Justia Regulation Tracker

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[Federal Register: October 27, 2009 (Volume 74, Number 206)]
[Notices]               
[Page 55288-55289]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr27oc09-129]                         

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DEPARTMENT OF THE TREASURY

Internal Revenue Service

 
Proposed Collection; Comment Request for Revenue Procedure 97-46 
and Revenue Procedure 97-44

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 
Revenue Procedure 98-46 and Revenue Procedure 97-44, LIFO Conformity 
Requirement.

DATES: Written comments should be received on or before December 28, 
2009 to be assured of consideration.

ADDRESSES: Direct all written comments to R. Joseph Durbala, Internal 
Revenue Service, room 6129, 1111 Constitution Avenue, NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or

[[Page 55289]]

copies of the regulations should be directed to Allan Hopkins at 
Internal Revenue Service, room 6129, 1111 Constitution Avenue, NW., 
Washington, DC 20224, or at (202) 622-6665, or through the Internet at 
Allan.M.Hopkins@irs.gov.

SUPPLEMENTARY INFORMATION: 
    Title: LIFO Conformity Requirement.
    OMB Number: 1545-1559.
    Revenue Procedure Number: Revenue Procedure 98-46 and Revenue 
Procedure 97-44.
    Abstract: Revenue Procedure 97-44 permits automobile dealers that 
comply with the terms of the revenue procedure to continue using the 
LIFO inventory method despite previous violations of the LIFO 
conformity requirements of Internal Revenue Code section 472(c) or 
(e)(2). Revenue Procedure 98-46 modified Revenue Procedure 97-44 by 
allowing medium-and heavy-duty truck dealers to take advantage of the 
favorable relief provided in Revenue Procedure 97-44.
    Current Actions: There are no changes being made to the revenue 
procedure at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 5,000.
    Estimated Average Time per Respondent: 20 hours.
    Estimated Total Annual Reporting Burden: 100,000.
    The following paragraph applies to all 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: October 13, 2009.
R. Joseph Durbala,
IRS Reports Clearance Officer.
[FR Doc. E9-25741 Filed 10-26-09; 8:45 am]

BILLING CODE 4830-01-P

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