Proposed Collection; Comment Request For Regulation Project

DEPARTMENT OF THE TREASURY

Internal Revenue Service

[LR-274-81]

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, LR-274-81 (TD 8067), Accounting for Long-

Term Contracts (Sec. 1.451-3).

DATES: Written comments should be received on or before January 13,

1997 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: Accounting for Long-Term Contracts.

OMB Number: 1545-0736.

Regulation Project Number: LR-274-81 (Final).

Abstract: These recordkeeping requirements are necessary to

determine whether the taxpayer properly allocates indirect contract

costs to extended period long-term contracts under the regulations. The

information will be used to verify the taxpayer's allocations of

indirect costs and to ensure compliance with the cost-accounting

principles of section 1.451-3 of the regulations.

Current Actions: There is no change to these existing regulations.

Type of Review: Extension of OMB approval.

Affected Public: Business or other for-profit organizations.

Estimated Number of Respondents: 1,000.

Estimated Time Per Respondent: 10 hours, 1 minute.

Estimated Total Annual Burden Hours: 10,010.

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

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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: November 6, 1996.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 96-28927 Filed 11-8-96; 8:45 am]

BILLING CODE 4830-01-U