Averaging of Farm Income -- REG-121063-97 (Final)

ICR 200112-1545-051

OMB: 1545-1662

Federal Form Document

Forms and Documents
Document
Name
Status
No forms / supporting documents in this ICR. Check IC Document Collections.
IC Document Collections
IC ID
Document
Title
Status
41021
Migrated
ICR Details
1545-1662 200112-1545-051
Historical Active 199912-1545-020
TREAS/IRS
Averaging of Farm Income -- REG-121063-97 (Final)
No material or nonsubstantive change to a currently approved collection   No
Regular
Approved without change 12/21/2001
Retrieve Notice of Action (NOA) 12/21/2001
  Inventory as of this Action Requested Previously Approved
11/30/2002 11/30/2002 11/30/2002
1 0 1
1 0 1
0 0 0

Code section 1301 allows an individual engaged in a farming business to elect to reduce his or her regular tax liability by treating all or a portion of the current year's farming income as if it had been earned in equal proportions over the prior 3 years. The regulation provides that the election for averaging farm income is made by filing schedule J of form 1040, which is also used to record and total the amount of tax for each year of the 4-year calculation.

None
None


No

1
IC Title Form No. Form Name
Averaging of Farm Income -- REG-121063-97 (Final)

  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 1 1 0 0 0 0
Annual Time Burden (Hours) 1 1 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
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.
12/21/2001


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