[Federal Register Volume 64, Number 202 (Wednesday, October 20, 1999)]
[Notices]
[Pages 56577-56578]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-27415]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
[FI-81-86]
Proposed Collection; Comment Request for Regulation Project
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 an
existing final regulation, FI-81-86(TD 8513), Bad Debt Reserves of
Banks (Sec. 1.585-8).
DATES: Written comments should be received on or before December 20,
1999 to be assured of consideration.
ADDRESSES: Direct all written comments to Garrick R. Shear, Internal
Revenue Service, room 5244, 1111 Constitution Avenue NW., Washington,
DC 20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the regulation should be directed to Carol Savage, (202) 622-
3945, Internal Revenue Service, room 5242, 1111 Constitution Avenue
NW., Washington, DC 20224.
SUPPLEMENTARY INFORMATION:
Title: Bad Debt Reserves of Banks.
OMB Number: 1545-1290.
Regulation Project Number: FI-81-86.
Abstract: Section 585(c) of the Internal Revenue Code requires
large banks to change from the reserve method of accounting to the
specific charge off method of accounting for bad debts. Section 1.585-8
of the regulation contains reporting requirements in cases in which
large banks elect (1) To include in income an amount greater than that
prescribed by the Code; (2) To use the elective cut-off method of
accounting; or (3) To revoke any elections previously made.
Current Actions: There is no change to these existing regulations.
[[Page 56578]]
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 2,500.
Estimated Time Per Respondent: 15 minutes.
Estimated Total Annual Burden Hours: 625.
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.
Approved: October 13, 1999.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 99-27415 Filed 10-19-99; 8:45 am]
BILLING CODE 4830-01-U