Proposed Collection; Comment Request for Form 4255

DEPARTMENT OF THE TREASURY

Proposed Collection; Comment Request for Form 4255

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

Form 4255, Recapture of Investment Credit.

DATES: Written comments should be received on or before March 14, 1997

to be assured of consideration.

ADDRESSES: Direct all written comments to Garrick R. Shear, Internal

Revenue Service, room 5571, 1111 Constitution Avenue 1NW., Washington,

DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or

copies of the form and instructions should be directed to Martha R.

Brinson, (202) 622-3869, Internal Revenue Service, room 5571, 1111

Constitution Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

Title: Recapture of Investment Credit

OMB Number: 1545-0166

Form Number: Form 4255

Abstract: Internal Revenue Code section 50(a) requires that a

taxpayer's income tax be increased by the investment credit recapture

tax if the taxpayer disposes of investment credit property before the

close of the recapture period used in figuring the original investment

credit. Form 4255 provides for the computation of the recapture tax.

Current Actions: There are no changes being made to the form at

this time.

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Type of Review: Extension of a currently approved collection.

Affected Public: Business or other for-profit organizations,

individuals, and farms.

Estimated Number of Respondents: 80,000.

Estimated Time Per Respondent: 12 hr., 53 min.

Estimated Total Annual Burden Hours: 1,031,200.

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 30, 1996

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 97-778 Filed 1-10-97; 8:45 am]

BILLING CODE 4830-01-U