Proposed Collection; Comment Request for Form 4797, 32707 [E5-2840]

Agencies

• Internal Revenue Service
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 70, Number 106 (Friday, June 3, 2005)]
[Notices]
[Page 32707]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-2840]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 4797

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 4797, Sales of Business Property.

DATES: Written comments should be received on or before August 2, 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 the form and instructions should be directed to Allan 
Hopkins, at (202) 622-6665, or at Internal Revenue Service, room 6516, 
1111 Constitution Avenue NW., Washington, DC 20224, or through the 
internet, at Allan.M.Hopkins@irs.gov.

SUPPLEMENTARY INFORMATION:
    Title: Sales of Business Property.
    OMB Number: 1545-0148.
    Form Number: 4797.
    Abstract: Form 4797 is used by taxpayers to report sales, 
exchanges, or involuntary conversions of assets used in a trade or 
business. It is also used to compute ordinary income from recapture and 
the recapture of prior year losses under section 1231 of the Internal 
Revenue Code.
    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: 1,396,388.
    Estimated Time per Respondent: 50 hr., 38 min.
    Estimated Total Annual Burden Hours: 70,711,075.
    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: May 23, 2005.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E5-2840 Filed 6-2-05; 8:45 am]
BILLING CODE 4830-01-P