Application To Use LIFO Inventory Method

ICR 200603-1545-047

OMB: 1545-0042

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
39399 Migrated
ICR Details
1545-0042 200603-1545-047
Historical Active 200512-1545-036
TREAS/IRS
Application To Use LIFO Inventory Method
No material or nonsubstantive change to a currently approved collection   No
Regular
Approved without change 03/28/2006
Retrieve Notice of Action (NOA) 03/28/2006
  Inventory as of this Action Requested Previously Approved
06/30/2007 06/30/2007 06/30/2007
2,000 0 3,000
24,800 0 37,200
0 0 0

Form 970 is filed by individuals, partnerships, trusts, estates, or corporations to elect to use the LIFO inventory method or to extend the LIFO method to additional goods. The IRS uses Form 970 to determine if the election was properly made.

None
None


No

1
IC Title Form No. Form Name
Application To Use LIFO Inventory Method 970

  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 2,000 3,000 0 0 -1,000 0
Annual Time Burden (Hours) 24,800 37,200 0 0 -12,400 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.
03/28/2006


© 2024 OMB.report | Privacy Policy