Approved with
the revised instructions submitted November 26, 1991. I is our
understanding that the item "total assets" is considered in the
targeting of audits. Hereafter, IRS should more clearly explain: 1)
the use of statistical information, 2) the unit that will use it, a
3) the nature and currency of the review to ensure that only the
minimum information needed will be collected for statistical use.
Finally, the instructions should be reorganized to: 1) move the
section, "Reasonable Estimates" found on page 4, to the general
instructions, and 2) associate the line 7 - line 21 instructions
with Part IV of the specific instructions.
Inventory as of this Action
Requested
Previously Approved
10/31/1994
10/31/1994
10/31/1993
75,000
0
75,000
1,279,500
0
1,073,250
0
0
0
FORM 5472 IS USED BY U.S. CORPORATIONS
THAT ARE 25 PERCENT FOREIGN OWNED AND BY FOREIGN CORPORATIONS THAT
ARE ENGAGED IN A U.S. TRADE OR BUSINESS TO REPORT TRANSACTIONS
BETWEEN THEMSELVES AND ANY RELATED FOREIGN PARTY. IRS USES FORM
5472 TO DETERMINE IF INVENTORY OR OTHER COSTS DEDUCTED BY THE U.S.
OR FOREIGN CORPORATION ARE CORRECT.
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.
INFORMATION RETURN OF A 25 PERCENT FOREIGN-OWNED U.S. CORPORATION OR FOREIGN CORPORATION ENGAGED IN A U.S. TRADE OR BUSINESS