[Federal Register Volume 75, Number 114 (Tuesday, June 15, 2010)]
[Notices]
[Pages 33892-33893]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-14284]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
[IA-120-86]
Proposed Collection; Comment Request For Regulation Project
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
-----------------------------------------------------------------------
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
[[Page 33893]]
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, IA-120-86 (TD 8584),
Capitalization of Interest (Sec. Sec. 1.263A-8(b)(2)(iii), 1.263A-
9(d)(1), 1.263A-9(e)(1), 1.263A-9(f)(1)(ii), 1.63A-9(g)(2)(iv)(C), and
1.263A-9(g)(3)(iv)).
DATES: Written comments should be received on or before August 16,
2010, to be assured of consideration.
ADDRESSES: Direct all written comments to Gerald Shields, Internal
Revenue Service, Room 6129, 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 Elaine
Christophe, (202) 622-3179, or at Internal Revenue Service, Room 6129,
1111 Constitution Avenue, NW., Washington, DC 20224, or through the
Internet, at [email protected].
Title: Capitalization of Interest.
OMB Number: 1545-1265.
Regulation Project Number: IA-12-120-86 (TD 8584).
Abstract: Internal Revenue Code section 263A(f) requires taxpayers
to estimate the length of the production period and total cost of
tangible personal property to determine if Interest capitalization is
required. This regulation requires taxpayers to maintain
contemporaneous written records of production period estimates, to file
a ruling request to segregate activities in applying the interest
capitalization rules, and to request the consent of the Commissioner to
change their methods of accounting for the capitalization of interest.
Current Actions: There is no change to this existing regulation.
Type of Review: Extension of a currently approved approval.
Affected Public: Individuals or households, and business or other
for-profit organizations.
Estimated Number of Respondents: 500,050.
Estimated Time per Respondent: 13.8 Minutes.
Estimated Total Annual Burden Hours: 116,767 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.
Approved: June 7, 2010.
Gerald Shields,
IRS Reports Clearance Officer.
[FR Doc. 2010-14284 Filed 6-14-10; 8:45 am]
BILLING CODE 4830-01-P