REG-166012-02 (NPRM) Notional Contracts; Contingent Nonperiodic Payments

ICR 200702-1545-012

OMB: 1545-1876

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
0000-00-00
IC Document Collections
ICR Details
1545-1876 200702-1545-012
Historical Active 200402-1545-002
TREAS/IRS
REG-166012-02 (NPRM) Notional Contracts; Contingent Nonperiodic Payments
Extension without change of a currently approved collection   No
Regular
Approved without change 05/18/2007
Retrieve Notice of Action (NOA) 03/15/2007
  Inventory as of this Action Requested Previously Approved
05/31/2010 36 Months From Approved 05/31/2007
4,250 0 4,250
25,500 0 25,500
0 0 0

The collection of information in the proposed regulations is in Sec. 1.446-3(g)(6)(vii) of the Income Tax Regulations, requiring Taxpayers to maintain in their books and records a description of the method used to determine the projected amount of a contingent payment, the projected payment schedules, and the adjustments taken into account under the proposed regulations. The information is required by the IRS to verify compliance with section 446 of the Internal Revenue Code and the method of accounting described in Sec. 1.446-3(g)(6).

US Code: 26 USC 446 Name of Law: General Rule for Methods of Accounting
  
None

Not associated with rulemaking

  71 FR 66368 11/14/2006
72 FR 11932 03/14/2007
No

1
IC Title Form No. Form Name
REG-166012-02 (NPRM) Notional Contracts; Contingent Nonperiodic Payments

  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 4,250 4,250 0 0 0 0
Annual Time Burden (Hours) 25,500 25,500 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$0
No
No
Uncollected
Uncollected
Uncollected
Uncollected
Kathleen Sleeth 202 622-3920

  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.
03/15/2007


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