[Federal Register Volume 69, Number 98 (Thursday, May 20, 2004)]
[Notices]
[Pages 29166-29167]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-11443]


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DEPARTMENT OF THE TREASURY

[INTL-29-91]


Internal Revenue Service 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, Pub. L. 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning an 
existing final regulation, INTL-29-91 (TD 8556), Computation and 
Characterization of Income and Earnings and Profits Under the Dollar 
Approximate Separate Transactions Method of Accounting (DASTM) (Sec.  
1.985-3).

DATES: Written comments should be received on or before July 19, 2004 
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 the information collection should be directed to Allan 
Hopkins, at (202) 622-6665, or at Internal Revenue Service, room 6407, 
1111 Constitution Avenue NW., Washington, DC 20224, or through the 
Internet, at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Computation and Characterization of Income and Earnings and 
Profits Under the Dollar Approximate Separate Transactions Method of 
Accounting (DASTM).
    OMB Number: 1545-1051.
    Regulation Project Number: INTL-29-91.
    Abstract: This regulation provides that taxpayers operating in 
hyperinflationary currencies must use the United States dollar as their 
functional currency and compute income using the dollar approximate 
separate transactions method (DASTM). Small taxpayers may elect an 
alternate method by which to compute income or loss. For prior taxable 
years in which income was computed using the profit and loss method, 
taxpayers may elect to recompute their income using DASTM.

[[Page 29167]]

    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Responses: 700.
    Estimated Time Per Respondent: 1 hour, 26 minutes.
    Estimated Total Annual Burden Hours: 1,000.
    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 14, 2004.
Glenn Kirkland,
IRS Reports Clearance Officer.
[FR Doc. 04-11443 Filed 5-19-04; 8:45 am]
BILLING CODE 4830-01-P