[Federal Register Volume 67, Number 130 (Monday, July 8, 2002)]
[Notices]
[Pages 45186-45187]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-17016]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG-121063-97]


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, REG-121063-97 (TD 8972), Averaging of Farm 
Income (Sec. 1.1301-1).

DATES: Written comments should be received on or before September 6, 
2002 to be assured of consideration.

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

FOR FURTHER INFORMATION CONTACT: Requests for additional information or

[[Page 45187]]

copies of regulations should be directed to Carol Savage, (202) 622-
3945, or through the internet ([email protected].), Internal 
Revenue Service, room 6407, 1111 Constitution Avenue NW., Washington, 
DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Averaging of Farm Income.
    OMB Number: 1545-1662.
    Regulation Project Numbers: REG-121063-97.
    Abstract: Code section 1301 allows an individual engaged in a 
farming business to elect to reduce his or her regular tax liability by 
treating all or a portion of the current year's farming income as if it 
had been earned in equal proportions over the prior three years. The 
regulation provides that the election for averaging farm income is made 
by filing Schedule J of Form 1040, which is also used to record and 
total the amount of tax for each year of the four year calculation.
    Current Actions: There is no change to this existing regulation.
    Type of review: Extension of OMB approval.
    Affected Public: Farms and individuals or households.
    The burden for this requirement is reflected in the burden estimate 
for Schedule J of Form 1040.
    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: July 1, 2002.
Carol Savage,
Program Analyst.
[FR Doc. 02-17016 Filed 7-5-02; 8:45 am]
BILLING CODE 4830-01-P