[Federal Register Volume 62, Number 245 (Monday, December 22, 1997)]
[Pages 66895-66896]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-33362]



Internal Revenue Service

Proposed Collection; Comment Request for Form 8716

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.


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, Pub. L. 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning 
Form 8716, Election To Have a Tax Year Other Than a Required Tax Year.

DATES: Written comments should be received on or before February 20, 
1998 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 form and instructions should be directed to Martha R. 
Brinson, (202) 622-3869, Internal Revenue Service, room 5571, 1111 
Constitution Avenue NW., Washington, DC 20224.


    Title: Election To Have a Tax Year Other Than a Required Tax Year.
    OMB Number: 1545-1036.
    Form Number: 8716.
    Abstract: Form 8716 is filed by partnerships, S corporations, and 
personal service corporations under Internal Revenue Code section 
444(a) to elect to retain or to adopt a tax year that is not a required 
tax year. The form provides IRS with information to determine that the 
section 444(a) election is properly made and identifies the tax year to 
be retained, changed, or adopted.
    Current Actions: There are no changes being made to the form at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations and 
    Estimated Number of Respondents: 40,000.
    Estimated Time Per Respondent: 4 hr., 54 min.
    Estimated Total Annual Burden Hours: 196,000.
    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 request for OMB approval. All comments will 
become a matter of public record. Comments are invited on: (a) Whether 
the collection of

[[Page 66896]]

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: December 16, 1997.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 97-33362 Filed 12-19-97; 8:45 am]