[Federal Register Volume 80, Number 209 (Thursday, October 29, 2015)]
[Notices]
[Pages 66617-66618]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-27494]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Revenue Procedure 2003-
37
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 2003-37, Documentation Provisions for Certain
Taxpayers Using the Fair Market Value Method.
[[Page 66618]]
DATES: Written comments should be received on or before December 28,
2015 to be assured of consideration.
ADDRESSES: Direct all written comments to Christie Preston, Internal
Revenue Service, room 6129, 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 LaNita Van Dyke
at Internal Revenue Service, room 6517, 1111 Constitution Avenue NW.,
Washington, DC 20224, or through the internet at [email protected].
SUPPLEMENTARY INFORMATION:
Title: Documentation Provisions for Certain Taxpayers Using the
Fair Market Value Method of Internet Expense Apportionment.
OMB Number: 1545-1833.
Revenue Procedure Number: Revenue Procedure 2003-37.
Abstract: Revenue Procedure 2003-37 describes documentation and
information a taxpayer that uses the fair market value method of
apportionment of interest expense may prepare and make available to the
Service upon request in order to establish the fair market value of the
taxpayer's assets to the satisfaction of the Commissioner as required
by Sec. 1.861-9T(g)(1)(iii). It also sets forth the procedures to be
followed in the case of elections to use the fair market value method.
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 for-profit organizations.
Estimated Number of Respondents and/or Recordkeepers: 125.
Estimated Average Time Per Respondent/Recordkeeper: 5 hours.
Estimated Total Annual Reporting and/or Recordkeeping Burden: 625
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; (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.
Dated: October 22, 2015.
Michael Joplin,
IRS Reports Clearance Officer.
[FR Doc. 2015-27494 Filed 10-28-15; 8:45 am]
BILLING CODE 4830-01-P