Document Headings

                    Document headings vary by document type but may contain                    the following:                  
                -                       the agency or agencies that issued and signed a document                    
                -                       the number of the CFR title and the number of each part                      the document amends, proposes to amend, or is directly                      related to                    
                -                       the agency docket number / agency internal file number                    
                -                       the RIN which identifies each regulatory action listed in                      the Unified Agenda of Federal Regulatory and Deregulatory                      Actions                    

                    See the                                          Document Drafting Handbook                                        for more details.                  

###### Department of the Treasury

###### Internal Revenue Service

# AGENCY:

Internal Revenue Service (IRS), Treasury.

# ACTION:

Notice and request for comments.

# SUMMARY:

                        The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the 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. The IRS is soliciting comments concerning the guidance on cost recovery under the income forecast method. More specifically, the burden associated with filing Form 8866,                         *Interest Computation Under the Look-Back Method for Property Depreciated Under the Income Forecast Method.*

# DATES:

Written comments should be received on or before October 23, 2023 to be assured of consideration.

# ADDRESSES:

                        Direct all written comments to Andres Garcia, Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224 or by email to                         *pra.comments@irs.gov.*                         Please reference the information collection's “OMB number 1545-1622” in the subject line of the message.                    

# FOR FURTHER INFORMATION CONTACT:

                        Requests for additional information or copies of the form and instructions should be directed to Sara Covington, at (202)-317-5744 or Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet, at                         *sara.l.covington@irs.gov.*

# SUPPLEMENTARY INFORMATION:

*Title:*                     Interest Computation under the look-back Method for Property Depreciated Under the Income Forecast Method.                

*OMB Number:*                     1545-1622.                

*Form Number:*                     8866.                

*Abstract:*                     Taxpayers depreciating property under the income forecast method and placed in service after September 13, 1995, must use Form 8866 to compute and report interest due or to be refunded under Internal Revenue Code 167(g)(2). The Internal Revenue Service uses the information on Form 8866 to determine if the interest has been figured correctly.                

*Current Actions:*                     There is no change to the form at this time. This request is being submitted for renewal purposes only.                

*Type of Review:*                     Extension of a currently approved collection.                

*Affected Public:*                     Individuals or households, and business or other for-profit organizations.                

*Estimated Number of Respondents:*                     50.                

*Estimated Time per Respondent:*                     13 hours, 51 min.                

*Estimated Total Annual Burden Hours:*                     693.                

The following paragraph applies to all 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 if 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.

*Desired Focus of Comments:*                     The Internal Revenue Service (IRS) is particularly interested in comments that:                
    - Evaluate whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility;
    - Evaluate the accuracy of the agency's estimate of the burden of the proposed collection of information, including the validity of the methodology and assumptions used;
    - Enhance the quality, utility, and clarity of the information to be collected; and
    - Minimize the burden of the collection of information on those who are to respond, including using appropriate automated, electronic, mechanical, or other technological collection techniques or other forms of information technology, e.g.,                      by permitting electronic submissions of responses.                

Comments submitted in response to this notice will be summarized and/or included in the ICR for OMB approval of the extension of the information collection; they will also become a matter of public record.

Approved: August 17, 2023.

Sara L. Covington,

IRS Tax Analyst.

[FR Doc. 2023-18074 Filed 8-22-23; 8:45 am]

BILLING CODE 4830-01-P