Proposed Collection; Comment Request for Regulation Project

DEPARTMENT OF THE TREASURY

Internal Revenue Service

[LR-189-80]

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, Pub.

[[Page 66405]]

L. 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting

comments concerning an existing final regulation, LR-189-80 (TD 7927),

Amortization of Reforestation Expenditures (Secs. 1.194-2 and 1.194-4).

DATES: Written comments should be received on or before February 17,

1998 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: Amortization of Reforestation Expenditures.

OMB Number: 1545-0735.

Regulation Project Number: LR-189-80.

Abstract: Internal Revenue Code section 194 allows taxpayers to

elect to amortize certain reforestation expenditures over a 7-year

period if the expenditures meet certain requirements. The regulations

implement this election provision and allow the IRS to determine if the

election is proper and allowable.

Current Actions: There is no change to this existing regulation.

Type of Review: Extension of a currently approved collection.

Affected Public: Individuals or households, business or other for-

profit organizations, and farms.

Estimated Number of Respondents: 12,000.

Estimated Time Per Respondent: 30 minutes.

Estimated Total Annual Burden Hours: 6,001.

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: December 10, 1997.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 97-32965 Filed 12-17-97; 8:45 am]

BILLING CODE 4830-01-U