[Federal Register Volume 73, Number 154 (Friday, August 8, 2008)]
[Notices]
[Pages 46361-46362]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-18221]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[REG-121063-97; TD 8972 (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 final regulation, REG-121063-97 (TD 8972), Averaging of Farm 
Income (Sec.  1.1301-1).

DATES: Written comments should be received on or before October 7, 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 additional information or 
copies of the form and instructions should be directed to R. Joseph 
Durbala at Internal Revenue Service, Room 6129, 1111 Constitution 
Avenue, NW., Washington, DC 20224, or at (202) 622-3634, or through the 
Internet at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: Averaging of Farm Income.
    OMB Number: 1545-1662.
    Form Number: REG-121063-97; TD 8972(Final).
    Abstract: Section 1301 of the Internal Revenue Code allows an 
individual engaged in a farming business to elect to reduce his or her 
regular tax liability by treating all or a portion of the current 
year's farming income as if it had been earned in equal proportions 
over the prior three years. To take advantage of income averaging, 
Sec.  1301 requires that the taxpayer calculate the Sec.  1 tax using 
the three prior years' tax tables and, if applicable, Schedule D, 
Capital Gains and Losses, (to apply the maximum capital gains tax 
rates), as well as the current year's tax tables or tax rate schedules. 
The regulation requires the taxpayer to use Schedule J of Form 1040 to 
record and total the amount of tax for each year of the four year 
calculation.
    Current Actions: There are no changes to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    The burden for this requirement is reflected in the burden estimate 
for Schedule J of Form 1040.
    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:

[[Page 46362]]

(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: August 4, 2008.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E8-18221 Filed 8-7-08; 8:45 am]
BILLING CODE 4830-01-P