[Federal Register Volume 67, Number 26 (Thursday, February 7, 2002)]
[Notices]
[Pages 5885-5886]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-2994]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 8697

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 
Form 8697, Interest Computation Under the Look-Back Method for 
Completed Long-Term Contracts.

DATES: Written comments should be received on or before April 8, 2002, 
to be assured of consideration.

ADDRESSES: Direct all written comments to George Freeland, Internal 
Revenue Service, room 5575, 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 Allan 
Hopkins, (202) 622-6665 or through the internet 
([email protected]), Internal Revenue Service, room 5244, 1111 
Constitution Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Interest Computation Under the Look-Back Method for 
Completed Long-Term Contracts.
    OMB Number: 1545-1031.
    Form Number: Form 8697.
    Abstract: Taxpayers who are required to account for all or part of 
any long-term contract entered into after February 28, 1986, under the 
percentage of completion method must use Form 8697 to compute and 
report interest due or to be refunded under Internal Revenue

[[Page 5886]]

Code section 460(b)(3). The IRS uses Form 8697 to determine if the 
interest has been figured correctly.
    Current Actions: There are no changes being made to Form 8697 at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations and 
individuals.
    Estimated Number of Respondents: 5,000.
    Estimated Time Per Respondent: 13 hours, 40 minutes.
    Estimated Total Annual Burden Hours: 68,340.
    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: January 30, 2002.
George Freeland,
IRS Reports Clearance Officer.
[FR Doc. 02-2994 Filed 2-6-02; 8:45 am]
BILLING CODE 4830-01-P