77 FR 104 pgs. 31913-31914 - Proposed Collection; Comment Request for Regulation Project
Type: NOTICEVolume: 77Number: 104Pages: 31913 - 31914
FR document: [FR Doc. 2012-12977 Filed 5-29-12; 8:45 am]
Agency: Treasury Department
Sub Agency: Internal Revenue Service
Official PDF Version: PDF Version
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Regulation Project
AGENCY:
Internal Revenue Service (IRS), Treasury.
ACTION:
Notice and request for comments.
SUMMARY:
The Department of the Treasury, as part of its continuingeffort to reduce paperwork and respondent burden, invites the generalpublic and other Federal agencies to take this opportunity to commenton proposed and/or continuing information collections, as required bythe Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C.3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning limitations on percentage depletion in the case of oil and gas wells.
DATES:
Written comments should be received on or before July 30, 2012 to be assured of consideration.
ADDRESSES:
Direct all written comments to Yvette Lawrence, Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, DC 20224.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or copies of the regulation should be directed to Allan Hopkins, at(202) 622-6665, or at Internal Revenue Service, Room 6129, 1111Constitution Avenue NW., Washington, DC 20224, or through the Internet,at Allan.M.Hopkins@irs.gov .
SUPPLEMENTARY INFORMATION:
Title: Limitations on Percentage Depletion in the Case of Oil and Gas Wells.
OMB Number: 1545-0919.
Regulation Project Number: PS-105-75.
Abstract: Section 1.613A-3(1) of the regulation requires eachpartner to separately keep records of his or her share of the adjustedbasis of partnership oil and gas property and requires eachpartnership, trust, estate, and operator to provide to certain personsthe information necessary to compute depletion with respect to oil orgas.
Current Actions: There is no change to this existing regulation.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations.
The burden associated with this collection of information is reflected on Forms 1065, 1041, and 706.
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 requiredto respond to, a collection of information unless the collection ofinformation displays a valid OMB control number. Books or recordsrelating to a collection of information must be retained as long astheir contents may become material in the administration of anyinternal revenue law. Generally, tax returns and tax return informationare confidential, as required by 26 U.S.C. 6103.
Request for Comments: Comments submitted in response to this noticewill be summarized and/or included in the request for OMB approval. Allcomments will become a matter of public record. Comments are invitedon: (a) Whether the collection of information is necessary for theproper performance of the functions of the agency, including whetherthe information shall have practical utility; (b) the accuracy of theagency's estimate of the burden of the collection of information; (c)ways to enhance the quality, utility, and clarity of the information tobe collected; (d) ways to minimize the burden of the collection ofinformation on respondents, including through the use of automatedcollection 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: May 22, 2012.
Allan Hopkins,
Tax Analyst.
[FR Doc. 2012-12977 Filed 5-29-12; 8:45 am]
BILLING CODE 4830-01-P