[Federal Register Volume 64, Number 54 (Monday, March 22, 1999)]
[Notices]
[Pages 13851-13852]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-6821]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service
[IA-62-91]


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, Pub. L. 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning 
existing final and temporary regulations, IA-62-91 (TD 8482), 
Capitalization and Inclusion in Inventory of Certain Costs, (Regulation 
Sec. 1.263A).

DATES: Written comments should be received on or before May 21, 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 this regulation should be directed to Faye Bruce, (202) 622-
6665, Internal Revenue Service, room 5577, 1111 Constitution Avenue 
NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Capitalization and Inclusion in Inventory of Certain Costs.
    OMB Number: 1545-0987.
    Regulation Project Number: IA-62-91.
    Abstract: The requirements are necessary to determine whether 
taxpayers comply with the cost allocation rules of Internal Revenue 
Code section 263A and with the requirements for changing their methods 
of accounting. The information will be used to verify taxpayers' 
changes in methods of accounting.
    Current Actions: There is no change to these existing regulations.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations and 
farms.
    Estimated Number of Respondents: 20,000.
    Estimated Time Per Respondent: The estimated annual reporting and 
recordkeeping burden per respondent varies from 1 hour to 9 hours, 
depending on individual circumstances.
    Estimated Total Annual Burden Hours: 100,000 hours.
    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

[[Page 13852]]

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, maintenance, and 
purchase of services to provide information.

    Approved: March 11, 1999.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 99-6821 Filed 3-19-99; 8:45 am]
BILLING CODE 4830-01-P