[Federal Register Volume 61, Number 142 (Tuesday, July 23, 1996)]
[Notices]
[Pages 38244-38245]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-18568]


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DEPARTMENT OF THE TREASURY

Submission To OMB for Review; Comment Request

July 15, 1996.
    The Department of Treasury has submitted the following public 
information collection requirement(s) to OMB for review and clearance 
under the Paperwork Reduction Act of 1995, Public Law 104-13. Copies of 
the submission(s) may be obtained by calling the Treasury Bureau 
Clearance Officer listed. Comments regarding this information 
collection should be addressed to the OMB reviewer listed and to the 
Treasury Department

[[Page 38245]]

Clearance Officer, Department of the Treasury, Room 2110, 1425 New York 
Avenue, NW., Washington, DC 20220.

Internal Revenue Service (IRS)

    OMB Number: 1545-1031
    Form Number: IRS Form 8697
    Type of Review: Extension
    Title: Interest Computation Under the Look-Back Method for 
Completed Long-Term Contracts
    Description: Taxpayers required to account for all or part of any 
long-term contract entered into after February 28, 1986, under the 
percentage of completion method must use Form 8697 to compute and 
report interest due or to be refunded under IRC section 460(b)(3). The 
IRS uses Form 8697 to determine if the interest has been figured 
correctly. Taxpayers may compute interest using the actual method (Part 
I) or the Simplified Marginal Impact Method (Part II).
    Respondents: Individuals or households, business or other for-
profit.
    Estimated Number of Respondents/Recordkeepers: 5,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

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                                                 Form 8697  Part I                   Form 8697   Part II        
----------------------------------------------------------------------------------------------------------------
Recordkeeping.........................  8 hr., 22 min......................  9 hr., 5 min.                      
Learning about the law or the form....  2 hr., 11 min......................  1 hr., 35 min.                     
Preparing, copying, assembling, and     2 hr., 25 min......................  1 hr., 49 min.                     
 sending the form to the IRS.                                                                                   
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    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 63,840 hours.
    Clearance Officer: Garrick Shear (202) 622-3869, Internal Revenue 
Service, Room 5571, 1111 Constitution Avenue, NW., Washington, DC 
20224.
    OMB Reviewer: Milo Sunderhauf (202) 395-7340, Office of Management 
and Budget, Room 10226, New Executive Office Building, Washington, DC 
20503.
Dale A. Morgan,
Departmental Reports, Management Officer.
[FR Doc. 96-18568 Filed 7-22-96; 8:45 am]
BILLING CODE 4830-01-P