SECTION 15. PAPERWORK

REDUCTION ACT

The collections of information contained in this revenue procedure have been reviewed and approved by the Office of Management and Budget in accordance with the Paperwork Reduction Act (44 U.S.C. 3507) under control number 1545–1541.

An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number.

The collections of information in this revenue procedure are in sections 6, 8, and 13. This information is required to determine whether the taxpayer’s proposed method of accounting is permissible. This information will be used by the Service to determine whether to consent to a change in accounting method and the appropriate terms and

conditions for the change. The collections of information are required to obtain consent to the accounting method change. The likely respondents are the following: individuals, farms, business or other for-profit organizations, nonprofit institutions, and small businesses or organizations.

The estimated total annual reporting burden is 9,633 hours.

The estimated annual burden per respondent varies from 1/4 of an hour to 5

hours, depending on individual circumstances, with an estimated average of 31/4 hours. The estimated number of respondents is 3,000.

The estimated annual frequency of responses is occasional.

Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. Generally tax returns and tax return information are confiden

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tial, as required by 26 U.S.C. 6103.

DRAFTING INFORMATION

The author of this revenue procedure is Robert A. Testoff of the Office of Assistant Chief Counsel (Income Tax and Accounting). For further information regarding this revenue procedure, contact Mr. Testoff on (202) 622–4990 (not a toll-free call).