# Proposed Collection; Comment Request For Regulation Project > Briefs, arguments, decisions, and more. URL: https://www.frixlaw.com/law-library/documents/fr%3A96-28927 ## Record - **Collection:** Federal Register - **Document type:** Notice - **Published:** November 12, 1996 - **Citation:** 61 FR 58097 ## Text 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. ----------------------------------------------------------------------- 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 [[Page 58098]] 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 --- Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/fr%3A96-28927. Public record. Not legal advice.