IA-62-91, and existing
temporary regulations, LR-129-86, Capitalization and Inclusion in
Inventory of Certain Costs. (Regulation Sec. 1.263A).
DATES: Written comments should be received on or before May 31, 1996 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 information collection should be
directed to Carol Savage, (202) 622-3945, Internal Revenue Service,
room 5569, 1111 Constitution Avenue NW., Washington, DC 20224.
SUPPLEMENTARY INFORMATION:
Title: Capitalization and Inclusion in Inventory of Certain Costs.
OMB Number: 1545-0987.
Regulation Project Number: IA-62-91 Final and Temporary; LR-129-86
Temporary.
Abstract: The requirements are necessary to determine whether
taxpayers comply with the cost allocation rules of section 263A and
with the requirements for changing their methods of accounting. The
information will be used to verify taxpayers' changes in methods of
accounting.
Current Actions: There is no change to these existing regulations.
Type of Review: Extension of OMB approval.
Affected Public: Farms and business or other for-profit
organizations.
Estimated Number of Respondents: 20,000.
Estimated Time Per Respondent: The estimated annual reporting and
recordkeeping burden per respondent varies from 1 hour to 9 hours,
depending on individual circumstances, with an estimated average of 5
hours.
Estimated Total Annual Burden Hours: 100,000 hours.
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; and
(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.
Approved: March 27, 1996.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 96-7881 Filed 3-29-96; 8:45 am]
BILLING CODE 4830-01-U
