[Federal Register Volume 61, Number 63 (Monday, April 1, 1996)]
[Notices]
[Page 14373]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-7881]



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DEPARTMENT OF THE TREASURY
Internal Revenue Service
[IA-62-91 and LR-129-86]


Proposed Collection; Comment Request

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 
existing final and temporary regulations, IA-62-91, and existing 
temporary regulations, LR-129-86, Capitalization and Inclusion in 
Inventory of Certain Costs. (Regulation Sec. 1.263A).

DATES: Written comments should be received on or before May 31, 1996 to 
be assured of consideration.

ADDRESSES: Direct all written comments to Garrick R. Shear, Internal 
Revenue Service, room 5571, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional 
information or copies of the information collection should be 
directed to Carol Savage, (202) 622-3945, Internal Revenue Service, 
room 5569, 1111 Constitution Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Capitalization and Inclusion in Inventory of Certain Costs.
    OMB Number: 1545-0987.
    Regulation Project Number: IA-62-91 Final and Temporary; LR-129-86 
Temporary.
    Abstract: The requirements are necessary to determine whether 
taxpayers comply with the cost allocation rules of section 263A and 
with the requirements for changing their methods of accounting. The 
information will be used to verify taxpayers' changes in methods of 
accounting.
    Current Actions: There is no change to these existing regulations.
    Type of Review: Extension of OMB approval.
    Affected Public: Farms and business or other for-profit 
organizations.
    Estimated Number of Respondents: 20,000.
    Estimated Time Per Respondent: The estimated annual reporting and 
recordkeeping burden per respondent varies from 1 hour to 9 hours, 
depending on individual circumstances, with an estimated average of 5 
hours.
    Estimated Total Annual Burden Hours: 100,000 hours.

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; and 
(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.

    Approved: March 27, 1996.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 96-7881 Filed 3-29-96; 8:45 am]
BILLING CODE 4830-01-U