[Federal Register Volume 62, Number 182 (Friday, September 19, 1997)]
[Notices]
[Pages 49296-49297]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-24999]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Revenue Procedure 97-43
and Revenue Ruling 97-39
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, Pub. L. 104-13 (44 U.S.C.
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning
Revenue Procedure 97-43, Procedures for Electing Out of Exemptions
Under Section 1.475(c)-1, and Revenue Ruling 97-39, Mark to Market
Accounting Method for Dealers in Securities.
DATES: Written comments should be received on or before November 18,
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 information collection should be directed to Carol
Savage, (202) 622-3945, Internal Revenue
[[Page 49297]]
Service, room 5569, 1111 Constitution Avenue NW., Washington, DC 20224.
SUPPLEMENTARY INFORMATION:
Title: Revenue Procedure 97-43, Procedures for Electing Out of
Exemptions Under Section 1.475(c)-1, and Revenue Ruling 97-39, Mark to
Market Accounting Method for Dealers in Securities.
OMB Number: 1545-1558.
Revenue Procedure Number: Revenue Procedure 97-43.
Revenue Ruling Number: Revenue Ruling 97-39.
Abstract: Revenue Procedure 97-43 provides taxpayers automatic
consent to change to mark-to-market accounting for securities after the
taxpayer elects under regulation section 1.475(c)-1, subject to certain
terms and conditions. Revenue Ruling 97-39 provides taxpayers
additional mark-to-market guidance under section 475 of the Internal
Revenue Code.
Current Actions: There are no changes being made to the revenue
procedure or revenue ruling at this time.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 20,000.
Estimated Time Per Respondent: 27 hours, 30 minutes.
Estimated Total Annual Burden Hours: 550,000.
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: September 11, 1997.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 97-24999 Filed 9-18-97; 8:45 am]
BILLING CODE 4830-01-U
