[Federal Register Volume 67, Number 76 (Friday, April 19, 2002)]
[Notices]
[Pages 19471-19472]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-9575]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

April 12, 2002.

    The Department of Treasury has submitted the following public 
information collection requirement(s) to OMB for review and clearance 
under the Paperwork Reduction Act of 1995, Public Law 104-13. Copies of 
the submission(s) may be obtained by calling the Treasury Bureau 
Clearance Officer listed. Comments regarding this information 
collection should be addressed to the OMB reviewer listed and to the 
Treasury Department Clearance Officer, Department of the Treasury, Room 
2110, 1425 New York Avenue, NW., Washington, DC 20220.

DATES: Written comments should be received on or before May 20, 2002, 
to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-1031.
    Form Number: IRS Form 8697.
    Type of Review: Extension.
    Title: Interest Computation Under the Look-Back Method for 
Completed Long-Term Contracts.
    Description: Taxpayers 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 Code (IRC) 
section 460(b)(3). The IRS uses Form 8697 to determine if the interest 
has been figured correctly. Taxpayers may compute interest using the 
actual method (Part I) or the Simplified Marginal Impact Method (Part 
II).
    Respondents: Business or other for-profit individuals or 
households.
    Estimated Number of Respondents/Recordkeepers: 5,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

[[Page 19472]]



------------------------------------------------------------------------
                                        Part I              Part II
------------------------------------------------------------------------
Recordkeeping..................  8 hr., 36 min......  9 hr., 19 min
Learning about the law or the    2 hr., 22 min......  2 hr., 5 min
 form.
Preparing, copying, assembling   2 hr., 37 min......  2 hr., 19 min
 and sending the form to the
 IRS.
------------------------------------------------------------------------

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 68,340 hours.
    Clearance Officer: Glenn Kirkland, Internal Revenue Service, Room 
6411-03, 1111 Constitution Avenue, NW, Washington, DC 20224.
    OMB Reviewer: Alexander T. Hunt, Office of Management and Budget, 
Room 10202, New Executive Office Building, Washington, DC 20503. (202) 
395-7860.

Lois K. Holland,
Departmental Reports, Management Officer.
[FR Doc. 02-9575 Filed 4-18-02; 8:45 am]
BILLING CODE 4830-01-P