[Federal Register Volume 67, Number 104 (Thursday, May 30, 2002)]
[Notices]
[Pages 37914-37915]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-13580]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[PS-52-88]


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, PS-52-88 (TD 8455), Election to Expense 
Certain Depreciable Business Assets. ([sect][sect] 1.179-2, 1.179-3).

DATES: Written comments should be received on or before July 29, 2002, 
to be assured of consideration.

ADDRESSES: Direct all written comments to Glenn Kirkland, Internal 
Revenue Service, room 6411, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of this regulation should be directed to Allan Hopkins, (202) 
622-6665, or through the internet ([email protected]) Internal 
Revenue Service, room 6407, 1111 Constitution Avenue, NW., Washington, 
DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Election to Expense Certain Depreciable Business Assets.
    OMB Number: 1545-1201.
    Regulation Project Number: PS-52-88 Final.
    Abstract: The regulations provide rules on the election described 
in Internal Revenue Code section 179(b)(4); the apportionment of the 
dollar limitation among component members of a controlled group; and 
the proper order for deducting the carryover of disallowed deduction. 
The recordkeeping and reporting requirements are necessary to monitor 
compliance with the section 179 rules.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households, farms, and business or 
other for-profit organizations.
    Estimated Number of Respondents: 20,000.
    Estimated Time Per Respondent: 45 min..
    Estimated Total Annual Burden Hours: 15,000 hours.
    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

[[Page 37915]]

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.

Glenn Kirkland,
IRS Reports Clearance Officer.
[FR Doc. 02-13580 Filed 5-29-02; 8:45 am]
BILLING CODE 4830-01-P