This request for
clearance is approved for one year. During this period, the
Department should explore the potential for modifying the
requlatory requirements so as to releave taxpayers from the
necessity of filing all of the currently required information
unless specifically requested. An approach that should be
considered would be to require only those selected for some review
( based on a TCMP result or on other criteria) to provide the
detailed information. Under such an approach, taxpayers would
continue to be required to have information in their possession
that would substantiate their gains and losses but would not
routinely provide the information to the Department.
Inventory as of this Action
Requested
Previously Approved
08/31/1984
08/31/1984
08/31/1985
1,346,000
0
1,237,000
3,922,054
0
3,805,383
0
0
0
FORM 4797 IS USED BY TAXPAYERS TO
REPORT SALES, EXCHANGES OR INVOLUNTA CONVERSIONS OF ASSETS, OTHER
THAN CAPITAL ASSETS, AND INVOLUNTARY CONVERSIONS OF CAPITAL ASSETS
HELD MORE THAN ONE YEAR. IT IS ALSO USE TO COMPUTE ORDINARY INCOME
FROM RECAPTURE.
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.