Internet Computation Under the Look-Back Method for Completed Long-Term Contracts

Forms and Documents

Document Name	Status
Form 8697 Internet Computation Under the Look-Back Method for Completed Long-Term Contracts Form	Modified
8697.Sup.doc Supporting Statement A	2008-09-26
Expiration Explanation.rtf Supplementary Document	2008-09-05
part 1 burden.PDF Supplementary Document	2008-09-05

IC Document Collections

IC ID	Document Title	Status
39997	Internet Computation Under the Look-Back Method for Completed Long-Term Contracts Form	Modified

ICR Details

OMB Control No: 1545-1031	ICR Reference No: 200809-1545-003
Status: Historical Active	Previous ICR Reference No: 200603-1545-032
Agency/Subagency: TREAS/IRS	Agency Tracking No: ah-1031-003
Title: Internet Computation Under the Look-Back Method for Completed Long-Term Contracts
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 12/17/2008
	Date Received in OIRA: 09/29/2008
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2011	36 Months From Approved	12/31/2008
Responses	3,333	0	3,333
Time Burden (Hours)	40,557	0	45,556
Cost Burden (Dollars)	0	0	0

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Abstract: Taxpayers required to account for all or part of any long-term contract entered into after February 28, 1986, under the percentage of completion method must use Form 8697 to compute and report interest due or to be refunded under IRC section 460(b)(3). The IRS uses Form 8697 to determine if the interest has been figured correctly. Taxpayers may compute interest using the actual method (Part I) or the Simplified Marginal Impact Method (Part II).

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Authorizing Statute(s): US Code: 26 USC 460(b)(3) Name of Law: Special rules.
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	73 FR 36592	06/27/2008
30-day Notice:	Federal Register Citation:	Citation Date:
	73 FR 55595	09/25/2008
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Internet Computation Under the Look-Back Method for Completed Long-Term Contracts	8697	Interest Computation Under the Look-Back Method for Completed Long-Term Contracts

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ICR Summary of Burden

	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	3,333	3,333	0	0	0	0
Annual Time Burden (Hours)	40,557	45,556	0	0	-4,999	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: Deleted 18 code references for a net decrease in 4,999 burden hours. Also, there is an adjustment to more accurately reflect the number of responses per year.

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Annual Cost to Federal Government: $5,572

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 09/29/2008

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