26198 Federal Register / Vol. 72, No. 88 / Tuesday, May 8, 2007 / Notices 

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, INTL–29–91 

(TD 8556), Computation and 

Characterization of Income and Earnings 

and Profits under the Dollar 

Approximate Separate Transactions 

Method of Accounting (DASTM) 

(§ 1.985–3). 

DATES: Written comments should be 

received on or before July 9, 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 Carolyn N. Brown, 

at (202) 622–6688, or at Internal 

Revenue Service, room 6516, 1111 

Constitution Avenue, NW., Washington, 

DC 20224, or through the Internet, at 

Carolyn.N.Brown@irs.gov. 

SUPPLEMENTARY INFORMATION: 

Title: Computation and 

Characterization of Income and Earnings 

and Profits under the Dollar 

Approximate Separate Transactions 

Method of Accounting (DASTM). 

OMB Number: 1545–1051. 

Regulation Project Number: INTL–29–

91. 

Abstract: This regulation provides 

that taxpayers operating in 

hyperinflationary currencies must use 

the United States dollar as their 

functional currency and compute 

income using the dollar approximate 

separate transactions method (DASTM). 

Small taxpayers may elect an alternate 

method by which to compute income or 

loss. For prior taxable years in which 

income was computed using the profit 

and loss method, taxpayers may elect to 

recompute their income using DASTM. 

Current Actions: There is no change to 

this existing regulation. 

Type of Review: Extension of a 

currently approved collection. 

Affected Public: Business or other forprofit organizations. 

Estimated Number of Responses: 700. 

Estimated Time Per Respondent: 1 

hour, 26 minutes. 

Estimated Total Annual Burden 

Hours: 1,000. 

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: April 30, 2007. 

Glenn P. Kirkland, 

IRS Reports Clearance Officer. 

[FR Doc. E7–8717 Filed 5–7–07; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

Publication of Inflation Adjustment 

Factor, Nonconventional Source Fuel 

Credit, and Reference Price for 

Calendar Year 2006 

AGENCY: Internal Revenue Service (IRS), 

Treasury. 

ACTION: Notice. 

SUMMARY: Publication of the inflation 

adjustment factor, nonconventional 

source fuel credit, and reference price 

for calendar year 2006 as required by 

section 45K of the Internal Revenue 

Code (26 U.S.C. 45K). The inflation 

adjustment factor, nonconventional 

source fuel credit, and reference price 

are used in determining the tax credit 

allowable on the sale of fuel from 

nonconventional sources under section 

45K during calendar year 2006. 

DATES: The 2006 inflation adjustment 

factor, nonconventional source fuel 

credit, and reference price apply to 

qualified fuels sold during calendar year 

2006. 

Inflation Adjustment Factor: In the 

cases of gas produced from biomass and 

liquid, gaseous, or solid synthetic fuel 

produced from coal, the inflation 

adjustment factor for calendar year 2006 

is 2.3429. In the case of facilities 

producing coke or coke gas, the inflation 

adjustment factor for calendar year 2006 

is 1.0605. 

Credit: The nonconventional source 

fuel credit for gas produced from 

biomass and for liquid, gaseous, or solid 

synthetic fuel produced from coal for 

calendar year 2006 (adjusted to reflect 

the phase-out amount) is $4.72 per 

barrel-of-oil equivalent of qualified 

fuels. In the case of facilities producing 

coke or coke gas, the nonconventional 

source fuel credit for calendar year 2006 

is $3.18 per barrel-of-oil equivalent of 

qualified fuels. 

Reference Price: The reference price 

for calendar year 2006 is $59.68. 

Because the reference price exceeds 

$23.50 multiplied by the inflation 

adjustment factor, under section 

45K(b)(1), the credit for gas produced 

from biomass and for liquid, gaseous, or 

solid synthetic fuel produced from coal 

is reduced by $2.31 per barrel-of-oil 

equivalent of qualified fuels for calendar 

year 2006. The phase-out of the credit 

does not apply to facilities producing 

coke or coke gas. 

FOR FURTHER INFORMATION CONTACT:

For questions about how the inflation 

adjustment factor is calculated—WuLang Lee, RAS:R:TSBR, Internal 

Revenue Service, 1111 Constitution 

Avenue, NW., Washington, DC 20224, 

Telephone Number (202) 874–0531 (not 

a toll-free number). 

For all other questions about the 

credit or the reference price—Jaime C. 

Park, CC:PSI:7, Internal Revenue 

Service, 1111 Constitution Avenue, 

NW., Washington, DC 20224, Telephone 

Number (202) 622–3120 (not a toll-free 

number). 

Dated: April 23, 2007. 

William O’Shea, 

Associate Chief Counsel (Passthroughs and 

Special Industries). 

[FR Doc. E7–8747 Filed 5–7–07; 8:45 am] 

BILLING CODE 4830–01–P 


cprice-sewell on PROD1PC66 with NOTICES