Publication of Inflation Adjustment Factor, Nonconventional Source Fuel Credit, and Reference Price for Calendar Year 2006, 26198 [E7-8747]
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26198
Federal Register / Vol. 72, No. 88 / Tuesday, May 8, 2007 / Notices
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, INTL–29–91
(TD 8556), Computation and
Characterization of Income and Earnings
and Profits under the Dollar
Approximate Separate Transactions
Method of Accounting (DASTM)
(§ 1.985–3).
DATES: Written comments should be
received on or before July 9, 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 Carolyn N. Brown,
at (202) 622–6688, or at Internal
Revenue Service, room 6516, 1111
Constitution Avenue, NW., Washington,
DC 20224, or through the Internet, at
Carolyn.N.Brown@irs.gov.
cprice-sewell on PROD1PC66 with NOTICES
SUPPLEMENTARY INFORMATION:
Title: Computation and
Characterization of Income and Earnings
and Profits under the Dollar
Approximate Separate Transactions
Method of Accounting (DASTM).
OMB Number: 1545–1051.
Regulation Project Number: INTL–29–
91.
Abstract: This regulation provides
that taxpayers operating in
hyperinflationary currencies must use
the United States dollar as their
functional currency and compute
income using the dollar approximate
separate transactions method (DASTM).
Small taxpayers may elect an alternate
method by which to compute income or
loss. For prior taxable years in which
income was computed using the profit
and loss method, taxpayers may elect to
recompute their income using DASTM.
Current Actions: There is no change to
this existing regulation.
Type of Review: Extension of a
currently approved collection.
Affected Public: Business or other forprofit organizations.
Estimated Number of Responses: 700.
Estimated Time Per Respondent: 1
hour, 26 minutes.
Estimated Total Annual Burden
Hours: 1,000.
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
VerDate Aug<31>2005
15:36 May 07, 2007
Jkt 211001
Approved: April 30, 2007.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E7–8717 Filed 5–7–07; 8:45 am]
qualified fuels sold during calendar year
2006.
Inflation Adjustment Factor: In the
cases of gas produced from biomass and
liquid, gaseous, or solid synthetic fuel
produced from coal, the inflation
adjustment factor for calendar year 2006
is 2.3429. In the case of facilities
producing coke or coke gas, the inflation
adjustment factor for calendar year 2006
is 1.0605.
Credit: The nonconventional source
fuel credit for gas produced from
biomass and for liquid, gaseous, or solid
synthetic fuel produced from coal for
calendar year 2006 (adjusted to reflect
the phase-out amount) is $4.72 per
barrel-of-oil equivalent of qualified
fuels. In the case of facilities producing
coke or coke gas, the nonconventional
source fuel credit for calendar year 2006
is $3.18 per barrel-of-oil equivalent of
qualified fuels.
Reference Price: The reference price
for calendar year 2006 is $59.68.
Because the reference price exceeds
$23.50 multiplied by the inflation
adjustment factor, under section
45K(b)(1), the credit for gas produced
from biomass and for liquid, gaseous, or
solid synthetic fuel produced from coal
is reduced by $2.31 per barrel-of-oil
equivalent of qualified fuels for calendar
year 2006. The phase-out of the credit
does not apply to facilities producing
coke or coke gas.
BILLING CODE 4830–01–P
FOR FURTHER INFORMATION CONTACT:
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.
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Publication of Inflation Adjustment
Factor, Nonconventional Source Fuel
Credit, and Reference Price for
Calendar Year 2006
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice.
AGENCY:
SUMMARY: Publication of the inflation
adjustment factor, nonconventional
source fuel credit, and reference price
for calendar year 2006 as required by
section 45K of the Internal Revenue
Code (26 U.S.C. 45K). The inflation
adjustment factor, nonconventional
source fuel credit, and reference price
are used in determining the tax credit
allowable on the sale of fuel from
nonconventional sources under section
45K during calendar year 2006.
DATES: The 2006 inflation adjustment
factor, nonconventional source fuel
credit, and reference price apply to
PO 00000
Frm 00128
Fmt 4703
Sfmt 4703
For questions about how the inflation
adjustment factor is calculated—WuLang Lee, RAS:R:TSBR, Internal
Revenue Service, 1111 Constitution
Avenue, NW., Washington, DC 20224,
Telephone Number (202) 874–0531 (not
a toll-free number).
For all other questions about the
credit or the reference price—Jaime C.
Park, CC:PSI:7, Internal Revenue
Service, 1111 Constitution Avenue,
NW., Washington, DC 20224, Telephone
Number (202) 622–3120 (not a toll-free
number).
Dated: April 23, 2007.
William O’Shea,
Associate Chief Counsel (Passthroughs and
Special Industries).
[FR Doc. E7–8747 Filed 5–7–07; 8:45 am]
BILLING CODE 4830–01–P
E:\FR\FM\08MYN1.SGM
08MYN1
]]>Agencies
[Federal Register Volume 72, Number 88 (Tuesday, May 8, 2007)]
[Notices]
[Page 26198]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-8747]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Publication of Inflation Adjustment Factor, Nonconventional
Source Fuel Credit, and Reference Price for Calendar Year 2006
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: Publication of the inflation adjustment factor,
nonconventional source fuel credit, and reference price for calendar
year 2006 as required by section 45K of the Internal Revenue Code (26
U.S.C. 45K). The inflation adjustment factor, nonconventional source
fuel credit, and reference price are used in determining the tax credit
allowable on the sale of fuel from nonconventional sources under
section 45K during calendar year 2006.
DATES: The 2006 inflation adjustment factor, nonconventional source
fuel credit, and reference price apply to qualified fuels sold during
calendar year 2006.
Inflation Adjustment Factor: In the cases of gas produced from
biomass and liquid, gaseous, or solid synthetic fuel produced from
coal, the inflation adjustment factor for calendar year 2006 is 2.3429.
In the case of facilities producing coke or coke gas, the inflation
adjustment factor for calendar year 2006 is 1.0605.
Credit: The nonconventional source fuel credit for gas produced
from biomass and for liquid, gaseous, or solid synthetic fuel produced
from coal for calendar year 2006 (adjusted to reflect the phase-out
amount) is $4.72 per barrel-of-oil equivalent of qualified fuels. In
the case of facilities producing coke or coke gas, the nonconventional
source fuel credit for calendar year 2006 is $3.18 per barrel-of-oil
equivalent of qualified fuels.
Reference Price: The reference price for calendar year 2006 is
$59.68. Because the reference price exceeds $23.50 multiplied by the
inflation adjustment factor, under section 45K(b)(1), the credit for
gas produced from biomass and for liquid, gaseous, or solid synthetic
fuel produced from coal is reduced by $2.31 per barrel-of-oil
equivalent of qualified fuels for calendar year 2006. The phase-out of
the credit does not apply to facilities producing coke or coke gas.
FOR FURTHER INFORMATION CONTACT:
For questions about how the inflation adjustment factor is
calculated--Wu-Lang Lee, RAS:R:TSBR, Internal Revenue Service, 1111
Constitution Avenue, NW., Washington, DC 20224, Telephone Number (202)
874-0531 (not a toll-free number).
For all other questions about the credit or the reference price--
Jaime C. Park, CC:PSI:7, Internal Revenue Service, 1111 Constitution
Avenue, NW., Washington, DC 20224, Telephone Number (202) 622-3120 (not
a toll-free number).
Dated: April 23, 2007.
William O'Shea,
Associate Chief Counsel (Passthroughs and Special Industries).
[FR Doc. E7-8747 Filed 5-7-07; 8:45 am]
BILLING CODE 4830-01-P
