[Federal Register Volume 61, Number 185 (Monday, September 23, 1996)]
[Notices]
[Pages 49815-49816]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-24359]


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DEPARTMENT OF THE TREASURY
[PS-55-93]


Proposed Collection; Comment Request for Regulation Project

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 notice of proposed rulemaking and a temporary regulation, PS-
55-93 (TD 8528), Certain Elections for Intangible Property (Sec. 1.197-
1T).

DATES: Written comments should be received on or before November 22, 
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 Elections for Intangible Property.
    OMB Number: 1545-1425.
    Regulation Project Number: PS-55-93 Notice of proposed rulemaking 
and temporary regulations.
    Abstract: The regulations provide procedures for taxpayers to make 
elections regarding the amortization and depreciation of certain 
intangible property pursuant to sections 197 and 167(f) of the Internal 
Revenue Code. The information will be used to verify that a taxpayer is 
properly reporting its amortization and income taxes.
    Current Actions: The only change is that the estimated number of 
respondents has decreased because the time period for making the 
election has passed. Only taxpayers who request an extension of time to 
make the retroactive election under section 301.9100 of the Procedure 
and Administrative Regulations will be filing the election.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 100.
    Estimated Time Per Respondent: 1 hour.
    Estimated Total Annual Burden Hours: 100.
    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

[[Page 49816]]

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: September 16, 1996.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 96-24359 Filed 9-20-96; 8:45 am]
BILLING CODE 4830-01-U