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 1545–1551. 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, 10, and sections 1A, 2, 3, 5, 6, 7, 10, 10A, 12, and 12A of the APPENDIX. This information is necessary and will be used to determine whether the taxpayer properly changed to a permitted method of accounting. The collections of information are required for the taxpayer to obtain consent to change its method of accounting. The likely respondents are the following: individuals, farms, business or other for-profit institutions, nonprofit institutions, and small businesses or organizations.

The estimated total annual reporting and/or recordkeeping burden is 15,739 hours.

The estimated annual burden per respondent/recordkeeper varies from ¹ /6

1999–52 I.R.B. 737 December 27, 1999

purview of Rev. Proc. 69–21, 1969–2 C.B. 303, and that the Service will not disturb a taxpayer’s treatment of its Year 2000 costs as deductible expenses or capital expenditures if the taxpayer treats these costs in accordance with Rev. Proc. 69–21.

SECTION 1A. AMORTIZABLE BOND PREMIUM (§ 171)

hour to 8 ¹ /2 hours, depending on individual circumstances, with an estimated average of 1 ¹ /2 hours. The estimated number of respondents is 13,650. The estimated annual frequency of responses is on occasion.

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 Grant D. Anderson of the Office of Assistant Chief Counsel (Income Tax and Accounting). For further information regarding this revenue procedure, contact Mr. Anderson on (202) 622-4970 (not a toll-free call). For further information regarding the APPENDIX of this revenue procedure contact the following individuals: (1) for changes in methods of accounting under sections 1A.01 and 12A.01 of the APPENDIX of this revenue procedure, Christina Morrison of the Office of Assistant Chief Counsel (Financial Institutions and Products) on (202) 6223960 (not a toll-free call); (2) for changes in methods of accounting under sections 2.01 and 2.02 of the APPENDIX of this revenue procedure, Peter Friedman of the Office of Assistant Chief Counsel (Passthroughs and Special Industries) on (202) 622-3110 (not a toll-free call); (3) for changes in methods of accounting under section 2A.01 of the APPENDIX of this revenue procedure, Leslie H. Finlow of the Office of Assistant Chief Counsel (Passthroughs and Special Industries) on (202) 622-3120 (not a toll free call);(4)for changes in methods of accounting under section 4A.01 of the APPENDIX of this revenue procedure, Norm Paul of the Office of Associate Chief Counsel (Employee Benefits and Exempt Organizations); (5) for changes in methods of accounting under sections 5.04, 6, 12, and 13 of the APPENDIX of this revenue procedure, William Blanchard of the Office of Assistant Chief Counsel (Financial Institutions and Products) on (202) 6223950 (not a toll-free call); (6) for changes in methods of accounting under section 5A.01 of the APPENDIX of this revenue

procedure, Timothy Sebastian of the Office of Assistant Chief Counsel (Financial Institutions and Products) on (202) 6223920 (not a toll-free call); (7) for changes in methods of accounting under section 10A.01 of the APPENDIX of this revenue procedure, Pamela Lew of the Office of Assistant Chief Counsel (Financial Institutions and Products) on (202) 622-3950 (not a toll-free call); (8) for changes in methods of accounting under section 10A.02 of the APPENDIX of this revenue procedure, JoLynn Ricks of the Office of Assistant Chief Counsel (Financial Institutions and Products) on (202) 622-3920 (not a toll-free call); (9) for changes in methods of accounting under section 11 of the APPENDIX of this revenue procedure, Craig R. Wojay of the Office of Assistant Chief Counsel (Financial Institutions and Products) on (202) 622-3920 (not a toll-free call); and (10) for all other sections, Mr. Anderson on (202) 6224970 (not a toll-free call).

APPENDIX CHANGES IN METHODS OF

ACCOUNTING TO WHICH THIS REVENUE PROCEDURE

APPLIES