The IRS seeks comments on Rev. Proc. 97-43, which provides procedures for requesting consent to a change in accounting method when a taxpayer makes elections under section 475, and on Rev. Rul. 97-39, which provides guidance on the section 475 requirements.

Citations: 68 F.R. 53781

Date: Sep. 12, 2003
 

Proposed Collection;
Comment Request for Revenue Procedure 97-43
and Revenue Ruling 97-39

[1] AGENCY: Internal Revenue Service (IRS), Treasury.

[2] ACTION: Notice and request for comments.

[3] 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 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.

[4] DATES: Written comments should be received on or before November 12, 2003 to be assured of consideration.

[5] ADDRESSES: Direct all written comments to Glenn P. Kirkland, Internal Revenue Service, room 6411, 1111 Constitution Avenue NW., Washington, DC 20224.

[6] FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of revenue procedure and revenue ruling should be directed to Carol Savage at Internal Revenue Service, room 6407, 1111 Constitution Avenue NW., Washington, DC 20224, or at (202) 622-3945, or through the Internet at CAROL.A.SAVAGE@irs.gov.

SUPPLEMENTARY INFORMATION:

[7] 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.

[8] OMB Number: 1545-1558.

[9] Revenue Procedure Number: Revenue Procedure 97-43.

[10] Revenue Ruling Number: Revenue Ruling 97-39.

[11] 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.

[12] Current Actions: There are no changes being made to the revenue procedure or revenue ruling at this time.

[13] Type of Review: Extension of a currently approved collection.

[14] Affected Public: Business or other for-profit organizations.

[15] Estimated Number of Respondents: 200.

[16] Estimated Time Per Respondent: 5 hours.

[17] Estimated Total Annual Burden Hours: 1,000.

[18] The following paragraph applies to all of the collections of information covered by this notice:

[19] 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.

[20] 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.

[21] Approved: September 4, 2003.

Glenn P. Kirkland, IRS Reports Clearance Officer.