Federal Register: October 27, 2009 (Volume 74, Number 206)
DOCID: fr27oc09-129 FR Doc E9-25741
DEPARTMENT OF THE TREASURY
Internal Revenue Service
NOTICE: NOTICES
DOCID: fr27oc09-129
DOCUMENT ACTION: Notice and request for comments.
SUBJECT CATEGORY:
Proposed Collection; Comment Request for Revenue Procedure 97-46 and Revenue Procedure 97-44
DATES: Written comments should be received on or before December 28, 2009 to be assured of consideration.
DOCUMENT 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 10413(44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Revenue Procedure 9846 and Revenue Procedure 9744, LIFO Conformity Requirement.
SUMMARY:
Agency Information Collection Activities; Proposals, Submissions, and Approvals
SUPPLEMENTAL INFORMATION
Title: LIFO Conformity Requirement.
OMB Number: 15451559.
Revenue Procedure Number: Revenue Procedure 9846 and Revenue Procedure 9744.
Abstract: Revenue Procedure 9744 permits automobile dealers that comply with the terms of the revenue procedure to continue using the LIFO inventory method despite previous violations of the LIFO conformity requirements of Internal Revenue Code section 472(c) or (e)(2). Revenue Procedure 9846 modified Revenue Procedure 9744 by allowing mediumand heavyduty truck dealers to take advantage of the favorable relief provided in Revenue Procedure 9744.
Current Actions: There are no changes being made to the revenue procedure at this time.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other forprofit organizations.
Estimated Number of Respondents: 5,000.
Estimated Average Time per Respondent: 20 hours.
Estimated Total Annual Reporting Burden: 100,000.
The following paragraph applies to all 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: October 13, 2009.
R. Joseph Durbala,
IRS Reports Clearance Officer.
[FR Doc. E925741 Filed 102609; 8:45 am]
BILLING CODE 483001P
FOR FURTHER INFORMATION CONTACT
Requests for additional information or [[Page 55289]]
copies of the regulations should be directed to Allan Hopkins at
Internal Revenue Service, room 6129, 1111 Constitution Avenue, NW.,
Washington, DC 20224, or at (202) 6226665, or through the Internet at
Allan.M.Hopkins@irs.gov.