[Federal Register Volume 81, Number 189 (Thursday, September 29, 2016)]
[Notices]
[Pages 67059-67060]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-23591]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Revenue Procedure 2006-
42

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 2006-42, Automatic Consent to Change Certain 
Elections Relating to the Apportionment of Interest Expense, Research 
and Experimental Expenditures.

DATES: Written comments should be received on or before November 28, 
2016 to be assured of consideration.

ADDRESSES: Direct all written comments to Tuawana Pinkston, Internal 
Revenue Service, Room 6526, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the revenue procedure should be directed to Kerry Dennis, at 
Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW., 
Washington DC 20224, or through the internet, at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: Automatic Consent to Change Certain Elections Relating to 
the Apportionment of Interest Expense, Research and Experimental 
Expenditures Under Section 1.861.
    OMB Number: 1545-2040. Revenue Procedure Number: Revenue Procedure 
2006-42.
    Abstract: This revenue procedure provides administrative guidance 
under which a taxpayer may obtain automatic consent to change (a) from 
the fair market value method or from the alternative tax book method to 
apportion interest expense or (b) from the sales method or the optional 
gross income methods to apportion research and experimental 
expenditures.
    Current Actions: Extension of a currently approved collection.
    Affected Public: Business or other for-profit institutions, and 
individuals or households.
    Estimated Number of Respondents: 200.
    Estimated Time per Respondent: 30 minutes.
    Estimated Total Annual Burden Hours: 100.
    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

[[Page 67060]]

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: September 21, 2016.
Tuawana Pinkston,
IRS Reports Clearance Officer.
[FR Doc. 2016-23591 Filed 9-28-16; 8:45 am]
 BILLING CODE 4830-01-P