Approved. These
regulations add a substantial recordkeeping and reporting burden.
At the next stage of rulemaking, IRS should respond in detail to
public comments concerning the burden imposed by these regulations
and suggestions for reducing it. In particular, IRS shoul respond
to the following comments: 1) the availability to institutiona
investors in the secondary market of information necessary to meet
tax recordkeeping and reporting requirements, 2) the use of the
"record date" in place of the "payable date" to define the end of
an accrual period, 3) the reporting burden of defining qualified
stated interest a fixed rate of interest of one year or less over
the entire life of t bind, and 4) whether an automatic change in
the method of accounting would be a suitable way to relieve
taxpayers of some of the burden imposed by these regulations.
Inventory as of this Action
Requested
Previously Approved
02/28/1994
02/28/1994
1
0
0
1
0
0
0
0
0
THESE REGULATIONS PROVIDE DEFINITIONS,
REPORTING REQUIREMENTS, ELECTIONS, AND GENERAL RULES RELATING TO
THE TAX TREATMENT OF DEBT INSTRUMENTS WITH ORIGINAL ISSUE DISCOUNT
AND THE IMPUTATION OF AN ACCOUNTING OF INTEREST ON CERTAIN SALES OR
EXCHANGES OF PROPERTY.
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.