[Federal Register Volume 72, Number 88 (Tuesday, May 8, 2007)]
[Notices]
[Pages 26197-26198]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-8717]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[INTL-29-91]


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

[[Page 26198]]

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, 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 9, 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 information collection should be directed to Carolyn N. 
Brown, at (202) 622-6688, or at Internal Revenue Service, room 6516, 
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.
    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: April 30, 2007.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
 [FR Doc. E7-8717 Filed 5-7-07; 8:45 am]
BILLING CODE 4830-01-P