[Federal Register Volume 68, Number 94 (Thursday, May 15, 2003)]
[Notices]
[Pages 26379-26380]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-12187]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Revenue Procedure 2003-
37

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 
Revenue Procedure 2003-37, Documentation Provisions for Certain 
Taxpayers Using the Fair Market Value Method.

DATES: Written comments should be received on or before July 14, 2003 
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 
copies of the revenue procedure should be directed to Carol Savage at 
Internal Revenue Service, room 6407, 1111 Constitution Avenue NW., 
Washington, DC 20224, or at (202) 622-3945, or through the Internet at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Documentation Provisions for Certain Taxpayers Using the 
Fair Market Value Method of Internet Expense Apportionment.
    OMB Number: 1545-1833.
    Revenue Procedure Number: Revenue Procedure 2003-37.
    Abstract: Revenue Procedure 2003-37 describes documentation and 
information a taxpayer that uses the fair market value method of 
apportionment of interest expense may prepare and make available to the 
Service upon request in order to establish the fair market value of the 
taxpayer's assets to the satisfaction of the Commissioner as required 
by Sec.  1.861-9T(g)(1)(iii). It also sets forth the procedures to be 
followed in the case of elections to use the fair market value method.
    Current Actions: There are no changes being made to the revenue 
procedure at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents and/or Recordkeepers: 125.
    Estimated Average Time Per Respondent/Recordkeeper: 5 hours.

[[Page 26380]]

    Estimated Total Annual Reporting and/or Recordkeeping Burden: 625 
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 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: May 8, 2003.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. 03-12187 Filed 5-14-03; 8:45 am]
BILLING CODE 4830-01-P