Proposed Collection; Comment Request for Revenue Procedure 97-43 and Revenue Ruling 97-39
Notice And Request For Comments.
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 Revenue Procedure 97-43, Procedures for Electing Out of Exemptions Under Section 1.475(c)-1, and Revenue Ruling 97-39, Mark-to-Market Accounting Method for Dealers in Securities.
Table of Contents Back to Top
DATES: Back to Top
Written comments should be received on or before November 14, 2000 to be assured of consideration.
ADDRESSES: Back to Top
Direct all written comments to Garrick R. Shear, Internal Revenue Service, room 5244, 1111 Constitution Avenue NW., Washington, DC 20224.
FOR FURTHER INFORMATION CONTACT: Back to Top
Requests for additional information or copies of the revenue procedure and/or revenue ruling should be directed to Carol Savage, (202) 622-3945, Internal Revenue Service, room 5242, 1111 Constitution Avenue NW., Washington, DC 20224.
SUPPLEMENTARY INFORMATION: Back to Top
Title: Revenue Procedure 97-43, Procedures for Electing Out of Exemptions Under Section 1.475(c)-1, and Revenue Ruling 97-39, Mark-to-Market Accounting Method for Dealers in Securities.
OMB Number: 1545-1558.
Revenue Procedure Number: Revenue Procedure 97-43.
Revenue Ruling Number: Revenue Ruling 97-39.
Abstract: Revenue Procedure 97-43 provides taxpayers automatic consent to change to mark-to-market accounting for securities after the taxpayer elects under regulation section 1.475(c)-1, subject to certain terms and conditions. Revenue Ruling 97-39 provides taxpayers additional mark-to-market guidance under section 475 of the Internal Revenue Code.
Current Actions: In 1998 Congress added Code section 475(c)(4), which effectively made the non-financial customary paper exemption of regulation section 1.475(c)-1(b) mandatory. In addition, after 1997, taxpayers could no longer use the automatic consent provisions of Revenue Procedure 97-43 to get retroactive waivers of the non-financial customary paper exemption of § 1.475(c)-1(b) or the negligible sales exemption of § 1.475(c)-1(c) or make the intragroup customer election of § 1.475(c)-1(a), retroactively. This makes holding 15 of Revenue Ruling 97-39 irrelevant and reduces the number of taxpayers affected by these requirements.
Type of Review: Revision of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 200.
Estimated Time Per Respondent: 5 hours.
Estimated Total Annual Burden Hours: 1,000.
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: Back to Top
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.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 00-23803 Filed 9-14-00; 8:45 am]
BILLING CODE 4830-01-P