Revenue Procedures 98-46 and 97-44, LIFO Conformity Requirement

ICR 201608-1545-014

OMB: 1545-1559

Federal Form Document

Forms and Documents
Document
Name
Status
Supplementary Document
2016-08-29
Supplementary Document
2016-08-29
Supporting Statement A
2016-08-25
IC Document Collections
ICR Details
1545-1559 201608-1545-014
Historical Active 201306-1545-052
TREAS/IRS
Revenue Procedures 98-46 and 97-44, LIFO Conformity Requirement
Extension without change of a currently approved collection   No
Regular
Approved without change 12/27/2016
Retrieve Notice of Action (NOA) 08/31/2016
  Inventory as of this Action Requested Previously Approved
12/31/2019 36 Months From Approved 12/31/2016
5,000 0 5,000
100,000 0 100,000
0 0 0

Revenue Procedure 97-44 permits automobile dealers that comply with the terms of the revenue procedure to continue using the LIFO (Last-in first-out) inventory method despite previous violations of the LIFO conformity requirements of section 472(c) or (e)(2). Revenue Procedure 98-46 modifies Revenue Procedure 97-44 by allowing medium-and heavy-duty truck dealers to take advantage of the favorable relief provided in Revenue Procedure 97-44.

US Code: 26 USC 472(e) Name of Law: Subsequent inventories.
   US Code: 26 USC 472(c) Name of Law: Condtion.
  
None

Not associated with rulemaking

  81 FR 34436 05/31/2016
81 FR 60124 08/31/2016
No

1
IC Title Form No. Form Name
Revenue Procedures 98-46 and 97-44, LIFO Conformity Requirement

  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 5,000 5,000 0 0 0 0
Annual Time Burden (Hours) 100,000 100,000 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$0
No
No
No
No
No
Uncollected
Roy Hirschhorn 202 622-7770

  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.
08/31/2016


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