Rev. Proc.97-43 and Revenue Ruling 97-39--Procedures for Electing Out of Exemptions Under Section 1.475(c)-1; and Rev. Rul. 97-39, Mark-to-Market Accounting Method for Dealers in Securities

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Rev Ruling 97-39.pdf	Supplementary Document	Uploaded 2013-02-12	Available
Rev Proc 97-43.pdf	Supplementary Document	Uploaded 2013-02-12	Available
2020-08-10_SS_1545-1558.docx	Supporting Statement A	Uploaded 2020-08-12	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
236215	Revenue Ruling 97-39(Section 475-Mark-to-Market Accounting Method for Dealers in Securities)		New
18724	Rev. Proc.98-46 Procedures for Electing Out of Exemptions Under Section 1.475(c)-1; and Revenue Ruling 97-39, Mark-to-Market Accounting Method for Dealers in Securities		Modified

ICR Details

OMB Control No: 1545-1558	ICR Reference No: 201905-1545-014
Status: Active	Previous ICR Reference No: 201606-1545-016
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Rev. Proc.97-43 and Revenue Ruling 97-39--Procedures for Electing Out of Exemptions Under Section 1.475(c)-1; and Rev. Rul. 97-39, Mark-to-Market Accounting Method for Dealers in Securities
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 08/13/2020
	Date Received in OIRA: 08/28/2019
Terms of Clearance: Supporting statement clarified during review

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2023	36 Months From Approved	08/31/2020
Responses	20,200	0	200
Time Burden (Hours)	451,000	0	1,000
Cost Burden (Dollars)	0	0	0

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Abstract: Revenue Procedure 97-43 provides taxpayers automatic consent to change to mark-to-market accounting for securities after the taxpayer elects under section 1.475(c)-1, subject to specified terms and conditions. Revenue Ruling 97-39 provides taxpayers additional mark-to-market guidance in a question and answer format.

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Authorizing Statute(s): US Code: 26 USC 475(a) Name of Law: General Rule
   US Code: 26 USC 475(b)2 Name of Law: Identification Required
  

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:
	84 FR 16760	04/22/2019
30-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 45212	08/28/2019
Did the Agency receive public comments on this ICR? No

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

table that charts list of burden

IC Title	Form No.	Form Name
Revenue Ruling 97-39(Section 475-Mark-to-Market Accounting Method for Dealers in Securities)
Rev. Proc.98-46 Procedures for Electing Out of Exemptions Under Section 1.475(c)-1; and Revenue Ruling 97-39, Mark-to-Market Accounting Method for Dealers in Securities

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ICR Summary of Burden

table that charts list 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	20,200	200	0	20,000	0	0
Annual Time Burden (Hours)	451,000	1,000	0	450,000	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 change in the paperwork burden previously approved by OMB is the result of Revenue Procedure 97-43 and Revenue Ruling 97-39 under one OMB control number 1545-1558. Revenue Ruling 97-39 was formerly under OMB control number 1545-1496 and was discontinued.

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Annual Cost to Federal Government: $0

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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? No

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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: 08/28/2019

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