[Federal Register Volume 81, Number 104 (Tuesday, May 31, 2016)]
[Notices]
[Pages 34436-34437]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-12660]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Information Collection
Tools
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 98-46 and Revenue Procedure 97-44, LIFO Conformity
Requirement.
DATES: Written comments should be received on or before August 1, 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 collection tools should be directed to LaNita Van Dyke,
Internal Revenue Service, room 6526, 1111 Constitution Avenue NW.,
Washington, DC 20224, or through the internet at
[email protected].
SUPPLEMENTARY INFORMATION:
Title: LIFO Conformity Requirement.
OMB Number: 1545-1559.
Form Number: Revenue Procedure 98-46 and Revenue Procedure 97-44.
Abstract: Revenue Procedure 97-44 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 98-46 modified Revenue Procedure 97-44 by
allowing medium-and heavy-duty truck dealers to take advantage of the
favorable relief provided in Revenue Procedure 97-44.
Current Actions: There is no change in the paperwork burden
previously approved by OMB.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 5,000.
Estimated Time Per Respondent: 20 hrs.
Estimated Total Annual Burden Hours: 100,000.
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.
[[Page 34437]]
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: May 17, 2016.
Tuawana Pinkston,
IRS Reports Clearance Officer.
[FR Doc. 2016-12660 Filed 5-27-16; 8:45 am]
BILLING CODE 4830-01-P