Rev. Proc. 2007-48 Rotable Spare Parts Safe Harbor Method

Forms and Documents

Document	Type	Status	Availability
Form Form 3115 Form 3115--Application for Change in Accounting Method	Form	New	Available
Supporting Statement.doc	Supporting Statement A	Uploaded 2017-04-19	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
226401	Form 3115--Application for Change in Accounting Method	Form	New
178890	Rev. Proc. 2007-48 Rotable Spare Parts Safe Harbor Method	Other-Revenue Procedure	Modified

ICR Details

OMB Control No: 1545-2070	ICR Reference No: 201703-1545-019
Status: Historical Active	Previous ICR Reference No: 201309-1545-070
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Rev. Proc. 2007-48 Rotable Spare Parts Safe Harbor Method
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: 07/13/2017
	Date Received in OIRA: 04/27/2017
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2020	36 Months From Approved	07/31/2017
Responses	600	0	300
Time Burden (Hours)	29,169	0	75
Cost Burden (Dollars)	0	0	0

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Abstract: The information for which the agency is requesting to collect will support a taxpayer's claim for eligibility to use the safe harbor method of accounting for rotable spare parts provided in the proposed revenue procedures. The information will be submitted as a supporting schedule for the Form 3115, Application for Change in Accounting Method.

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Authorizing Statute(s): US Code: 26 USC 481(a) Name of Law: Allocation of income and deductions among taxpayers
  

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:
	82 FR 10852	02/15/2017
30-day Notice:	Federal Register Citation:	Citation Date:
	82 FR 19457	04/27/2017
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Rev. Proc. 2007-48 Rotable Spare Parts Safe Harbor Method
Form 3115--Application for Change in Accounting Method	Form 3115	Application for Change in Accounting Method

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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	600	300	0	300	0	0
Annual Time Burden (Hours)	29,169	75	0	29,094	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

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

Burden Reduction Due to:

Short Statement: The burden previously approved by OMB is updated to reflect adjustments in the expected number of responses to Schedules A, B, C, D, E.

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Annual Cost to Federal Government: $17,649

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]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

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: 04/27/2017

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