[Federal Register Volume 61, Number 51 (Thursday, March 14, 1996)]
[Notices]
[Page 10618]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-6155]



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DEPARTMENT OF THE TREASURY
[IA-195-78]


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 final regulation, IA-195-78, Certain Returned Magazines, 
Paperbacks, or Records. (Regulation Sec. 1.458-1).

DATES: Written comments should be received on or before May 13, 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: Certain Returned Magazines, Paperbacks, or Records.
    OMB Number: 1545-0879.
    Regulation Project Number: IA-195-78 Final.
    Abstract: The regulations provide rules relating to an exclusion 
from gross income for certain returned merchandise. The regulations 
provide that in addition to physical return of the merchandise, a 
written statement listing certain information may constitute evidence 
of the return. Taxpayers who receive physical evidence of the return 
may, in lieu of retaining physical evidence, retain documentary 
evidence of the return. Taxpayers in the trade or business of selling 
magazines, paperbacks, or records, who elect to use a certain method of 
accounting, are affected.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of OMB approval.
    Affected Public: Businesses or other for-profit institutions.
    Estimated Number of Respondents: 19,500.
    Estimated Time Per Respondent: 25 minutes.
    Estimated Total Annual Burden Hours: 8,125 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: March 5, 1996.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 96-6155 Filed 3-13-96; 8:45 am]
BILLING CODE 4830-01-U