[Federal Register Volume 67, Number 33 (Tuesday, February 19, 2002)]
[Notices]
[Page 7455]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-3974]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG-208156-91]


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 regulations, REG-208156-91 (TD 8929), Accounting for 
Long-Term Contracts (Sec. 1.460-1).

DATES: Written comments should be received on or before April 22, 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 regulation should be directed to Carol Savage, (202) 622-
3945, or through the internet ([email protected].), Internal 
Revenue Service, room 5242, 1111 Constitution Avenue NW., Washington, 
DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Accounting for Long-Term Contracts.
    OMB Number: 1545-1650.
    Regulation Project Number: REG-208156-91.
    Abstract: The regulation requires the Commissioner be notified of a 
taxpayer's decision to sever or aggregate one or more long-term 
contracts under the regulations. The statement is needed so the 
Commissioner can determine whether the taxpayer properly severed or 
aggregated its contract(s). The regulations affect any taxpayer that 
manufactures or constructs property under long-term contracts.
    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.
    Estimated Number of Respondents: 50,000.
    Estimated Time Per Respondent: 15 minutes.
    Estimated Total Annual Reporting Hours: 12,500.
    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: February 11, 2002.
George Freeland,
IRS Reports Clearance Officer.
[FR Doc. 02-3974 Filed 2-15-02; 8:45 am]
BILLING CODE 4830-01-P