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

ICR 200706-1545-026

OMB: 1545-1622

Federal Form Document

Forms and Documents
Document
Name
Status
Supplementary Document
2007-06-11
Supplementary Document
2007-06-11
Supporting Statement A
2007-06-11
ICR Details
1545-1622 200706-1545-026
Historical Active 200603-1545-048
TREAS/IRS
Interest Computation Under the Look-Back Method for Property Depreciated Under the Income Forecast Method
Extension without change of a currently approved collection   No
Regular
Approved without change 11/02/2007
Retrieve Notice of Action (NOA) 07/19/2007
  Inventory as of this Action Requested Previously Approved
11/30/2010 36 Months From Approved 11/30/2007
3,300 0 3,300
44,121 0 44,121
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.

US Code: 26 USC 167(g)(2) Name of Law: Depreciation
  
None

Not associated with rulemaking

  72 FR 17226 04/06/2007
72 FR 39666 07/19/2007
No

  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 3,300 0 0 0 0
Annual Time Burden (Hours) 44,121 44,121 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$136
No
No
Uncollected
Uncollected
Uncollected
Uncollected
Robert Coar 202 622-3795

  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.
07/19/2007


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