Proposed Collection; Comment Request for Regulation Project, 12953 [05-5112]

Agencies

• Internal Revenue Service
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 70, Number 50 (Wednesday, March 16, 2005)]
[Notices]
[Page 12953]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-5112]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG-107644-98 (Final)]


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 notice of proposed rulemaking, REG-107644-98 (Final), Dollar-
Value LIFO Regulations; Inventory Price Index Computation Method.

DATES: Written comments should be received on or before May 16, 2005, 
to be assured of consideration.

ADDRESSES: Direct all written comments to Glenn P. Kirkland, Internal 
Revenue Service, room 6516, 1111 Constitution Avenue, NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of regulation should be directed to R. Joseph Durbala at the 
Internal Revenue Service, room 6516, 1111 Constitution Avenue, NW., 
Washington, DC 20224, by phone at (202) 622-3634, or on the Internet at 
RJoseph.Durbala@irs.gov.

SUPPLEMENTARY INFORMATION:
    Title: Dollar-Value LIFO Regulations; Inventory Price Index 
Computation Method.
    OMB Number: 1545-1767.
    Regulation Project Number: REG-107644-98 (Final).
    Abstract: Section 1.472-2 of the Income Tax Regulations requires a 
taxpayer to file an application to use the LIFO inventory method. 
Section 1.472-3(a) requires an electing taxpayer to attach a statement 
with its Federal income tax return for the year of election. This 
statement generally must be made on Form 970, Application To Use LIFO 
Inventory Method. Section 1.472-8(e)(5) of the existing regulations and 
section 1.472-8(e)(iv)(A) of the final regulations provide that a 
taxpayer may use the IPIC method only if its election appears on Form 
970. In addition, Sec.  1.472-8(e)(iii)(B)(3) of the final regulations 
requires a taxpayer that elects to use a representative appropriate 
month to indicate its election on Form 970.
    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.
    Estimated Number of Respondents: 1.
    Estimated Time per Respondent: 1 hour.
    Estimated Total Annual Burden Hours: 1.
    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: March 7, 2005.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. 05-5112 Filed 3-15-05; 8:45 am]
BILLING CODE 4830-01-P