[Federal Register Volume 82, Number 7 (Wednesday, January 11, 2017)]
[Notices]
[Pages 3384-3385]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-00332]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request on Capitalization of 
Interest

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 TD 
8584, capitalization of interest.

DATES: Written comments should be received on or before March 13, 2017 
to be assured of consideration.

ADDRESSES: Direct all written comments to Tuawana Pinkston, Internal 
Revenue Service, Room 6528, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the information collection should be directed to R. Joseph 
Durbala (202) 317-5746, or at Internal Revenue Service, Room 6129, 1111 
Constitution Avenue NW., Washington DC 20224, or through the internet, 
at [email protected].
    Title: Capitalization of Interest.
    OMB Number: 1545-1265.
    Regulation Project Number: TD 8584
    Abstract: Internal Revenue Code section 263A(f) requires taxpayers 
to estimate the length of the production period and total cost of 
tangible personal property to determine if Interest capitalization is 
required. This regulation requires taxpayers to maintain 
contemporaneous written records of production period estimates, to file 
a ruling request to segregate activities in applying the interest 
capitalization rules, and to request the consent of the Commissioner to 
change their methods of accounting for the capitalization of interest.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved approval.
    Affected Public: Individuals or households, and business or other 
for-profit organizations.
    Estimated Number of Respondents: 500,050.
    Estimated Time per Respondent: 14 Minutes.
    Estimated Total Annual Burden Hours: 116,767 Hours.
    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;

[[Page 3385]]

(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: December 28, 2016.
R. Joseph Durbala,
Tax Analyst, IRS.
[FR Doc. 2017-00332 Filed 1-10-17; 8:45 am]
 BILLING CODE 4830-01-P