Interest Computation Under the Look-Back Method for Property Depreciated Under the Income Forecast Method

ICR 200603-1545-048

OMB: 1545-1622

Federal Form Document

Forms and Documents
Document
Name
Status
No forms / supporting documents in this ICR. Check IC Document Collections.
ICR Details
1545-1622 200603-1545-048
Historical Active 200406-1545-029
TREAS/IRS
Interest Computation Under the Look-Back Method for Property Depreciated Under the Income Forecast 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
07/31/2007 07/31/2007 07/31/2007
3,300 0 5,000
44,121 0 66,850
0 0 0

Taxpayers depreciating property under the income forecast method and placed in service after September 13, 1995, must use Form 8866 to compute and report interest due or to be refunded under IRC 167(g)(2). The IRS uses Form 8866 to determine if the interest has been figured correctly.

None
None


No

1
IC Title Form No. Form Name
Interest Computation Under the Look-Back Method for Property Depreciated Under the Income Forecast Method 8866

  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 3,300 5,000 0 0 -1,700 0
Annual Time Burden (Hours) 44,121 66,850 0 0 -22,729 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


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