[Federal Register Volume 62, Number 97 (Tuesday, May 20, 1997)]
[Notices]
[Pages 27656-27657]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-13219]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 6252
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 6252, Installment Sale Income.
DATES: Written comments should be received on or before July 21, 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: Installment Sale Income.
OMB Number: 1545-0228.
Form Number: 6252.
Abstract: Internal Revenue Code section 453 provides that if real
or personal property is disposed of at a gain and at least one payment
is to be received in a tax year after the year of sale, the income is
to be reported in installments, as payment is received. Form 6252
provides for the computation of the income to be reported in the year
of sale and in years after the year of sale. It also provides for the
computation of installment sales between certain related parties
required by Code section 453(e).
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,
individuals or households, and farms.
Estimated Number of Respondents: 782,848.
Estimated Time Per Respondent: 3hr., 21 min.
Estimated Total Annual Burden Hours: 2,622,541.
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
[[Page 27657]]
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 13, 1997.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 97-13219 Filed 5-19-97; 8:45 am]
BILLING CODE 4830-01-U
