[Federal Register Volume 73, Number 79 (Wednesday, April 23, 2008)]
[Notices]
[Pages 22014-22015]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-8854]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG-107644-98 (Final)]


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 notice of proposed rulemaking, REG-107644-98 (Final), Dollar-
Value LIFO Regulations; Inventory Price Index Computation Method.

[[Page 22015]]


DATES: Written comments should be received on or before June 23, 2008 
to be assured of consideration.

ADDRESSES: Direct all written comments to Glenn P. Kirkland, Internal 
Revenue Service, room 6129, 1111 Constitution Avenue, NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for copies of regulation 
should be directed to Allan Hopkins, at the Internal Revenue Service, 
room 6129, 1111 Constitution Avenue, NW., Washington, DC 20224, by 
phone at (202) 622-6665, or on the Internet at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: Dollar-Value LIFO Regulations; Inventory Price Index 
Computation Method.
    OMB Number: 1545-1767.
    Regulation Project Number: REG-107644-98 (Final).
    Abstract: Section 1.472-2 of the Income Tax Regulations requires a 
taxpayer to file an application to use the LIFO inventory method. 
Section 1.472-3(a) requires an electing taxpayer to attach a statement 
with its federal income tax return for the year of election. This 
statement generally must be made on Form 970, Application To Use LIFO 
Inventory Method. Section 1.472-8(e)(5) of the existing regulations and 
section 1.472-8(e)(iv)(A) of the final regulations provide that a 
taxpayer may use the IPIC method only if its election appears on Form 
970. In addition, Sec.  1.472-8(e)(iii)(B)(3) of the final regulations 
requires a taxpayer that elects to use a representative appropriate 
month to indicate its election on Form 970.
    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.
    Estimated Number of Respondents: 1.
    Estimated Time Per Respondent: 1 hour.
    Estimated Total Annual Burden Hours: 1.
    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 8, 2008.
Allan Hopkins,
IRS Reports Clearance Officer.
 [FR Doc. E8-8854 Filed 4-22-08; 8:45 am]
BILLING CODE 4830-01-P