Proposed Collection; Comment Request for Form 970, 79118 [2016-27098]

Download as PDF asabaliauskas on DSK3SPTVN1PROD with NOTICES 79118 Federal Register / Vol. 81, No. 218 / Thursday, November 10, 2016 / Notices DC 20224, or through the Internet at Martha.R.Brinson@irs.gov. SUPPLEMENTARY INFORMATION: Title: Election, Revocation, Termination, and Tax Effect of Subchapter S Status. OMB Number: 1545–1308. Regulation Project Number: TD 8449. Abstract: Section 1362 of the Internal Revenue Code provides for the election, termination, and tax effect of subchapter S status. Sections 1.1362–1 through 1.1362–7 of this regulation provides the specific procedures and requirements necessary to implement Code section 1362, including the filing of various elections and statements with the Internal Revenue Service. Current Actions: There is no change in the paperwork burden previously approved by OMB. Type of Review: Extension of a currently approved collection. Affected Public: Individuals or households, business or other for-profit organizations, and farms. Estimated Number of Respondents: 133. Estimated Time per Respondent: 2 hours, 25 minutes. Estimated Total Annual Burden Hours: 322. 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. VerDate Sep<11>2014 17:46 Nov 09, 2016 Jkt 241001 Approved: October 18, 2016. Tuawana Pinkston, IRS Reports Clearance Officer. [FR Doc. 2016–27103 Filed 11–9–16; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Form 970 Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. AGENCY: 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 970, Application To Use LIFO Inventory Method. DATES: Written comments should be received on or before January 9, 2017 to be assured of consideration. ADDRESSES: Direct all written comments to Tuawana Pinkston, Internal Revenue Service, Room 6526, 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 LaNita VanDyke, Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW., Washington, DC 20224, or through the internet at Lanita.VanDyke@irs.gov. SUPPLEMENTARY INFORMATION: Title: Application To Use LIFO Inventory Method. OMB Number: 1545–0042. Form Number: Form 970. Abstract: Form 970 is filed by individuals, partnerships, trusts, estates, or corporations to elect to use the lastin first-out (LIFO) inventory method or to extend the LIFO method to additional goods. The IRS uses Form 970 to determine if the election was properly made. Current Actions: There are no changes being made to Form 970 at this time. Type of Review: Extension of a currently approved collection. Affected Public: Business or other forprofit organizations and individual or households. SUMMARY: PO 00000 Frm 00152 Fmt 4703 Sfmt 4703 Estimated Number of Respondents: 2,000. Estimated Time per Respondent: 21 hours, 6 minutes. Estimated Total Annual Reporting Burden Hours: 42,220. 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: November 1, 2016. Tuawana Pinkston, IRS Reports Clearance Officer. [FR Doc. 2016–27098 Filed 11–9–16; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Regulation Project Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. AGENCY: 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 SUMMARY: E:\FR\FM\10NON1.SGM 10NON1

Agencies

[Federal Register Volume 81, Number 218 (Thursday, November 10, 2016)]
[Notices]
[Page 79118]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-27098]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 970

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 970, Application To Use LIFO Inventory Method.

DATES: Written comments should be received on or before January 9, 2017 
to be assured of consideration.

ADDRESSES: Direct all written comments to Tuawana Pinkston, Internal 
Revenue Service, Room 6526, 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 LaNita 
VanDyke, Internal Revenue Service, Room 6526, 1111 Constitution Avenue 
NW., Washington, DC 20224, or through the internet at 
Lanita.VanDyke@irs.gov.

SUPPLEMENTARY INFORMATION: 
    Title: Application To Use LIFO Inventory Method.
    OMB Number: 1545-0042.
    Form Number: Form 970.
    Abstract: Form 970 is filed by individuals, partnerships, trusts, 
estates, or corporations to elect to use the last-in first-out (LIFO) 
inventory method or to extend the LIFO method to additional goods. The 
IRS uses Form 970 to determine if the election was properly made.
    Current Actions: There are no changes being made to Form 970 at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations and 
individual or households.
    Estimated Number of Respondents: 2,000.
    Estimated Time per Respondent: 21 hours, 6 minutes.
    Estimated Total Annual Reporting Burden Hours: 42,220.
    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: November 1, 2016.
Tuawana Pinkston,
IRS Reports Clearance Officer.
[FR Doc. 2016-27098 Filed 11-9-16; 8:45 am]
 BILLING CODE 4830-01-P