[Federal Register Volume 62, Number 77 (Tuesday, April 22, 1997)]
[Notices]
[Pages 19655-19656]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-10257]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 5213
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 5213, Election to Postpone Determination as To Whether the
Presumption Applies That an Activity Is Engaged in for Profit.
DATES: Written comments should be received on or before June 23, 1997
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 Martha R.
Brinson, (202) 622-3869, Internal Revenue Service, room 5571, 1111
Constitution Avenue NW., Washington, DC 20224.
SUPPLEMENTARY INFORMATION:
Title: Election to Postpone Determination as To Whether the
Presumption Applies That an Activity Is Engaged in for Profit.
OMB Number: 1545-0195.
Form Number: 5213.
Abstract: Section 183 of the Internal Revenue Code allows taxpayers
to elect to postpone a determination as to whether an activity is
entered into for profit or is in the nature of a non-deductible hobby.
The election is made on Form 5213 and allows taxpayers 5 years (7 years
for breeding, training, showing, or racing horses) to show a profit
from an activity.
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: Business or other for-profit organizations and
individuals.
Estimated Number of Responses: 10,730.
Estimated Time Per Response: 42 min.
Estimated Total Annual Burden Hours: 7,511.
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: April 14, 1997.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 97-10257 Filed 4-21-97; 8:45 am]
BILLING CODE 4830-01-U
