[Federal Register Volume 61, Number 219 (Tuesday, November 12, 1996)]
[Notices]
[Pages 58097-58098]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-28927]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service
[LR-274-81]


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 final regulation, LR-274-81 (TD 8067), Accounting for Long-
Term Contracts (Sec. 1.451-3).

DATES: Written comments should be received on or before January 13, 
1997 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: Accounting for Long-Term Contracts.
    OMB Number: 1545-0736.
    Regulation Project Number: LR-274-81 (Final).
    Abstract: These recordkeeping requirements are necessary to 
determine whether the taxpayer properly allocates indirect contract 
costs to extended period long-term contracts under the regulations. The 
information will be used to verify the taxpayer's allocations of 
indirect costs and to ensure compliance with the cost-accounting 
principles of section 1.451-3 of the regulations.
    Current Actions: There is no change to these existing regulations.
    Type of Review: Extension of OMB approval.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 1,000.
    Estimated Time Per Respondent: 10 hours, 1 minute.
    Estimated Total Annual Burden Hours: 10,010.
    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 be summarized and/or included in the

[[Page 58098]]

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: November 6, 1996.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 96-28927 Filed 11-8-96; 8:45 am]
BILLING CODE 4830-01-U