[Federal Register Volume 64, Number 31 (Wednesday, February 17, 1999)]
[Notices]
[Pages 7954-7955]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-3711]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Notice 87-61

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, Notice 87-61, Long-term Contracts; Methods of 
Accounting Under Tax Reform (Code section 460).

DATES: Written comments should be received on or before April 19, 1999 
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: Long-term Contracts; Methods of Accounting Under Tax Reform.
    OMB Number: 1545-1011.
    Notice Number: Notice 87-61.
    Abstract: Internal Revenue Code section 460 requires taxpayers to 
use one of two accounting methods in accounting for long-term 
contracts. The reporting requirements in this notice are necessary to 
permit taxpayers to change their methods of accounting for long-term 
contracts to comply with Code section 460.
    Current Actions: There is no change to this existing notice.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 5,000.
    Estimated Time Per Respondent: 5 hours.
    Estimated Total Annual Burden Hours: 25,000.
    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 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,

[[Page 7955]]

maintenance, and purchase of services to provide information.

    Approved: February 8, 1999.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 99-3711 Filed 2-16-99; 8:45 am]
BILLING CODE 4830-01-U