THE REGULATIONS RELATE TO SECTION 448
WHICH PROHIBITS C CORPORATIONS, PARTNERSHIPS WITH A C CORPORATION
PARTNER, AND TAX SHELTERS FROM USING THE CASH METHOD OF ACCOUNTING.
THE REGULATIONS ALSO PROVIDE RULES RELATING TO THE NONACCRUAL OF
CERTAIN RECEIVABLES. THE REGULATIONS SET FORTH THE PROCEDURES FOR
CHANGING FROM THE CASH METHOD OF ACCOUNTING AND FOR CHANGING TO THE
NONACCRUAL METHOD FOR RECEIVABLE
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.