Proposed Collection; Comment Request for Regulation Project, 15190 [E7-5838]
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15190
Federal Register / Vol. 72, No. 61 / Friday, March 30, 2007 / Notices
Title: Proceeds From Broker and
Barter Exchange Transactions.
OMB Number: 1545–0715.
Form Number: Form 1099–B.
Abstract: Internal Revenue Code
section 6045 requires the filing of an
information return by brokers to report
the gross proceeds from transactions
and by barter exchanges to report
exchanges of property or services. Form
1099–B is used to report proceeds from
these transactions to the Internal
Revenue Service.
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 forprofit organizations and individuals.
Estimated Number of Responses:
117,611,875.
Estimated Time per Response: 19
minutes.
Estimated Total Annual Burden
Hours: 36,459,682.
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 23, 2007.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E7–5837 Filed 3–29–07; 8:45 am]
BILLING CODE 4830–01–P
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15:49 Mar 29, 2007
Jkt 211001
DEPARTMENT OF THE TREASURY
Internal Revenue Service
[IA–120–86]
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, IA–120–86 (TD
8584), Capitalization of Interest
(§§ 1.263A–8(b)(2)(iii), 1.263A–9(d)(1),
1.263A–9(e)(1), 1.263A–9(f)(1)(ii),
1.263A–9(f)(2)(iv), 1.63A–9(g)(2)(iv)(C),
1.263A–9(e)(I) and 1.263A–9(g)(3)(iv)).
DATES: Written comments should be
received on or before May 29, 2007 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 information collection
should be directed to R. Joseph.
Durbala, at (202) 622–3634, or at
Internal Revenue Service, room 6516,
1111 Constitution Avenue, NW.,
Washington, DC 20224, or through the
internet, at RJoseph.Durbala@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Capitalization of Interest.
OMB Number: 1545–1265.
Regulation Project Number: IA–12–
120–86.
Abstract: Internal Revenue Code
section 263A(f) requires taxpayers to
estimate the length of the production
period and total cost of tangible
personal property to determine if
interest capitalization is required. This
regulation requires taxpayers to
maintain contemporaneous written
records of production period estimates,
to file a ruling request to segregate
activities in applying the interest
capitalization rules, and to request the
consent of the Commissioner to change
their methods of accounting for the
capitalization of interest.
Current Actions: There is no change to
this existing regulation.
PO 00000
Frm 00096
Fmt 4703
Sfmt 4703
Type of Review: Extension of a
currently approved approval.
Affected Public: Individuals or
households, and business or other forprofit organizations.
Estimated Number of Respondents:
50.
Estimated Time per Respondent: 2
hours.
Estimated Total Annual Burden
Hours: 100 hours.
Estimated Number of Recordkeepers:
500,000.
Estimated Time per Recordkeeper: 14
minutes.
Estimated Total Annual
Recordkeeping Hours: 116,667.
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 21, 2007.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E7–5838 Filed 3–29–07; 8:45 am]
BILLING CODE 4830–01–P
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30MRN1
]]>Agencies
[Federal Register Volume 72, Number 61 (Friday, March 30, 2007)]
[Notices]
[Page 15190]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-5838]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
[IA-120-86]
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, IA-120-86 (TD 8584), Capitalization of
Interest (Sec. Sec. 1.263A-8(b)(2)(iii), 1.263A-9(d)(1), 1.263A-
9(e)(1), 1.263A-9(f)(1)(ii), 1.263A-9(f)(2)(iv), 1.63A-9(g)(2)(iv)(C),
1.263A-9(e)(I) and 1.263A-9(g)(3)(iv)).
DATES: Written comments should be received on or before May 29, 2007 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 information collection should be directed to R. Joseph.
Durbala, at (202) 622-3634, or at Internal Revenue Service, room 6516,
1111 Constitution Avenue, NW., Washington, DC 20224, or through the
internet, at RJoseph.Durbala@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Capitalization of Interest.
OMB Number: 1545-1265.
Regulation Project Number: IA-12-120-86.
Abstract: Internal Revenue Code section 263A(f) requires taxpayers
to estimate the length of the production period and total cost of
tangible personal property to determine if interest capitalization is
required. This regulation requires taxpayers to maintain
contemporaneous written records of production period estimates, to file
a ruling request to segregate activities in applying the interest
capitalization rules, and to request the consent of the Commissioner to
change their methods of accounting for the capitalization of interest.
Current Actions: There is no change to this existing regulation.
Type of Review: Extension of a currently approved approval.
Affected Public: Individuals or households, and business or other
for-profit organizations.
Estimated Number of Respondents: 50.
Estimated Time per Respondent: 2 hours.
Estimated Total Annual Burden Hours: 100 hours.
Estimated Number of Recordkeepers: 500,000.
Estimated Time per Recordkeeper: 14 minutes.
Estimated Total Annual Recordkeeping Hours: 116,667.
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 21, 2007.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E7-5838 Filed 3-29-07; 8:45 am]
BILLING CODE 4830-01-P
