[Federal Register Volume 63, Number 92 (Wednesday, May 13, 1998)]
[Notices]
[Page 26681]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-12727]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
[INTL-29-91]
Proposed Collection; Comment Request For Regulation Project
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 an
existing final regulation, INTL-29-91 (TD 8556), Computation and
Characterization of Income and Earnings and Profits Under the Dollar
Approximate Separate Transactions Method of Accounting (DASTM)
(Sec. 1.985-3).
DATES: Written comments should be received on or before July 13, 1998
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 regulation should be directed to Carol Savage, (202) 622-
3945, Internal Revenue Service, room 5569, 1111 Constitution Avenue
NW., Washington, DC 20224.
SUPPLEMENTARY INFORMATION:
Title: Computation and Characterization of Income and Earnings and
Profits Under the Dollar Approximate Separate Transactions Method of
Accounting (DASTM).
OMB Number: 1545-1051.
Regulation Project Number: INTL-29-91.
Abstract: This regulation provides that taxpayers operating in
hyperinflationary currencies must use the United States dollar as their
functional currency and compute income using the dollar approximate
separate transactions method (DASTM). Small taxpayers may elect an
alternate method by which to compute income or loss. For prior taxable
years in which income was computed using the profit and loss method,
taxpayers may elect to recompute their income using DASTM.
Current Actions: There is no change to this existing regulation.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 700.
Estimated Time Per Respondent: 1 hour, 26 minutes.
Estimated Total Annual Burden Hours: 1,000.
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 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: May 5, 1998.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 98-12727 Filed 5-12-98; 8:45 am]
BILLING CODE 4830-01-U
