Federal Register: March 16, 2005 (Volume 70, Number 50)
DOCID: FR Doc 05-5112
DEPARTMENT OF THE TREASURY
Internal Revenue Service
REG ID: [REG-107644-98 (Final)]
DOCUMENT ACTION: Notice and request for comments.
Proposed Collection; Comment Request for Regulation Project
DATES: Written comments should be received on or before May 16, 2005, to be assured of consideration.
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 10413 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning an existing notice of proposed rulemaking, REG10764498 (Final), Dollar Value LIFO Regulations; Inventory Price Index Computation Method.
Agency information collection activities; proposals, submissions, and approvals,
Title: DollarValue LIFO Regulations; Inventory Price Index Computation Method.
OMB Number: 15451767.
Regulation Project Number: REG10764498 (Final).
Abstract: Section 1.4722 of the Income Tax Regulations requires a taxpayer to file an application to use the LIFO inventory method. Section 1.4723(a) requires an electing taxpayer to attach a statement with its Federal income tax return for the year of election. This statement generally must be made on Form 970, Application To Use LIFO Inventory Method. Section 1.4728(e)(5) of the existing regulations and section 1.4728(e)(iv)(A) of the final regulations provide that a taxpayer may use the IPIC method only if its election appears on Form 970. In addition, Sec. 1.4728(e)(iii)(B)(3) of the final regulations requires a taxpayer that elects to use a representative appropriate month to indicate its election on Form 970.
Current Actions: There is no change to this existing regulation.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other forprofit.
Estimated Number of Respondents: 1.
Estimated Time per Respondent: 1 hour.
Estimated Total Annual Burden Hours: 1.
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 startup costs and costs of operation, maintenance, and purchase of services to provide information.
Approved: March 7, 2005.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. 055112 Filed 31505; 8:45 am]
BILLING CODE 483001P
FOR FURTHER INFORMATION CONTACT
Requests for additional information or
copies of regulation should be directed to R. Joseph Durbala at the
Internal Revenue Service, room 6516, 1111 Constitution Avenue, NW.,
Washington, DC 20224, by phone at (202) 6223634, or on the Internet at