[Federal Register: March 18, 2005 (Volume 70, Number 52)]
[Notices]
[Page 13232-13233]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr18mr05-126]

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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Revenue Procedure 99-17

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
Revenue Procedure 99-17, Mark to Market Election for Commodities
Dealers and Securities and Commodities Traders.

DATES: Written comments should be received on or before May 17, 2005 to
be assured of consideration.

ADDRESSES: Direct all written comments to Glenn P. Kirkland, Internal
Revenue Service, Room 6516, 1111 Constitution Avenue, NW., Washington,
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of revenue procedure should be directed to R. Joseph Durbala,
(202) 622-3634, Internal Revenue Service, Room 6516, 1111 Constitution
Avenue NW., Washington, DC 20224, or through the Internet at 
RJoseph.Durbala@irs.gov.


SUPPLEMENTARY INFORMATION:
    Title: Mark to Market Election for Commodities Dealers and
Securities and Commodities Traders.
    OMB Number: 1545-1641.
    Revenue Procedure Number: Revenue Procedure 99-17.
    Abstract: This revenue procedure prescribes the time and manner for
dealers in commodities and traders in securities or commodities to
elect to use the mark-to-market method of accounting under sections
475(e) and (f) of the Internal Revenue Code. The collections of
information in this revenue procedure are required by the IRS in order
to facilitate monitoring taxpayers changing accounting methods
resulting from making the elections under Code section 475(e) or (f).
    Current Actions: There are no changes being made to the revenue
procedure at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    The reporting burden for the collections of information in section
5.01-5.04 of this revenue procedure is as follows:
    Estimated Number of Respondents/Recordkeepers: 1,000.
    Estimated Time Per Respondent/Recordkeeper: 30 minutes.
    Estimated Total Annual Reporting/Recordkeeping Hours: 500.
    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

[[Page 13233]]

of information must beretained 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: March 11, 2005.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E5-1189 Filed 3-17-05; 8:45 am]

BILLING CODE 4830-01-P