[Federal Register Volume 66, Number 72 (Friday, April 13, 2001)]
[Notices]
[Pages 19287-19288]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-9223]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 8866

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

[[Page 19288]]

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 
Form 8866, Interest Computation Under the Look-Back Method for Property 
Depreciated Under the Income Forecast Method.

DATES: Written comments should be received on or before June 12, 2001 
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 form and instructions should be directed to Larnice Mack, 
(202) 622-3179, Internal Revenue Service, room 5244, 1111 Constitution 
Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Interest Computation Under the Look-Back Method for Property 
Depreciated Under the Income Forecast Method.
    OMB Number: 1545-1622.
    Form Number: Form 8866.
    Abstract: Taxpayers depreciating property under the income forecast 
method and placed in service after September 13, 1995, must use Form 
8866 to compute and report interest due or to be refunded under 
Internal Revenue Code 167(g)(2). The Internal Revenue Service uses the 
information on Form 8866 to determine if the interest has been figured 
correctly.
    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: Individuals or households, and business or other 
for-profit organizations.
    Estimated Number of Respondents: 5,000.
    Estimated Time Per Respondent: 11 hours, 58 minutes.
    Estimated Total Annual Burden Hours: 59,800.
    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: April 9, 2001.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 01-9223 Filed 4-12-01; 8:45 am]
BILLING CODE 4830-01-P