Interest Computation under the Look-Back Method for Completed Long-Term Contracts

ICR 199905-1545-012

OMB: 1545-1031

Federal Form Document

Forms and Documents
Document
Name
Status
No forms / supporting documents in this ICR. Check IC Document Collections.
IC Document Collections
ICR Details
1545-1031 199905-1545-012
Historical Active 199607-1545-016
TREAS/IRS
Interest Computation under the Look-Back Method for Completed Long-Term Contracts
Extension without change of a currently approved collection   No
Regular
Approved without change 07/20/1999
Retrieve Notice of Action (NOA) 05/21/1999
The agency is not required to display the expiration date.
  Inventory as of this Action Requested Previously Approved
06/30/2002 06/30/2002 08/31/1999
5,000 0 5,000
68,360 0 63,840
0 0 0

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 IRC section 460(b)(3). The IRS uses form 8697 to determine if the interest has been figured correctly. Taxpayers may compute interest using the actual method (part I) or the simplified marginal impact method (part II).

None
None


No

1
IC Title Form No. Form Name
Interest Computation under the Look-Back Method for Completed Long-Term Contracts FORM-8697

  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 5,000 5,000 0 0 0 0
Annual Time Burden (Hours) 68,360 63,840 0 4,520 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
No

$0
No
No
Uncollected
Uncollected
Uncollected
Uncollected

  No

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.
05/21/1999


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