[Federal Register Volume 61, Number 89 (Tuesday, May 7, 1996)]
[Notices]
[Page 20552]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-11347]



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DEPARTMENT OF THE TREASURY
Internal Revenue Service


Proposed Collection; Comment Request for Form 8697

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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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 8697, Interest Computation Under the Look-Back Method for 
Completed Long-Term Contracts.

DATES: Written comments should be received on or before July 8, 1996 to 
be assured of consideration.

ADDRESSES: Direct all written comments to Garrick R. Shear, Internal 
Revenue Service, room 5571, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form(s) and instructions should be directed to Martha R. 
Brinson, (202) 622-3869, Internal Revenue Service, room 5571, 1111 
Constitution Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Interest Computation Under the Look-Back Method for 
Completed Long-Term Contracts.
    OMB Number: 1545-1031.
    Form Number: Form 8697.
    Abstract: Taxpayers required to account for all or part of any 
long-term contract entered into after February 28, 1986, under the 
percentage of completion method must use Form 8697 to compute and 
report interest due or to be refunded under Internal Revenue Code 
section 460(b)(3). The IRS uses Form 8697 to determine if the interest 
has been figured correctly.
    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: Individuals or households and businesses or other 
for-profit organizations.
    Estimated Number of Respondents: 5,000.
    Estimated Time per Respondent: 12 hr. 39 min.
    Estimated Total Annual Burden Hours: 63,270.

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; and (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.

    Approved: April 29, 1996.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 96-11347 Filed 5-6-96; 8:45 am]
BILLING CODE 4830-01-U