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