[Federal Register Volume 83, Number 88 (Monday, May 7, 2018)]
[Notices]
[Page 20143]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-09592]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Rev. Proc. 99-17
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
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SUMMARY: The Internal Revenue Service (IRS), 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 information collections, as required by the Paperwork Reduction Act
of 1995. The IRS is soliciting comments concerning Mark to Market
Election for Commodities Dealers and Securities and Commodities
Traders.
DATES: Written comments should be received on or before July 6, 2018 to
be assured of consideration.
ADDRESSES: Direct all written comments to Laurie Brimmer, Internal
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC
20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of this revenue procedure should be directed to Martha R.
Brinson, at (202) 317-5753, or at Internal Revenue Service, Room 6526,
1111 Constitution Avenue NW, Washington, DC 20224, or through the
internet at [email protected].
SUPPLEMENTARY INFORMATION:
Title: Mark to Market Election for Commodities Dealers and
Securities and Commodities Traders.
OMB Number: 1545-1641.
Revenue Procedure Number: Rev. Proc. 99-17 (Revenue Procedure 99-17
is modified by Revenue Procedure 99-49).
Abstract: The revenue procedure prescribes the time and manner for
dealers in commodities and traders in securities or commodities to
elect to use the mark-to-market method of accounting under Sec. 475(e)
or (f) of the Internal Revenue Code. The collections of information of
this revenue procedure are required by the IRS in order to facilitate
monitoring taxpayers changing accounting methods resulting from making
the elections under Sec. 475(e) or (f).
Current Actions: There are no changes being made to this Rev. Proc.
at this time.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 1,000.
Estimated Time Per Respondent: 30 mins.
Estimated Total Annual Burden Hours: 500.
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.
Comments will be 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 has
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 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: April 26, 2018.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2018-09592 Filed 5-4-18; 8:45 am]
BILLING CODE 4830-01-P