Procedure Granting Automatic Consent to Change to the Alternative Tax Book Value Method of Valuing Assets for Expense Apportionment Purposes

ICR 200503-1545-017

OMB: 1545-1933

Federal Form Document

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Document
Name
Status
No forms / supporting documents in this ICR. Check IC Document Collections.
ICR Details
1545-1933 200503-1545-017
Historical Active
TREAS/IRS
Procedure Granting Automatic Consent to Change to the Alternative Tax Book Value Method of Valuing Assets for Expense Apportionment Purposes
New collection (Request for a new OMB Control Number)   No
Emergency 03/22/2005
Approved without change 04/04/2005
Retrieve Notice of Action (NOA) 03/21/2005
  Inventory as of this Action Requested Previously Approved
08/31/2005 08/31/2005
200 0 0
100 0 0
0 0 0

This revenue procedure provides the administrative procedure under which an eligible taxpayer may obtain automatic consent to change from the fair market value to the alternative tax book value method of valuing assets for purposes of apportioning expenses under section 1.861-9T(g) of the temporary Income Tax Regulations. The procedure applies to changes in apportionment method requested for taxable years beginning between March 26, 2004 and March 25, 2006. The reporting and recordkeeping requirements imposed by the revenue procedure will enable the IRS to identify eligibility to use the procedure and the years for

None
None


No

1
IC Title Form No. Form Name
Procedure Granting Automatic Consent to Change to the Alternative Tax Book Value Method of Valuing Assets for Expense Apportionment Purposes FORM-1116, FORM-1118

  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 200 0 0 200 0 0
Annual Time Burden (Hours) 100 0 0 100 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.
03/21/2005


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