Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request Relating to the Guidance on Cost Recovery Under the Income Forecast Method, 57523 [2023-18074]

Agencies

• Internal Revenue Service
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 88, Number 162 (Wednesday, August 23, 2023)]
[Notices]
[Page 57523]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-18074]



[[Page 57523]]

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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Extension of Information Collection Request Submitted 
for Public Comment; Comment Request Relating to the Guidance on Cost 
Recovery Under the Income Forecast Method

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Internal Revenue Service, as part of its continuing effort 
to reduce paperwork and respondent burden, invites the 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. The IRS is soliciting comments concerning the 
guidance on cost recovery under the income forecast method. More 
specifically, the burden associated with filing Form 8866, Interest 
Computation Under the Look-Back Method for Property Depreciated Under 
the Income Forecast Method.

DATES: Written comments should be received on or before October 23, 
2023 to be assured of consideration.

ADDRESSES: Direct all written comments to Andres Garcia, Internal 
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 
20224 or by email to [email protected]. Please reference the 
information collection's ``OMB number 1545-1622'' in the subject line 
of the message.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to Sara 
Covington, at (202)-317-5744 or Internal Revenue Service, Room 6526, 
1111 Constitution Avenue NW, Washington, DC 20224, or through the 
internet, at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Interest Computation under the look-back Method for Property 
Depreciated Under the Income Forecast Method.
    OMB Number: 1545-1622.
    Form Number: 8866.
    Abstract: Taxpayers depreciating property under the income forecast 
method and placed in service after September 13, 1995, must use Form 
8866 to compute and report interest due or to be refunded under 
Internal Revenue Code 167(g)(2). The Internal Revenue Service uses the 
information on Form 8866 to determine if the interest has been figured 
correctly.
    Current Actions: There is no change to the form at this time. This 
request is being submitted for renewal purposes only.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households, and business or other 
for-profit organizations.
    Estimated Number of Respondents: 50.
    Estimated Time per Respondent: 13 hours, 51 min.
    Estimated Total Annual Burden Hours: 693.
    The following paragraph applies to all 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 if 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.
    Desired Focus of Comments: The Internal Revenue Service (IRS) is 
particularly interested in comments that:
     Evaluate whether the proposed collection of information is 
necessary for the proper performance of the functions of the agency, 
including whether the information will have practical utility;
     Evaluate the accuracy of the agency's estimate of the 
burden of the proposed collection of information, including the 
validity of the methodology and assumptions used;
     Enhance the quality, utility, and clarity of the 
information to be collected; and
     Minimize the burden of the collection of information on 
those who are to respond, including using appropriate automated, 
electronic, mechanical, or other technological collection techniques or 
other forms of information technology, e.g., by permitting electronic 
submissions of responses.
    Comments submitted in response to this notice will be summarized 
and/or included in the ICR for OMB approval of the extension of the 
information collection; they will also become a matter of public 
record.

    Approved: August 17, 2023.
Sara L. Covington,
IRS Tax Analyst.
[FR Doc. 2023-18074 Filed 8-22-23; 8:45 am]
BILLING CODE 4830-01-P