[Federal Register Volume 61, Number 47 (Friday, March 8, 1996)]
[Notices]
[Page 9529]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-5457]



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DEPARTMENT OF THE TREASURY
[Notice 87-61]


Proposed Collection; Comment Request

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 an 
existing announcement, Notice 87-61, Long- term Contracts; Methods of 
Accounting Under Tax Reform. (Code section 460).

DATES: Written comments should be received on or before May 7, 1996 to 
be assured of consideration.

ADDRESSES: Direct all written comments to Garrick R. Shear, Internal 
Revenue Service, room 5571, 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 Carol 
Savage, (202) 622-3945, Internal Revenue Service, room 5569, 1111 
Constitution Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

    Title: Long-term Contracts; Methods of Accounting Under Tax Reform.
    OMB Number: 1545-1011.
    Project Number: Notice 87-61.
    Abstract: Code section 460 requires taxpayers to use one of two 
accounting methods in accounting for long-term contracts. The reporting 
requirements in this notice are necessary to permit taxpayers to change 
their methods of accounting for long-term contracts to comply with Code 
section 460.
    Current Actions: There is no change to this existing notice.
    Type of Review: Extension of OMB approval.
    Affected Public: Businesses or other for-profit institutions.
    Estimated Number of Respondents: 5,000.
    Estimated Time Per Respondent: 5 hours.
    Estimated Total Annual Burden Hours: 25,000 hours.

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; and 
(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.

    Approved: February 28, 1996.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 96-5457 Filed 3-7-96; 8:45 am]
BILLING CODE 4830-01-U