15190 Federal Register / Vol. 72, No. 61 / Friday, March 30, 2007 / Notices 

Title: Proceeds From Broker and 

Barter Exchange Transactions. 

OMB Number: 1545–0715. 

Form Number: Form 1099–B. 

Abstract: Internal Revenue Code 

section 6045 requires the filing of an 

information return by brokers to report 

the gross proceeds from transactions 

and by barter exchanges to report 

exchanges of property or services. Form 

1099–B is used to report proceeds from 

these transactions to the Internal 

Revenue Service. 

Current Actions: There are no changes 

being made to the form at this time. 

Type of Review: Extension of a 

currently approved collection. 

Affected Public: Business or other forprofit organizations and individuals. 

Estimated Number of Responses: 

117,611,875. 

Estimated Time per Response: 19 

minutes. 

Estimated Total Annual Burden 

Hours: 36,459,682. 

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 

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. 

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 23, 2007. 

Glenn P. Kirkland, 

IRS Reports Clearance Officer. 

[FR Doc. E7–5837 Filed 3–29–07; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

[IA–120–86] 

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 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 an 

existing final regulation, IA–120–86 (TD 

8584), Capitalization of Interest 

(§§ 1.263A–8(b)(2)(iii), 1.263A–9(d)(1), 

1.263A–9(e)(1), 1.263A–9(f)(1)(ii), 

1.263A–9(f)(2)(iv), 1.63A–9(g)(2)(iv)(C), 

1.263A–9(e)(I) and 1.263A–9(g)(3)(iv)). 

DATES: Written comments should be 

received on or before May 29, 2007 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 the information collection 

should be directed to R. Joseph. 

Durbala, at (202) 622–3634, or at 

Internal Revenue Service, room 6516, 

1111 Constitution Avenue, NW., 

Washington, DC 20224, or through the 

internet, at RJoseph.Durbala@irs.gov. 

SUPPLEMENTARY INFORMATION: 

Title: Capitalization of Interest. 

OMB Number: 1545–1265. 

Regulation Project Number: IA–12–

120–86. 

Abstract: Internal Revenue Code 

section 263A(f) requires taxpayers to 

estimate the length of the production 

period and total cost of tangible 

personal property to determine if 

interest capitalization is required. This 

regulation requires taxpayers to 

maintain contemporaneous written 

records of production period estimates, 

to file a ruling request to segregate 

activities in applying the interest 

capitalization rules, and to request the 

consent of the Commissioner to change 

their methods of accounting for the 

capitalization of interest. 

Current Actions: There is no change to 

this existing regulation. 

Type of Review: Extension of a 

currently approved approval. 

Affected Public: Individuals or 

households, and business or other forprofit organizations. 

Estimated Number of Respondents: 

50. 

Estimated Time per Respondent: 2 

hours. 

Estimated Total Annual Burden 

Hours: 100 hours. 

Estimated Number of Recordkeepers: 

500,000. 

Estimated Time per Recordkeeper: 14 

minutes. 

Estimated Total Annual 

Recordkeeping Hours: 116,667. 

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 

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. 

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 21, 2007. 

Glenn P. Kirkland, 

IRS Reports Clearance Officer. 

[FR Doc. E7–5838 Filed 3–29–07; 8:45 am] 

BILLING CODE 4830–01–P 


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