Proposed Collection; Comment Request for Regulation Project, 41257 [E5-3781]

Download as PDF Federal Register / Vol. 70, No. 136 / Monday, July 18, 2005 / Notices be accompanied by a $1,200 filing fee. See 49 CFR 1002.2(f)(25).2 All filings in response to this notice must refer to STB Docket No. AB–364 (Sub-No. 10X), and must be sent to: (1) Surface Transportation Board, 1925 K Street, NW., Washington, DC 20423– 0001; and (2) Louis E. Gitomer, Ball Janik LLP, 1455 F Street, NW., Suite 225, Washington, DC 20005. Replies to the petition are due on or before August 8, 2005. Persons seeking further information concerning discontinuance procedures may contact the Board’s Office of Public Services at (202) 565–1592 or refer to the full abandonment or discontinuance regulations at 49 CFR part 1152. Questions concerning environmental issues may be directed to the Board’s Section of Environmental Analysis at (202) 565–1539. (Assistance for the hearing impaired is available through the Federal Information Relay Service (FIRS) at 1–800–877–8339.) Board decisions and notices are available on our Web site at https:// www.stb.dot.gov. Decided: July 12, 2005. By the Board, David M. Konschnik, Director, Office of Proceedings. Vernon A. Williams, Secretary. [FR Doc. 05–14099 Filed 7–15–05; 8:45 am] BILLING CODE 4915–01–P DEPARTMENT OF THE TREASURY Office of the Secretary Notice of Call for Redemption: 123⁄4 Percent Treasury Bonds of 2005–10 1. As of July 15, 2005, public notice is hereby given that all outstanding 123⁄4 percent Treasury Bonds of 2005–10 (CUSIP No. 912810 CS 5) dated November 17, 1980, due November 15, 2010, are hereby called for redemption at par on November 15, 2005, on which date interest on such bonds will cease. 2. Full information regarding the presentation and surrender of such bonds held in coupon and registered form for redemption under this call will be found in Department of the Treasury Circular No. 300 dated March 4, 1973, as amended (31 CFR part 306), and from the Definitives Section of the Bureau of the Public Debt (telephone (304) 480– 7936), and on the Bureau of the Public Debt’s Web site, https:// www.publicdebt.treas.gov. 2 Because this is a discontinuance proceeding and not an abandonment, trail use/rail banking and public use conditions are not appropriate. Likewise, no environmental or historic documentation is required under 49 CFR 1105.6(c) and 1105.8. VerDate jul<14>2003 15:11 Jul 15, 2005 Jkt 205001 3. Redemption payments for such bonds held in book-entry form, whether on the books of the Federal Reserve Banks or in Treasury-Direct accounts, will be made automatically on November 15, 2005. Donald V. Hammond, Fiscal Assistant Secretary. [FR Doc. 05–13844 Filed 7–15–05; 8:45 am] BILLING CODE 4810–40–M DEPARTMENT OF THE TREASURY Internal Revenue Service [REG–121063–97] Proposed Collection; Comment Request for Regulation Project Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. AGENCY: 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 final regulation, REG–121063– 97 (TD 8972), Averaging of Farm Income (§ 1.1301–1). DATES: Written comments should be received on or before September 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 the form and instructions should be directed to R. Joseph Durbala at Internal Revenue Service, room 6516, 1111 Constitution Avenue NW., Washington, DC 20224, or at (202) 622– 3634, or through the Internet at RJoseph.Durbala@irs.gov. SUPPLEMENTARY INFORMATION: Title: Averaging of Farm Income. OMB Number: 1545–1662. Form Number: REG–121063–97 (Final). Abstract: Section 1301 of the Internal Revenue Code allows an individual engaged in a farming business to elect to reduce his or her regular tax liability by treating all or a portion of the current year’s farming income as if it had been PO 00000 Frm 00062 Fmt 4703 Sfmt 4703 41257 earned in equal proportions over the prior three years. To take advantage of income averaging, § 1301 requires that the taxpayer calculate the § 1 tax using the three prior year’s tax tables and, if applicable, Schedule D, Capital Gains and Losses, (to apply the maximum capital gains tax rates), as well as the current year’s tax tables or tax rate schedules. The regulation requires the taxpayer to use Schedule J of Form 1040 to record and total the amount of tax for each year of the four year calculation. Current Actions: There are no changes to this existing regulation. Type of Review: Extension of a currently approved collection. The burden for this requirement is reflected in the burden estimate for Schedule J of Form 1040. 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: July 12, 2005. Glenn P. Kirkland, IRS Reports Clearance Officer. [FR Doc. E5–3781 Filed 7–15–05; 8:45 am] BILLING CODE 4830–01–P E:\FR\FM\18JYN1.SGM 18JYN1

Agencies

[Federal Register Volume 70, Number 136 (Monday, July 18, 2005)]
[Notices]
[Page 41257]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-3781]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG-121063-97]


Proposed Collection; Comment Request for Regulation Project

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

-----------------------------------------------------------------------

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 final regulation, REG-121063-97 (TD 8972), Averaging of Farm 
Income (Sec.  1.1301-1).

DATES: Written comments should be received on or before September 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 the form and instructions should be directed to R. Joseph 
Durbala at Internal Revenue Service, room 6516, 1111 Constitution 
Avenue NW., Washington, DC 20224, or at (202) 622-3634, or through the 
Internet at RJoseph.Durbala@irs.gov.

SUPPLEMENTARY INFORMATION:
    Title: Averaging of Farm Income.
    OMB Number: 1545-1662.
    Form Number: REG-121063-97 (Final).
    Abstract: Section 1301 of the Internal Revenue Code allows an 
individual engaged in a farming business to elect to reduce his or her 
regular tax liability by treating all or a portion of the current 
year's farming income as if it had been earned in equal proportions 
over the prior three years. To take advantage of income averaging, 
Sec.  1301 requires that the taxpayer calculate the Sec.  1 tax using 
the three prior year's tax tables and, if applicable, Schedule D, 
Capital Gains and Losses, (to apply the maximum capital gains tax 
rates), as well as the current year's tax tables or tax rate schedules. 
The regulation requires the taxpayer to use Schedule J of Form 1040 to 
record and total the amount of tax for each year of the four year 
calculation.
    Current Actions: There are no changes to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    The burden for this requirement is reflected in the burden estimate 
for Schedule J of Form 1040.
    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: July 12, 2005.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E5-3781 Filed 7-15-05; 8:45 am]
BILLING CODE 4830-01-P
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