[Federal Register Volume 65, Number 180 (Friday, September 15, 2000)]
[Notices]
[Page 56023]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-23803]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Revenue Procedure 97-43 
and Revenue Ruling 97-39

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 
Revenue Procedure 97-43, Procedures for Electing Out of Exemptions 
Under Section 1.475(c)-1, and Revenue Ruling 97-39, Mark-to-Market 
Accounting Method for Dealers in Securities.

DATES: Written comments should be received on or before November 14, 
2000 to be assured of consideration.

ADDRESSES: Direct all written comments to Garrick R. Shear, Internal 
Revenue Service, room 5244, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the revenue procedure and/or revenue ruling should be 
directed to Carol Savage, (202) 622-3945, Internal Revenue Service, 
room 5242, 1111 Constitution Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Revenue Procedure 97-43, Procedures for Electing Out of 
Exemptions Under Section 1.475(c)-1, and Revenue Ruling 97-39, Mark-to-
Market Accounting Method for Dealers in Securities.
    OMB Number: 1545-1558.
    Revenue Procedure Number: Revenue Procedure 97-43.
    Revenue Ruling Number: Revenue Ruling 97-39.
    Abstract: Revenue Procedure 97-43 provides taxpayers automatic 
consent to change to mark-to-market accounting for securities after the 
taxpayer elects under regulation section 1.475(c)-1, subject to certain 
terms and conditions. Revenue Ruling 97-39 provides taxpayers 
additional mark-to-market guidance under section 475 of the Internal 
Revenue Code.
    Current Actions: In 1998 Congress added Code section 475(c)(4), 
which effectively made the non-financial customary paper exemption of 
regulation section 1.475(c)-1(b) mandatory. In addition, after 1997, 
taxpayers could no longer use the automatic consent provisions of 
Revenue Procedure 97-43 to get retroactive waivers of the non-financial 
customary paper exemption of Sec. 1.475(c)-1(b) or the negligible sales 
exemption of Sec. 1.475(c)-1(c) or make the intragroup customer 
election of Sec. 1.475(c)-1(a), retroactively. This makes holding 15 of 
Revenue Ruling 97-39 irrelevant and reduces the number of taxpayers 
affected by these requirements.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 200.
    Estimated Time Per Respondent: 5 hours.
    Estimated Total Annual Burden Hours: 1,000.
    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, maintenance, and 
purchase of services to provide information.

    Approved: September 7, 2000.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 00-23803 Filed 9-14-00; 8:45 am]
BILLING CODE 4830-01-P