[Federal Register Volume 75, Number 208 (Thursday, October 28, 2010)]
[Notices]
[Page 66429]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-27222]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
[REG-104924-98]
Proposed Collection; Comment Request for Regulation Project REG-
104924-98
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 notice of proposed rulemaking, REG-104924-98, Mark-to-Market
Accounting for Dealers in Commodities and Traders in Securities or
Commodities (Sec. Sec. 1.475(e)-1 and 1.475 (f)-2).
DATES: Written comments should be received on or before December 27,
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 regulations 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].
SUPPLEMENTARY INFORMATION:
Title: Mark-to-Market Accounting for Dealers in Commodities and
Traders in Securities or Commodities.
OMB Number: 1545-1640.
Regulation Project Number: REG-104924-98.
Abstract: The collection of information in this proposed regulation
is required by the Internal Revenue Service to determine whether an
exemption from mark-to-market treatment is properly claimed. This
information will be used to make that determination upon audit of
taxpayers' books and records.
Current Actions: There is no change to this existing proposed
regulation.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organization and
Individuals.
Estimated Number of Recordkeepers: 1,000.
Estimated Time per Recordkeeper: 1 hour.
Estimated Total Annual Burden Recordkeeping Hours: 1,000.
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.
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 21, 2010.
Gerald Shields,
IRS Supervisory Tax Analyst.
[FR Doc. 2010-27222 Filed 10-27-10; 8:45 am]
BILLING CODE 4830-01-P