Form 8866-Interest Computation Under the Look-Back Method for Property Depreciated Under the Income Forecast Method

ICR 201703-1545-024

OMB: 1545-1622

Federal Form Document

ICR Details
1545-1622 201703-1545-024
Historical Active 201311-1545-016
TREAS/IRS
Form 8866-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 10/16/2017
Retrieve Notice of Action (NOA) 06/30/2017
  Inventory as of this Action Requested Previously Approved
10/31/2020 36 Months From Approved 10/31/2017
3,300 0 3,300
45,738 0 45,738
0 0 0

The Small Business Job Protection Act of 1996 requires taxpayers whom claim depreciation deductions on property placed in service after September 13, 1995, under the income forecast method to pay (allow taxpayers to receive) interest based on the recalculation of depreciation. Form 8866 must be used in order 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

  82 FR 15792 03/30/2017
82 FR 29999 06/30/2017
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) 45,738 45,738 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$136
No
    Yes
    Yes
No
No
No
Uncollected
Wendy JING 737 800-4627

  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.
06/30/2017


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