[Federal Register Volume 61, Number 89 (Tuesday, May 7, 1996)]
[Notices]
[Page 20552]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-11347]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 8697
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 8697, Interest Computation Under the Look-Back Method for
Completed Long-Term Contracts.
DATES: Written comments should be received on or before July 8, 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 form(s) 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: Interest Computation Under the Look-Back Method for
Completed Long-Term Contracts.
OMB Number: 1545-1031.
Form Number: Form 8697.
Abstract: Taxpayers required to account for all or part of any
long-term contract entered into after February 28, 1986, under the
percentage of completion method must use Form 8697 to compute and
report interest due or to be refunded under Internal Revenue Code
section 460(b)(3). The IRS uses Form 8697 to determine if the interest
has been figured correctly.
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: Individuals or households and businesses or other
for-profit organizations.
Estimated Number of Respondents: 5,000.
Estimated Time per Respondent: 12 hr. 39 min.
Estimated Total Annual Burden Hours: 63,270.
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: April 29, 1996.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 96-11347 Filed 5-6-96; 8:45 am]
BILLING CODE 4830-01-U
