[Federal Register Volume 72, Number 49 (Wednesday, March 14, 2007)]
[Notices]
[Page 11938]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-4612]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[PS-55-89]


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-55-89 (TD 8566), General Asset Accounts 
under the Accelerated Cost Recovery System (Sec.  1.168(i)-1).

DATES: Written comments should be received on or before May 14, 2007 to 
be assured of consideration.

ADDRESSES: Direct all written comments to Glenn P. Kirkland, Internal 
Revenue Service, room 6516, 1111 Constitution Avenue, NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the regulations should be directed to Carolyn N. Brown at 
Internal Revenue Service, room 6516, 1111 Constitution Avenue NW., 
Washington, DC 20224, or at (202) 622-6688, or through the Internet at 
([email protected]).

SUPPLEMENTARY INFORMATION:
    Title: General Asset Accounts under the Accelerated Cost Recovery 
System.
    OMB Number: 1545-1331.
    Regulation Project Number: PS-55-89.
    Abstract: Section 168(i)(4) of the Internal Revenue Code authorizes 
the Secretary of the Treasury to provide rules under which a taxpayer 
may elect to account for property in one or more general asset accounts 
for depreciation purposes. The regulations describe the time and manner 
of making the election described in Code section 168(i)(4). Basic 
information regarding this election is necessary to monitor compliance 
with the rules of Code section 168.
    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 and 
Farms.
    Estimated Number of Respondents: 1,000.
    Estimated Time per Respondent: 15 minutes.
    Estimated Total Annual Burden Hours: 250.
    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: March 6, 2007.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
 [FR Doc. E7-4612 Filed 3-13-07; 8:45 am]
BILLING CODE 4830-01-P