[Federal Register Volume 74, Number 145 (Thursday, July 30, 2009)]
[Notices]
[Pages 38087-38088]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-18133]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Revenue Procedure 97-43 
and Revenue Ruling 97-39

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 
Revenue Procedure 97-43, Procedures for Electing Out of Exemptions 
Under Section 1.475(c)-1, and Revenue Ruling 97-39, Mark-to-Market 
Accounting Method for Dealers in Securities.

DATES: Written comments should be received on or before September 28, 
2009 to be assured of consideration.

[[Page 38088]]


ADDRESSES: Direct all written comments to R. Joseph Durbala, Internal 
Revenue Service, room 6129, 1111 Constitution Avenue, NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of revenue procedure and revenue ruling should be directed to 
Dawn Bidne at Internal Revenue Service, room 6129, 1111 Constitution 
Avenue, NW., Washington, DC 20224, or at (202) 622-3933, or through the 
internet at [email protected]

SUPPLEMENTARY INFORMATION: 
    Title: Revenue Procedure 97-43, Procedures for Electing Out of 
Exemptions Under Section 1.475(c)-1, and Revenue Ruling 97-39, Mark-to-
Market Accounting Method for Dealers in Securities.
    OMB Number: 1545-1558.
    Revenue Procedure Number: Revenue Procedure 97-43.
    Revenue Ruling Number: Revenue Ruling 97-39.
    Abstract: Revenue Procedure 97-43 provides taxpayers automatic 
consent to change to mark-to-market accounting for securities after the 
taxpayer elects under regulation section 1.475(c)-1, subject to certain 
terms and conditions. Revenue Ruling 97-39 provides taxpayers 
additional mark-to-market guidance under section 475 of the Internal 
Revenue Code.
    Current Actions: There are no changes being made to the revenue 
procedure or revenue ruling at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 200.
    Estimated Time per Respondent: 5 hours.
    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: July 23, 2009.
Allan Hopkins,
IRS Reports Clearance Officer.
[FR Doc. E9-18133 Filed 7-29-09; 8:45 am]
BILLING CODE 4830-01-P