[Federal Register Volume 66, Number 98 (Monday, May 21, 2001)]
[Notices]
[Pages 28031-28032]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-12632]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[INTL-29-91]


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, Public Law 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning an 
existing final regulation, INTL-29-91 (TD 8556), Computation and 
Characterization of Income and Earnings and Profits Under the Dollar 
Approximate Separate Transactions Method of Accounting (DASTM) 
(Sec. 1.985-3).

DATES: Written comments should be received on or before July 20, 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 information collection should be directed to Larnice 
Mack, (202) 622-3179, Internal Revenue Service, room 5244, 1111 
Constitution Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Computation and Characterization of Income and Earnings and 
Profits Under the Dollar Approximate Separate Transactions Method of 
Accounting (DASTM).
    OMB Number: 1545-1051.
    Regulation Project Number: INTL-29-91.
    Abstract: This regulation provides that taxpayers operating in 
hyperinflationary currencies must use the United States dollar as their 
functional currency and compute income using the dollar approximate 
separate transactions method (DASTM). Small taxpayers may elect an 
alternate method by which to compute income or loss. For prior taxable 
years in which income was computed using the profit and loss method, 
taxpayers may elect to recompute their income using DASTM.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Responses: 700.
    Estimated Time Per Respondent: 1 hour, 26 minutes.
    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

[[Page 28032]]

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: May 10, 2001.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 01-12632 Filed 5-18-01; 8:45 am]
BILLING CODE 4830-01-P