The IRS has submitted for Office of Management and Budget approval, and has requested public comment on, information collections under Rev. Proc. 97-43, Rev. Rul. 97-39, T.D. 8987, Rev. Proc. 2000-35, and Rev. Proc. 2000-37.

Citations: 68 F.R. 65491

Date: Nov. 20, 2003
 

The IRS has submitted for Office of Management and Budget approval, and (as required by the Paperwork Reduction Act of 1995) has requested public comment on, information collections under Rev. Proc. 97-43, which provides procedures for requesting consent to a change in accounting method when a taxpayer makes specified elections under section 475, and Rev. Rul. 97-39, which provides guidance on the mark-to-market requirements under section 475. (For a summary of Rev. Proc. 97-43, see Tax Notes, Sept. 15, 1997, p. 1411; for the full text, see Doc 97-25705 (11 pages) or H&D, Sept. 11, 1997, p. 3041. For a summary of Rev. Rul. 97-39, see Tax Notes, Sept. 15, 1997, p. 1411; for the full text, see Doc 97- 25707 (19 pages) or H&D, Sept. 11, 1997, p. 3043.)

The IRS submitted for approval and comment final and temporary regulations (T.D. 8987) that simplify the calculation of minimum required distributions from qualified plans, IRAs, and other related retirement savings vehicles. (For a summary of T.D. 8987, see Tax Notes, Apr. 22, 2002, p. 519; for the full text, see Doc 2002- 9210 (132 original pages) [PDF] or H&D, Apr. 17, 2002, p. 703.)

Also submitted were Rev. Proc. 2000-35, which updates procedures for obtaining withholding certificates under reg. sections 1.1445-3 and 1.1445-6, and Rev. Proc. 2000-37, which provides a safe harbor for reverse like-kind exchanges. (For a summary of Rev. Proc. 2000- 35, see Tax Notes, Aug. 14, 2000, p. 874; for the full text, see Doc 2000-20964 (37 original pages), 2000 TNT 154- 12 , or H&D, Aug. 9, 2000, p. 1523. For a summary of Rev. Proc. 2000-37, see Tax Notes, Sept. 25, 2000, p. 1593; for the text, see Doc 2000-24091 (8 original pages), 2000 TNT 181- 13 , or H&D, Sept. 18, 2000, p. 2793.)

Address comments, which are due by December 22, 2003, to Treasury Department Clearance Officer, Department of the Treasury, Room 11000, 1750 Pennsylvania Ave., NW, Washington, DC 20220; and Joseph Lackey, Office of Management and Budget, Room 10235, New Executive Office Building, Washington, DC 20503.

Tax Analysts Information

Code Section: Section 475 -- Mark-to-Market Accounting; Section 401 -- Pension Plans; Section 403(b) -- Tax-Deferred Annuities; Section 408 -- IRAs; Section 4974 -- Tax on Excess Plan Accumulations; Section 1445 -- FIRPTA Withholding; Section 1031 -- Like-Kind Exchanges
Geographic Identifier: United States
Subject Area: Practice and procedure
Benefits and pensions
Real estate tax issues
Property taxation
Institutional Author: Internal Revenue Service
Tax Analysts Document Number: Doc 2003-25012 (1 original page) [PDF]
Tax Analysts Electronic Citation: 2003 TNT 225-55
Cross Reference: For a summary of Rev. Proc. 97-43, see Tax Notes, Sept. 15,
1997, p. 1411; for the full text, see Doc 97-25705 (11 pages)
or H&D, Sept. 11, 1997, p. 3041.
For a summary of Rev. Rul. 97-39, see Tax Notes, Sept. 15,
1997, p. 1411; for the full text, see Doc 97-25707 (19 pages)
or H&D, Sept. 11, 1997, p. 3043.
For a summary of T.D. 8987, see Tax Notes, Apr. 22, 2002, p.
519; for the full text, see Doc 2002-9210 (132 original pages) [PDF]
or H&D, Apr. 17, 2002, p. 703.
For a summary of Rev. Proc. 2000-35, see Tax Notes, Aug. 14,
2000, p. 874; for the full text, see Doc 2000-20964 (37 original
pages), 2000 TNT 154-12 , or H&D, Aug. 9, 2000, p.
1523.
For a summary of Rev. Proc. 2000-37, see Tax Notes, Sept. 25,
2000, p. 1593; for the text, see Doc 2000-24091 (8 original
pages), 2000 TNT 181-13 , or H&D, Sept. 18, 2000, p.
2793.