Federal Register / Vol. 66, No. 85 / Wednesday, May 2, 2001 / Notices 22073

DEPARTMENT OF THE TREASURY

Internal Revenue Service

Proposed Collection; Comment

Request for Form 4562

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 Form

4562, Depreciation and Amortization

(Including Information on Listed

Property).

DATES: Written comments should be

received on or before July 2, 2001 to be

assured of consideration.

ADDRESSES: Direct all written comments

to Garrick R. Shear, Internal Revenue

Service, room 5244, 1111 Constitution

Avenue NW., Washington, DC 20224.

FOR FURTHER INFORMATION CONTACT:

Requests for additional information or

copies of the form and instructions

should be directed to Larnice Mack,

(202) 622–3179, Internal Revenue

Service, room 5244, 1111 Constitution

Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

Title: Depreciation and Amortization

(Including Information on Listed

Property).

OMB Number: 1545–0172.

Form Number: Form 4562.

Abstract: Form 4562 is used to claim

a deduction for depreciation and

amortization; to make the election to

expense certain tangible property under

Internal Revenue Code section 179; and

to provide information on the business/

investment use of automobiles and other

listed property. The form provides the

IRS with the information necessary to

determine that the correct depreciation

deduction is being claimed.

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, farms, and

individuals.

Estimated Number of Respondents:

6,500,000.

Estimated Time Per Respondent: 45

hours, 54 minutes.

Estimated Total Annual Burden

Hours: 298,367,500.

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

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 24, 2001.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 01–10871 Filed 5–1–01; 8:45 am]

BILLING CODE 4830–01–P

DEPARTMENT OF THE TREASURY

Internal Revenue Service

[FI–3–91]

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, FI–3–91 (TD

8456), Capitalization of Certain Policy

Acquisition Expenses (§§ 1.848–2(g)(8),

1.848–2(h)(3) and 1.848–2(i)(4)).

DATES: Written comments should be

received on or before July 2, 2001 to be

assured of consideration.

ADDRESSES: Direct all written comments

to Garrick R. Shear, Internal Revenue

Service, room 5244, 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, (202) 622–

6665, Internal Revenue Service, room

5244, 1111 Constitution Avenue NW.,

Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

Title: Capitalization of Certain Policy

Acquisition Expenses.

OMB Number: 1545–1287.

Regulation Project Number: FI–3–91.

Abstract: Internal Revenue Code

section 848 provides that insurance

companies must capitalize ‘‘specified

policy acquisition expenses.’’ In lieu of

identifying the categories of expenses

that must be capitalized, section 848

requires that a company capitalize an

amount of otherwise deductible

expenses equal to specified percentages

of net premiums with respect to certain

types of insurance contracts. Insurance

companies that enter into reinsurance

agreements must determine the amounts

to be capitalized under those

agreements consistently. This regulation

provides elections to permit the parties

to a reinsurance agreement to shift the

burden of capitalization for their mutual

benefit.

Current Actions: There is no change to

this existing regulation.

Type of review: Extension of OMB

approval.

Affected Public: Business or other forprofit organizations.

Estimated Number of Respondents:

2,070.

Estimated Time Per Respondent: 1 hr.

Estimated Total Annual Burden

Hours: 2,070.

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