Proposed Collection; Comment Request for Regulation Project

DEPARTMENT OF THE TREASURY

[PS-55-93]

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 notice of proposed rulemaking and a temporary regulation, PS-

55-93 (TD 8528), Certain Elections for Intangible Property (Sec. 1.197-

1T).

DATES: Written comments should be received on or before November 22,

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: Certain Elections for Intangible Property.

OMB Number: 1545-1425.

Regulation Project Number: PS-55-93 Notice of proposed rulemaking

and temporary regulations.

Abstract: The regulations provide procedures for taxpayers to make

elections regarding the amortization and depreciation of certain

intangible property pursuant to sections 197 and 167(f) of the Internal

Revenue Code. The information will be used to verify that a taxpayer is

properly reporting its amortization and income taxes.

Current Actions: The only change is that the estimated number of

respondents has decreased because the time period for making the

election has passed. Only taxpayers who request an extension of time to

make the retroactive election under section 301.9100 of the Procedure

and Administrative Regulations will be filing the election.

Type of Review: Extension of a currently approved collection.

Affected Public: Business or other for-profit organizations.

Estimated Number of Respondents: 100.

Estimated Time Per Respondent: 1 hour.

Estimated Total Annual Burden Hours: 100.

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

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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: September 16, 1996.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 96-24359 Filed 9-20-96; 8:45 am]

BILLING CODE 4830-01-U