SECTION 3. SCOPE

This revenue procedure applies to estates of decedents dying before January 1, 1998, that properly elect under § 6166 to defer payment of estate taxes, and that wish to elect to apply the new reduced interest rates of § 6601(j), as amended, and forgo the estate tax and income tax deductions for interest paid on deferred estate tax. The new rates and the nondeductibil

1998–4 I.R.B 25 January 26, 1998

information is required to verify that estates are electing under § 503(d)(2) of the Taxpayer Relief Act of 1997 to apply the reduced interest rates of § 6601(j), as amended, to deferred estate taxes. The likely respondents are estates.

The estimated total annual recordkeeping burden will be 3,300 hours.

The estimated annual burden per respondent will vary from 15 minutes to 45 minutes, depending on individual circumstances, with an estimated average of 30 minutes.

The estimated number of respondents is 6,600.

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

DRAFTING INFORMATION

The principal author of this revenue procedure is Brendan P. O’Hara of the Office of Assistant Chief Counsel (Income Tax and Accounting). For further information regarding this revenue procedure contact Brendan P. O’Hara at (202) 6224910 (not a toll-free call).

ity provision apply automatically in the case of estates of decedents dying after December 31, 1997.