[Federal Register Volume 76, Number 103 (Friday, May 27, 2011)]
[Notices]
[Page 31013]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-13130]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Revenue Procedure 99-17

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

-----------------------------------------------------------------------

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 
information collection requirements related to Revenue Procedure 99-17, 
Mark to Market Election for Commodities Dealers and Securities and 
Commodities Traders.

DATES: Written comments should be received on or before July 26, 2011 
to be assured of consideration.

ADDRESSES: Direct all written comments to Yvette B. Lawrence, 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 should be directed to Elaine Christophe, 
(202) 622-3179, Internal Revenue Service, Room 6129, 1111 Constitution 
Avenue, NW., Washington, DC 20224, or through the Internet at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Mark to Market Election for Commodities Dealers and 
Securities and Commodities Traders.
    OMB Number: 1545-1641.
    Revenue Procedure Number: Revenue Procedure 99-17.
    Abstract: This revenue procedure prescribes the time and manner for 
dealers in commodities and traders in securities or commodities to 
elect to use the mark-to-market method of accounting under sections 
475(e) and (f) of the Internal Revenue Code. The collections of 
information in this revenue procedure are required by the IRS in order 
to facilitate monitoring taxpayers changing accounting methods 
resulting from making the elections under Code section 475(e) or (f).
    Current Actions: Section 6 of Revenue Procedure 99-17 is superseded 
by Section 13 of Revenue Procedure 99-49.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    The reporting burden for the collections of information in section 
5.01-5.04 of this revenue procedure is as follows:
    Estimated Number of Respondents/Recordkeepers: 1,000.
    Estimated Time per Respondent/Recordkeeper: 30 minutes.
    Estimated Total Annual Reporting/Recordkeeping Hours: 500.
    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: May 19, 2011.
Yvette B. Lawrence,
IRS Reports Clearance Officer.
[FR Doc. 2011-13130 Filed 5-26-11; 8:45 am]
BILLING CODE 4830-01-P